Crossword Cybersecurity, a leading cybersecurity company, announced a 27% increase in revenue for the first half of this year. The company expects to meet full-year market forecasts and anticipates further growth in the coming year.
Despite the challenging economic environment, Crossword Cybersecurity has not observed any slowdown in cybersecurity spending among its core regulated and critical national infrastructure clients. This is a positive indicator of the strong demand for their services.
For the six months ending on June 30th, revenue is projected to reach £1.9 million ($2.4 million). Furthermore, annual recurring revenue at the end of this period has surged by 35% to £2.7 million.
Crossword Cybersecurity confidently states that it is on track to meet market expectations for the full year, with revenue predicted to reach £6 million by December 31st, 2023. Looking ahead, the company aims to achieve a 30% growth in revenue next year.
To position itself for success, Crossword Cybersecurity plans to focus on scale while effectively managing risk. Additionally, the company aims to achieve monthly earnings before interest, taxes, depreciation and amortization, and cash break-even during the second half of 2024.
Chief Executive Tom Ilube mentioned that Crossword Cybersecurity is actively exploring initiatives with industry partners and leading academics to harness the potential of generative AI in the field of cybersecurity.
