TIDMCCS
RNS Number : 8498M
Crossword Cybersecurity PLC
16 January 2023
Post Close Trading Update
2022 revenue up 59% to GBP3.7m.
2023 revenue growth of target 60% to cGBP6m.
16 January 2023 - London, UK - Crossword Cybersecurity Plc
(AIM:CCS, "Crossword", the "Company" or the "Group"), the
cybersecurity solutions company focused on cyber strategy and risk,
is pleased to confirm that it expects to report total revenue of
GBP3.7m, including GBP56k of grant income, (unaudited) for the year
ended 31 December 2022, an increase of 59% from the previous year.
Furthermore, the Company is projecting the revenue growth rate for
2023 to be circa 60%, to achieve total revenue of circa GBP6m in
2023.
Crossword had a strong H2 2022, with cybersecurity consulting
and product related revenue growth of over 100% compared to H1
2022. Organic growth for the year was 56%. Recurring revenue of 58%
was achieved, and 2022 closing ARR was GBP2.4m, which is growth of
81% over the previous year. The intensified demand for Crossword's
products and services in H2 2022 provides strong momentum going
into 2023. In the product division, Rizikon and Trillion were the
major contributors to growth. The Services division likewise
recorded strong growth, driven by larger contract sizes, both in
Consulting and Managed Services.
Rizikon, Crossword's leading product, continued to perform
strongly. Demand was driven by its attractive features that provide
recurring savings and increased efficiency for clients needing to
manage cyber risk emanating from their suppliers. With over 1,000
organisations using Rizikon to assess over 8,000 suppliers at the
end of 2022, Rizikon achieved its target of 1,000 users by the year
end. In November, Crossword announced a major agreement with the UK
arm of international defence and security company, Leonardo.
Leonardo UK will utilise Crossword's Rizikon platform to enhance
visibility, automation and efficiency in their assessment of cyber
risks throughout their supply chain of 2,100 companies in the UK,
two thirds of which are SMEs.
Crossword's Trillion product experienced strong revenue growth
in H2 2022, as its vast scalability and ease of adoption drives
client demand. Trillion continuously tracks, correlates and
analyses billions of stolen usernames and passwords, providing
clients with account breach protection. Trillion's average client
contract size continued to grow during the period, as adoption by
larger companies and entities increased. By way of example, in H2
2022 Spain's National Cryptological Centre deployed Trillion to
provide a central view of threats across the Spanish public
administration and public education sector, protecting hundreds of
thousands of users.
In H2 2022, Crossword continued with the ongoing development and
commercialisation of Identiproof, its verifiable credentials suite
of products. In parallel, Crossword worked on the merging of Arc
and Nixer into an enhanced product focused on account protection
for B2C commerce platform owners.
The Services division again performed strongly during the
period. Consulting saw continued improvement in gross margin as
Crossword continues to grow the number of larger clients and
records increasing revenue per client. In Managed Services, demand
for Nightingale, Crossword's comprehensive security monitoring
platform, continues to grow. Nightingale brings together multiple
facets to identify organisational assets, users, traffic, networks
and endpoints in order to mitigate the threats and vulnerabilities
an organisation faces. Nightingale's clients at present are mainly
financial services companies, providing recurring fees.
Internationally, Crossword made good progress on a number of
fronts. In November 2022, Oman Data Park (ODP) signed a strategic
cooperation agreement to provide cyber security risk services to
over 800 government, corporate and SME organisations and enhance
the protection of the cyber security structure of sensitive
information in Oman. Crossword sees multiple opportunities to grow
its products and services in Oman and the Gulf region and is
continuing to grow its sales pipeline. In Singapore, Crossword's
team is now well established and is enabling the conversion of the
pipeline of larger clients that require around the clock
monitoring.
Revenue growth in 2023 will be led by growth in both
cybersecurity consulting and product related revenue, driven by the
attractive features of Crossword's products in the market and
increased cross-selling. Since May 2021, Crossword has successfully
integrated three acquisitions, resulting in an expanded portfolio
of SaaS products and services to offer clients. Growth in
cross-selling to Crossword's established client base will make a
significant contribution to overall revenue growth in 2023. During
2022 Crossword has continued to invest in cross-selling processes
with the objective of optimising cross-selling opportunities. The
three acquisitions means that the sales team now benefits from an
expanded product portfolio to grow established client relationships
as well as develop new ones and is well placed to integrate further
acquisitions.
The closing cash as at the end of December 2022 was GBP2.1m.
During 2022, the Company extended GBP700k of its GBP1.4m
convertible loan notes in issue at December 2021, to June 2025. T
wo loan note holders loaned a further GBP150,000 to the Company.
The extensions and new loan notes from current lenders had a
conversion price of 25.2p. Additionally, 3 year convertible loan
notes of GBP650k were issued at a conversion price of 26.1p in July
2022. GBP700k of loan notes were repaid at the end of their term in
December 2022. The current convertible loan note balance is
GBP1.5m, and they have a repayment date of mid-2025. As announced
on 13 July 2022, Tom Ilube, CEO of Crossword intended to extend his
GBP250,000 loan note on the same terms as the other loan note
holders. Tom Ilube's loan note has expired and Tom intends to make
his investment in the form of a new investment, the form, content
and timing of which are currently under discussion with the Company
and its advisers.
Tom Ilube CBE, CEO at Crossword Cybersecurity Plc, said:
"Demand for Crossword's leading products and services grew
strongly in 2022 by 59% thanks to servicing areas of high demand
and the quality of our offering. I am delighted that in 2022
Crossword made outstanding progress in growing its average contract
value and increasing the contribution of cross-selling to revenue
growth. In 2022, Crossword completed its third successful
acquisition, delivering on its acquisition strategy. As previously
highlighted, Crossword's strategy is to continue building on its
organic revenue growth and to acquire outstanding cyber security
companies that complement and diversify its revenue base. Regarding
acquisitions, discussions are being held that are leading to
positive conversations currently taking place. Crossword enters
2023 with strong momentum and a highly capable team to leverage a
growing pipeline and we look forward to updating shareholders on
progress."
- Ends -
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
Contacts
Crossword Cybersecurity plc - Tel: +44 (0) 333 090 2587
Email: info@crosswordcybersecurity.com
Tom Ilube, Chief Executive Officer
Mary Dowd, Chief Financial Officer
Grant Thornton (Nominated Adviser) - Tel: +44 (0) 20 7383
5100
Colin Aaronson / Jamie Barklem / Ciara Donnelly
Hybridan LLP (Broker) - Tel: +44 (0)203 764 2341
Claire Louise Noyce
For media enquiries contact:
Financial PR:
David Hothersall, Kinlan Communications
davidh@kinlan.net - Tel: +44 (0) 207 638 3435
General:
Duncan Gurney, GingerPR
duncan@gingerpr.co.uk - Tel: +44 (0)1932 485 300
About Crossword Cybersecurity plc
Crossword offers a range of cyber security solutions to help
companies understand and reduce cyber security risk. We do this
through a combination of people and technology, in the form of SaaS
and software products, consulting, and managed services.
Crossword's areas of emphasis are cyber security strategy and risk,
supply chain cyber, threat detection and response, and digital
identity and the aim is to build up a portfolio of cyber security
products and services with recurring revenue models in these four
areas. We work closely with UK universities and our products and
services are often powered by academic research-driven insights. In
the area of cybersecurity strategy and risk our consulting services
include cyber maturity assessments, industry certifications, and
virtual chief information security officer (vCISO) managed
services.
Crossword's end-to-end supply chain cyber standard operating
model (SCC SOM) is supported by our best-selling SaaS platform,
Rizikon Assurance, along with cost-effective cyber audits, security
testing services and complete managed services for supply chain
cyber risk management. Threat detection and response services
include our Nightingale AI-based network monitoring, our Trillion
and Arc breached credentials tracking platforms, and incident
response. Crossword's work in digital identity is based on the
World Wide Web Consortium W3C verifiable credentials standard and
our current solution, Identiproof, enables secure digital
verification of individuals to prevent fraud.
Crossword serves medium and large clients including FTSE 100,
FTSE 250 and S&P listed companies in various sectors, such as
defence, insurance, investment and retail banks, private equity,
education, technology and manufacturing and has offices in the UK,
Poland and Oman. Crossword is traded on the AIM market of the
London Stock Exchange.
Visit Crossword at https://www.crosswordcybersecurity.com/
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END
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January 16, 2023 07:00 ET (12:00 GMT)
Crossword Cybersecurity (LSE:CCS)
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Crossword Cybersecurity (LSE:CCS)
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