CCS - Crossword Cybersecurity CFO upbeat heading into 2024
(NewsDirect)
Crossword Cybersecurity PLC (AIM:CCS)chief financial officer Mary Dowd speaks to Thomas Warner fromProactive London following the release of a trading update forcalendar year 2023 which revealed that revenue growth "has notbeen as strong as expected."
Dowd says that despite not meeting the targeted revenue of £6million for FY 2023, Crossword still achieved a 15% growth compared toFY 2022, with revenues likely to come in between £4.1 and £4.3million. This growth, albeit slower than expected, outperforms manycompetitors who are now projecting flat numbers.
Dowd attributes the revenue shortfall todelayed conversions from their pipeline, a common trend among B2Corganisations in the current economic climate. However, she remainsoptimistic about the future, projecting a strong revenue growth of £7million for FY 2024. This positive outlook is based on the conversionof existing pipeline contracts, which are now materializing.
Crossword also anticipates achieving EBITand cash breakeven on a monthly basis in H2 2024, marking asignificant milestone. Despite the challenges faced in FY 2023,Dowd's confidence in Crossword's resilience and growthpotential shines through, offering a hopeful outlook for thecybersecurity sector amidst economic uncertainties.
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