Crossword Cybersecurity highlights strong rise in Rizikon Assurance orders in first half

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Crossword Cybersecurity PLC (LON:CCS) has reported strong growth in orders for its Rizikon Assurance supply chain risk management platform in the first half of 2020.

In its results for the six months ended June 30, the AIM-listed firm reported that orders for Rizikon Assurance were up 41% year-on-year (YOY), while recurring revenue from the firm’s consulting services had doubled over the same period compared to 2019.

WATCH: Crossword Cybersecurity ‘cautiously optimistic’ on 2020 as first half revenues increase 18%

In the figures, the company reported total revenue of GBP674,008, up 18% YOY, while the pre-tax loss was GBP1.39mln compared to a GBP1.07mln loss in 2019.

Looking ahead, Crossword said it is confident of achieving “at least 25% revenue growth” for the year as a whole, and a pre-tax loss in line with current market expectations.

The company also said “several large bids” are currently in progress, including two multi-million pound opportunities, and as a result, it would not issue more detailed forward guidance until more clarity arises.

The firm also highlighted that its Rizikon Pro product, launched in the second half, was “showing very positive early signs” with a substantially shorter sales cycle and a “very high” conversion from trials which are currently running at around 50%.

Crossword’s chief executive Tom Ilube said the firm had “weathered the first half of 2020 in good shape as the global pandemic hit, despite the UK economy experiencing its sharpest downturn in living memory. The company took cost action early and adjusted quickly to working remotely”.

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