Crossword Cybersecurity FY revenues improve despite Covid-19 impact

(Sharecast News) - Technology commercialisation company Crossword Cybersecurity said on Monday that total revenues were projected to show a marked improvement year-on-year.
Crossword said total revenues were projected to be 18% higher at £674,000 as consulting and product sales strengthened 43% alongside a planned reduction in software development revenues.

Cash on hand at the end of the period was £1.6m, with funds boosted by the firm's £1m fundraiser in May.

Although the AIM-listed group acknowledged there was "a high degree of uncertainty" due to the current economic climate, Crossword stated it was "cautiously optimistic" of reporting full-year results in line with market expectations - subject to the outcome of a few major product-led bids over the coming months and the continued conversion of its pipeline.

Crossword also noted: "With the end of the furlough scheme likely to have widespread impact across the business sector and the shape of the economic recovery still unpredictable, the second half of 2020 is difficult to forecast.

"With a healthy pipeline, there is cautious optimism of delivering on the market expectations, although this depends on the outcome of several large bids that are currently in progress."

As of 1040 BST, Crossword shares were untraded at 0.25p.