RNS31 Aug 2023 08:39
In the first half of 2023, Crossword shifted its focus towards establishing a clear path to profitability. Profitability will be underpinned by continuing strong revenue growth, margin improvement and cost containment.
Revenue Growth
Crossword expects to report revenue of £1.9m (unaudited) for the 6 months ended 30 June 2023, an increase of 27% from the same period in the previous year and has not seen a slow-down in cyber security spend amongst its core regulated and critical national infrastructure clients. Strong revenue growth was experienced across all revenue lines and ARR at the end of H1 2023 was £2.7m, growth of 35% compared to the same period in the prior year. Software Engineering services revenue in H1 2023 helped to strengthen ties with a key partner and provided a valuable development opportunity for staff. Crossword continued to leverage its' 100+ client base to cross sell and has increased emphasis on targeting its larger clients that can make full use of Crossword's range of products and services.