Crossword Cybersecurity PLC (AIM:CCS) reported an 85% in jump in interim sales and said it is on track to meet full-year revenue targets as the “rising number of cyber attacks” spurs demand.
The cybersecurity company reported revenue in the six months to 30 June of £1.53mln. Annual recurring revenue grew 48% to £1.97mln since 31 December 2021, supported by the “successful acquisition and integration of threecompanies with strong underlying SaaS and services recurring revenue.”
"Crossword's services and products are experiencing strong revenue growth, in a sector where spend is not discretionary, driven by the quality of its offering and the rising number and constantly evolving nature of cyberattacks,” said chief executive Tom Ilube.
The outlook for the year remains unchanged, with the group forecasting a 75% increase in revenue to £4mln, rising to £6mln in 2023, through organic growth and acquisitions.
Focus remains on acquisitions following the successful takeover of Threat Status, the provider of the Trillion platform, a data breach monitoring platform.
Operationally, the company expanded into two new overseas jurisdictions, working with a government institution in one of its new areas.
“We are very encouraged by the outlook for both our services and products and look forward to updating shareholders on progress."