Crossword Cybersecurity gains momentum as more firms seek cybersecurity solutions

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What Crossword does

Crossword Cybersecurity PLC (LON:CCS)  has two main products: Rizikon Assurance, a risk assessment tool that helps companies evaluate their suppliers and other third parties and Nixer, a machine-learning-based cybersecurity tool.
 

How it’s doing

In its results for the six months ended June 30, the 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.

In the figures, the company reported total revenue of £674,008, up 18% YOY, while the pre-tax loss was £1.39mln compared to a £1.07mln 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%.

Earlier in the year, the firm also announced the launch of a professional edition of its Rizikon supplier assurance platform aimed primarily at small and medium sized businesses (SMEs).

 

Video Interview

 

Inflexion points

  • Consulting division is racking up contracts in the legal, insurance and financial services sectors

  • Crossword’s Rikizon Assurance product is now used by the famous Cammell Laird marine engineering company to manage risk in its supply chain

  • Sales progress with the new Rizikon supplier assurance platform aimed at SMEs

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