(Alliance News) - Crossword Cybersecurity PLC on Friday expressed confidence that its full year results will be in line with market expectations after it forecast a revenue rise in the first half of trading.
For the six months to June 30, the company is anticipating revenue to rise year-on-year, driven by significantly higher product sales and income from its consulting business, though slightly offset by a reduction in revenue from its software development segment. In the same period last year, the company made a revenue of GBP544,052.
Chief Executive Tom Ilube said: "The strength of the order book for both Rizikon Assurance and consulting, and the growth in the pipeline, puts Crossword in a strong position for growth at the end of the first half of 2019. Our continued focus is on scalable, recurring product revenue, through conversion of pipeline into orders."
The company estimates that orders received for its Rizikon Assurance product were more than double those received in the same period last year. Orders for the secure third-party assurance platform "now stands in excess of GBP3.0 million", Crossword said.
The consulting division secured its highest value multi-year contract to date following May's launch of its virtual chief information security officer product. The platform offers virtual services that a firm's senior-level security executive would otherwise provide.
Shares in Crossword were up 0.3% at 506.50 pence each in London on Friday afternoon.
Crossword Cybersecurity (CCS)