Crossword Cybersecurity PLC (AIM:CCS) reported a 22% increase in revenue for its first half, driven by its product and consulting businesses.
Product and consulting saw a 30% rise in revenue for the six months, ended June 30, with the latter business unit notably seeing an 85% increase in recurring revenue compared to the year before.
Crossword’s Rizikon software-as-a-service supplier risk assessment product was launched to 10,000 Chartered Institute of Information Security members, and it continues to be rolled out through the firm’s membership body programme, whilst Crossword highlighted that Rizikon has seen a ten-fold increase in users – with around 300 users presently assessing around 4,000 suppliers.
“The group is working to deliver significant expansion of the Rizikon user base, with a target of over 1,000 organisations using Rizikon to assess over 10,000 suppliers by the end of 2022,” said chief executive Tom Ilube.
“Rizikon is currently being trialled by a global Aerospace, Defence and Security company that itself has over 6,000 suppliers.
“Before the end of 2021, Crossword also expects to launch Rizikon and the full range of the Group's products and services in Oman with its partner, Al-Rawahy Holdings LLC, with a view to rolling out both in Oman and the wider Gulf region.”
In terms of outlook, Ilube added: “With the team we have in place and a strengthened balance sheet, Crossword will continue to drive growth and expects to meet market expectations of 50% revenue growth in 2021.
“Looking towards 2022, the Board is confident of delivering further growth, taking revenue to £4m for that year.”
Crossword ended the first half with £4.1mln of cash and the company reported a £1.54mln loss for the period, up £152,995 compared to last due to additional legal and professional fees due to corporate activity.