Crossword Cybersecurity Shares Fall On Deeper Loss Despite Progress

(Alliance News) - Shares in cyber security risk assessment firm Crossword Cybersecurity PLC fell sharply Monday after its interim loss deepened on higher costs, despite revenue and order books rising.

Shares in Crossword were 8.9% lower at 460.00 pence in London on Monday.

For the six months ended June, pretax loss deepened to GBP1.1 million from GBP823,679 the year prior. This was despite revenue rising 4.9% to GBP570,757 from GBP544,052 the year before.

Profit performance was hurt by cost of sales rising faster than revenue ro GBP667,023 from GBP453,545 the year prior as well as administrative costs rising to GBP972,888 from GBP896,208 the year before. This was amid rising investment in product development and sales & marketing costs.

"I am very pleased with the progress achieved in the first half of 2019, with a significant rise in the order book and pipeline for both Rizikon Assurance, and Consulting," Crossword Chief Executive Officer Tom Ilube said.

Crossword does not pay an interim dividend.

"We expect the momentum achieved in the first half to continue, with our focus on scalable, recurring product revenue, through conversion of pipeline into orders," Ilube added.