Crossword Cybersecurity "fully funded" for path to profitability
London, UK
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September 01, 2023 08:36 AM Eastern Daylight Time
Crossword Cybersecurity PLC (AIM:CCS) CEO Tom Ilube speaks to Thomas Warner from Proactive after the company released its first-half update. He says that the company has published positive trading figures and is well on track to meet market expectations for 2023. Notably, 2024 holds the promise of substantial growth, with revenue projected to reach around £8 million and a strategic move towards profitability in the latter half of the year.
Ilube emphasises the organisation's resolute commitment to achieving this through organic growth, rather than by relying on acquisitions. Crossword Cybersecurity has secured over £2 million in loan notes, ensuring ample funding to sustain its trajectory towards profitability, with an option to raise up to £2.5 million if needed. Ilube outlines the company's strategy, which entails growing revenue while maintaining a static cost base, reducing costs as a percentage of revenue by 50%.
The focus is also on higher-margin business segments and key accounts that can leverage a broader range of Crossword's products and services. He also suggests that the company is at the forefront of exploring the potential of generative AI in the cybersecurity landscape, collaborating closely with major clients and academic partners to innovate in this rapidly evolving field.
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