Crossword Cybersecurity PLC (AIM:CCS) said it expects income to rise 75% this year after reporting a "strong" end to 2021, as cybersecurity consulting and product related income jumped 100% in the second half.
The company is confident of achieving income growth of £4.1mln in 2022, broadly in line with analyst expectations, a trading statement said.
As for the year to 31 December 2021, total income is around £2.33mln, a rise of 43% on the previous year.
Stripping out the now discontinued software development division, revenue from the core cybersecurity consulting and product related business increased by 57% in 2021 as a whole and more than doubled in the second half from the first six months of the year.
The company’s Software as a Service (SaaS) platform Rizikon, which lets companies assess and manage risks from their suppliers, continued to attract users in the latter half of 2021, ending the year with over 500 users.
Crossword said it is aiming for 1,000 Rizikon users by the end of 2022.
It said the acquisition of a cyber threat company, announced in December, is expected to complete early this year. The new addition will complete Crossword's objective of having five cybersecurity SaaS products in its portfolio almost a year ahead of schedule, alongside its cybersecurity consulting business.
READ: Crossword CyberSecurity to acquire hacking threat business
Tom Ilube, the CEO of Crossword, said: "We are delighted to have ended 2021 in such a strong position. With the pending completion of the acquisition of a cyber threat company which, on completion, would bring our portfolio to five cyber security offerings alongside our cybersecurity consulting business, Crossword is now focusing its full attention on marketing and selling its product portfolio and consulting services to scale up the business.
“We are confident that we can harness our achievements in 2021 to achieve revenue growth of circa 75%, in 2022."