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Crossword Cybersecurity revenues grow by a quarter in 2020 despite challenging conditions

Crossword Cybersecurity PLC (LON:CCS) has reported that revenues grew by a quarter during the year despite what it said was “the toughest economy in recent memory”.

In its results for the year to December 31, 2020, the AIM-listed firm reported revenues of £1.6mln, up 25% year-on-year, noting 39% growth in revenues from its product and consulting segments.

WATCH: Crossword Cybersecurity helps Vital Signs Solutions achieve government cyber certification

The company also reported a pre-tax loss of £2.3mln in the year compared to £2.1mln previously, although it highlighted £0.2mln in cost increases due to the expansion of its executive team and interest on convertible loan notes.

Looking ahead, Crossword highlighted a £1.6mln fundraising post-period in February 2021, adding that it expects its revenue growth rate to “more than double in 2021” amid the rapid rollout of its Rizikon Pro product through partnerships and membership deals.

The firm also said it expects to add one additional product to its cybersecurity portfolio through acquisition in the short term, while it is also progressing plans to establish an overseas subsidiary in Oman and anticipated the rollout of its products and services in the region during the second half of the year.

Crossword added that it is also “actively exploring” the possibility of acquiring a cybersecurity consulting company to bring in more clients and expand its capabilities.

“Crossword emerged from a challenging 2020 in great shape, meeting market expectations of 25% revenue growth.  Q4 2020 was Crossword’s largest revenue quarter to date, taking us into 2021 with strong momentum.  We are excited about delivering on opportunities in 2021, from the Manufacturing Supply Chain Risk project which has the potential to change the supply chain risk landscape, to working with our partners and membership bodies to supply Rizikon”, Crossword chief executive Tom Ilube said in a statement.

“2021 will see us expand our product portfolio, our consulting services offering and our geographical reach.

We were delighted to welcome new institutional investors in our February 2021 fund raise, as well as appreciative of the ongoing support of our Shareholders.  Crossword employees continue to embody our culture and values, while applying their skills and hard work to deliver on our objectives”, the CEO added.

Meanwhile, the company also said that directors Gordon Matthew and David Stupples will retire from the board at the conclusion of its AGM on May 25, adding that it anticipates appointing a new director following the meeting.

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