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Crossword Cybersecurity PLC on Wednesday said it expects its revenue to surge in 2022 as its software as a service business proved ‘strong’.
The company said its annual recurring revenue has grown 48% to £2.0 million since December 31.
It expects revenue to grow around 75% in 2022, owing to organic growth, in line with market expectations.
Meanwhile, Crossword delayed the deadline for convertible loan notes for loan note holders of £700,000 to June 2025 from December 2022 and January 2023. Chief Executive Officer Tom Ilube extends his £250,000 loan notes on the same term, the firm added. The loan notes were originally issued in December 2019 and January 2020.
‘Crossword is progressing well in its strategy of building a diversified revenues company focused on consultancy and products, targeting key in-demand sectors,’ CEO Tom Ilube said. ‘We see significant opportunities in improving operational efficiency as Crossword's revenues continue to grow and the cost base can be spread against higher revenues,’ he added.
On June 29, the Richmond, England-based cybersecurity solutions company said it was in talks to acquire cybersecurity companies that will ‘complement and diversify its revenue base’.
Crossword Cybersecurity shares were unchanged at 27.06 pence each in London on Wednesday morning.
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