Crossword Cybersecurity PLC (AIM:CCS) chief financial officer Mary Dowd speaks to Thomas Warner from Proactive London following the release of a trading update for calendar year 2023 which revealed that revenue growth "has not been as strong as expected."
Dowd says that despite not meeting the targeted revenue of £6 million for FY 2023, Crossword still achieved a 15% growth compared to FY 2022, with revenues likely to come in between £4.1 and £4.3 million. This growth, albeit slower than expected, outperforms many competitors who are now projecting flat numbers.
Dowd attributes the revenue shortfall to delayed conversions from their pipeline, a common trend among B2C organisations in the current economic climate. However, she remains optimistic about the future, projecting a strong revenue growth of £7 million for FY 2024. This positive outlook is based on the conversion of existing pipeline contracts, which are now materializing.
Crossword also anticipates achieving EBIT and cash breakeven on a monthly basis in H2 2024, marking a significant milestone. Despite the challenges faced in FY 2023, Dowd's confidence in Crossword's resilience and growth potential shines through, offering a hopeful outlook for the cybersecurity sector amidst economic uncertainties.
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