Crossword Cybersecurity revenues boosted by improved software sales
Crossword Cybersecurity expects to report improved revenues from its last trading year, driven by a strong increase in software sales.
The AIM-listed outfit said revenues were set to come in 45% higher year-on-year with software related revenue increasing by more than 100% during the period.
Crossword also told investors on Monday that a number of recurring revenue contracts for Rizikon Assurance, its third-party assurance software-as-a-service offering, were secured towards the end of 2018 and early in 2019 across the health, IT services, nuclear and professional services sectors.
As a result, Crossword's board was confident in the strength of its pipeline moving forward, which it said it had been building since "mid-2018".
Chief executive Tom Ilube said: "Our in-depth understanding of what's happening in academic cybersecurity research, alongside our current and developing relationships with research-intensive European university partners, means Crossword is well placed to identify promising cybersecurity intellectual property from research, that our industry partners tell us meets emerging real-world challenges."
As of 1000 GMT, Crossword shares had picked up 2.54% to 323p.