Crossword Cybersecurity Plc (LON:CCS) is aiming to close “several large opportunities” in its final quarter, while orders for its Rizikon Assurance product almost doubled in the first half.
In an outlook statement accompanying its interim results, the cybersecurity firm also said it remained confident full-year results would be “in line” with market expectations.
READ: Crossword Cybersecurity launches 2.0 version of risk assessment platform
The group also said its second product, Nixer, was on track for release in the fourth quarter, and that it was close to agreeing “one or more” distribution deals over the coming months.
For the six months ended 30 June, Crossword reported that revenues had risen 5% to £570,757, boosted by a 21% increase in sales from its product and consulting arm.
Pre-tax losses widened to £1.07mln from £823,679 in the half-year, which the company attributed to investments in marketing and product development.
The cash balance at the end of August was £834,041, with the group saying it was looking into raising additional funds over the next six months.
Tom Ilube, Crossword’s chief executive, highlighted a “significant rise” in the order book and pipeline for Rizikon and the group’s consulting business, adding that the group expected the momentum from the first half to continue with a focus on “scalable, recurring product revenue, through conversion of pipeline into orders”.
In early trading on Monday, Crossword’s shares were 8.9% lower at 460p.