Crossword Cybersecurity plc – Trading Statement
Crossword Cybersecurity Plc (NEX: CCS)(“Crossword”), the technology commercialisation Company focusing exclusively on the cyber security sector, announces a trading statement today for the financial year ended 31 December 2017. Full year results for the year are expected to be announced by the end of April 2018.
Crossword’s revenue for the financial year to 31 December 2017 is expected to show an increase of over 110% when compared to the financial year 2016.
Crossword’s initial product, Rizikon, based on cybersecurity research from City, University of London, continues to generate industry interest. Crossword ended 2017 with a strong pipeline of Rizikon prospects. Rizikon is aimed at medium to large companies typically with over a thousand suppliers. Crossword is seeing interest from many sectors, ranging from manufacturing and Fast Moving Consumer Goods to financial services and education. Rizikon is a SaaS (Software as a Service) solution with recurring revenues and directly supports clients’ General Data Protection Regulations (“GDPR”) compliance obligations in addition to assessing their cybersecurity exposure.
On 25 May 2018, the new GDPR will come into effect in the UK. Companies are actively preparing for this new regime. This new regulatory requirement is driving interest in Rizikon because companies must only appoint third party processors who can provide sufficient guarantees that all the requirements of GDPR will be met. According to the Information Commissioners Office, this is a significant change in what is required by law.
Tom Ilube, CEO of Crossword said “We are very pleased to have achieved a second consecutive year of triple digit revenue growth. 2017 was the year that Crossword really started to move from pure R&D to revenue generating activity, led by our cybersecurity assessment product, Rizikon and our growing cybersecurity consulting capability. 2018 has got off to a strong start and I am looking forward to continuing this momentum.”
Further information, please contact:
CEO, Crossword Cybersecurity
Tel: +44 (0) 20 8973 2350
NEX Corporate Advisor
Nick Michaels and Jon Isaacs, Alfred Henry Corporate Finance Limited
Tel: +44 (0)207 251 3762
NEX Corporate Broker
Claire Louise Noyce – CEO, Hybridan LLP
Tel: +44 (0)203 764 2341