Crossword Cybersecurity PLC (LON:CCS) shares were lifted in mid-morning on Monday after the firm looked to “significant commercial growth” in its new fiscal year after it delivered its first set of final results since listing on AIM in December.
In its outlook statement, the group said it was “geared up” for significant growth in the coming period, with the potential addressable market for its lead product, Rizikon Assurance, estimated at £300mln per annum.
Crossword said over the coming year, it would focus on its sales and marketing capabilities, which would help “drive up revenue rapidly”.
The company listed on the AIM market on 14 December, raising around £2mln in the process. In a February trading update, the group’s chief executive Tom Ilube said the funds would help “grow and convert” a £1.4mln opportunity pipeline covering 30 companies.
In the figures for the year, Crossword reported revenues of £1.07mln, up from £736,546 in the prior year, while pre-tax losses widened to £2.1mln from £1.2mln, mostly due to higher administrative expenses.
Software-related revenues, which include those from Rizikon, were up 100% year-on-year.
The company also ended the period with a cash balance of around £2.2mln, up from £490,090 in 2017.
"Having built a solid business over the past few years, with a strong product in the market, a dedicated sales and marketing team fully up to speed, an exceptional leadership team and a properly funded AIM listed cyber security business I believe that we can look forward to a period of significant commercial growth," said Sir Richard Dearlove, Crossword's chairman.
Shares were up 2.8% at 550p.