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Crossword Cybersecurity PLC on Wednesday reported a chunkier annual loss on an increase in costs amid a higher staff count.
Crossword is a cybersecurity company focused on cyber strategy and risk, supply chain cyber, threat detection and response, and digital identity. It is headquartered in London and works with UK universities.
The company said that in 2022, its pretax loss widened to £4.6 million from £2.7 million in 2021. Revenue grew 72% to £3.6 million from £2.2 million. Cost of sales, however, increased 69% to £2.8 million from £1.6 million, while administrative expenses widened 43% to £5.0 million from £3.5 million. Crossword explained that it had a 30% increase in the number of full time workers in 2022 than in 2021, which it said was the main reason for the rise in costs.
For 2023, the company targets revenue growth of around 30% with an emphasis on larger clients. It added that is ‘on a clear path to profitability.’
Meanwhile, Crossword said it completed the issue of £375,000 in convertible loan notes with a conversion price of 8.25 pence per share, which was the share price before the issue.
Crossword Cybersecurity shares fell 9.1% to 7.50 pence each on Wednesday afternoon in London.
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