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Crossword Cybersecurity CFO upbeat heading into 2024

–News Direct–

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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Proactive UK Ltd

+44 20 7989 0813

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Crossword Cybersecurity PLC

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