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Crossword Cybersecurity predicts 45% jump in revenue as 2018 trades as expected

In a trading update, the firm also said software-related revenues had increased by more than 100% in the year

Cybersecurity
Contracts were also secured toward the end of 2018 for Rizikon Assurance, the firm's third-party assurance SaaS product

Crossword Cybersecurity Plc (LON:CCS) has forecast a 45% jump in revenues as it traded in line with expectations for the year ended 31 December 2018.

In a trading update, the cybersecurity-focused commercialisation firm said software-related revenues had increased by more than 100% in the year, while contracts for Rizikon Assurance, its third-party assurance software-as-a-service (SaaS) product, were secured toward the end of 2018 and early in 2019.

READ: Crossword Cybersecurity shares start trading on AIM

The contracts covered industry sectors including Health, IT Services, Nuclear & Professional Services, with CCS saying the wins confirmed it confidence in “the strength of the pipeline which has been building since mid-2018”.

Tom Ilube, chief executive of Crossword, said the £2mln in funds raised during the company’s admission to AIM on 14 December would help it to “grow and convert” its £1.4mln pipeline covering 30 companies.

Ilube added that the firm was “well positioned to deliver a year of strong revenue growth”.

In early trading Monday, Crossword shares were steady at 315p.

Quick facts: Crossword Cybersecurity PLC

Price: 458 GBX

AIM:CCS
Market: AIM
Market Cap: £21.44 m
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