Crossword Cybersecurity forecasts double digit revenue growth for 2020

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Crossword Cybersecurity PLC (LON:CCS) has said it expects to report revenue growth and full year results that are in line with market expectations despite what it said was a “challenging 2020”.

In a trading update for the year to December 31, 2020, the company said overall revenues are expected to show an increase of 25% to £1.6mln, within which product and consulting revenues are expected to expand by 39% reflecting its shift to a core of products and consulting sales from software development services.

READ: Crossword Cybersecurity wins UK grant to investigate manufacturing supply chain risks

Crossword said software and process development had continued during 2020 with the launch of its  Rizikon Pro software-as-a-service solution in July, noting that the product is “transforming the sales model” with a much shorter sales cycle and “impressively high conversion from trials to paying clients”.

The firm said it continues to have several large bids in its pipeline, although it noted that of two multi-million-pound opportunities which it alluded to on September 28, 2020, for one it has received notice that procurement has been abandoned by the UK government department and for the other it has been unsuccessful.

Crossword also in November that it began working with Verifiable Credentials Ltd on its Innovate UK funded-project to allow NHS laboratories to issue coronavirus (COVID-19) immunity certificates, while in December the firm was awarded an Innovate UK grant with a university partner and two well-known British manufacturing businesses to investigate the issues around effective manufacturing supply chain risk management and possible solutions.

The company noted that its consulting division has “continued to grow in a range of high-profile sectors” including legal, insurance and financial services, while work has also commenced on a major project for one of the world’s largest insurance brokers.

“Crossword emerged from a challenging 2020 in great shape, meeting market expectations of 25% revenue growth. We are looking forward to an exciting year ahead, accelerating rollout of Rizikon Pro, securing major consulting clients, adding to our cybersecurity product portfolio, and expanding internationally. We expect the revenue growth rate to more than double in 2021”, Crossword chief executive Tom Ilube said in a statement. 

The company’s shares were steady at 280p in mid-morning trading on Tuesday.

–Adds share price–

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