Crossword Cybersecurity Annual Loss Widens On Administrative Expenses

LONDON (Alliance News) - Crossword Cybersecurity PLC on Monday said its loss close to doubled in ...

Alliance News 15 April, 2019 | 2:29PM
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LONDON (Alliance News) - Crossword Cybersecurity PLC on Monday said its loss close to doubled in 2018, the year in which it listed on London's AIM market, due to administrative expenses.

Shares in Crossword were up 3.6% at 554.50 pence in afternoon trade.

The cyber security technology firm said its annual pretax loss came to GBP2.1 million, widened from GBP1.2 million in 2017.

Revenue rose 49% to GBP1.1 million from GBP736,546. However, administrative expenses jumped to GBP2.3 million from GBP956,126.

During 2018 the company moved from the NEX Growth market to AIM, raising GBP2 million from its AIM listing.

Chief Executive Tom Ilube said: "Crossword estimates that the potential addressable market for Rizikon Assurance alone is GBP300 million per annum across 10,000 companies. Over the coming year, the company intends to focus on sales and marketing activity across product and consulting, to drive up revenue rapidly."

By Anna Farley; annafarley@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Crossword Cybersecurity PLC 545.00 GBX 0.00 -
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