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Crossword Cybersecurity PLC

Crossword Cybersecurity gains momentum as it plans Nixer launch

Snapshot

  • Cybersecurity technology firm
  • Has two products, Rizikon and Nixer
  • Nixer to debut in fourth quarter of 2019
Crossword Cybersecurity PLC - Crossword Cybersecurity gains momentum as it eyes Nixer launch

Quick facts: Crossword Cybersecurity PLC

Price: 410 GBX

Market: AIM
Market Cap: £19.19 m
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We expect the momentum achieved in [the first half] to continue, with our focus on scalable, recurring product revenue, through conversion of pipeline into orders.

Tom Ilube, chief executive

 

What it does

Crossword Cybersecurity PLC (LON:CCS) is a technology firm focused on researching an identifying intellectual property in the cybersecurity sector.

The group currently 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, which is scheduled for release at the end of 2019.
 

 

How it’s doing

For the six months ended 30 June, Crossword reported that revenues had risen 5% to £570,757, boosted by a 21% increase in sales from its product and consulting arm.

Pre-tax losses widened to £1.07mln from £823,679 in the half-year, which the company attributed to investments in marketing and product development.

Crossword also said orders for Rizikon had almost doubled in the first half, and that it remained confident full-year results would be “in line” with market expectations.

The group added that it was close to agreeing “one or more” distribution deals over the coming months.
 

 

Inflexion points

  • In October, the company said it had signed a two-year contract for Rizikon Assurance with a FTSE 250 chemicals firm to assess its strategic suppliers
  • In early September, Crossword launched the second iteration of its Rizikon Assurance platform, providing improved visualisation for customers of all risks for each third-party through fully customisable at-a-glance supplier scorecards
  • In August the company won a contract with three local councils in the UK to use its software to manage compliance with GDPR (General Data Protection Regulation)

 

Interview: Mary Dowd, finance director

 

What the boss says:

"I am very pleased with the progress achieved in the first half of 2019, with a significant rise in the order book and pipeline for both Rizikon Assurance, and Consulting. We expect the momentum achieved in [the first half] to continue, with our focus on scalable, recurring product revenue, through conversion of pipeline into orders," said Tom Ilube.

With the shares trading at around 410p as of 8 October 2019, Crossword carries a market cap of £18.9mln.

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