CCS - Crossword Cybersecurity fully funded for path to profitability
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Crossword Cybersecurity PLC (AIM:CCS) CEOTom Ilube speaks to Thomas Warner from Proactive after the companyreleased its first-half update. He says that the company has publishedpositive trading figures and is well on track to meet marketexpectations for 2023. Notably, 2024 holds the promise of substantialgrowth, with revenue projected to reach around £8 million and astrategic move towards profitability in the latter half of theyear.
Ilube emphasises theorganisation's resolute commitment to achieving this throughorganic growth, rather than by relying on acquisitions. CrosswordCybersecurity has secured over £2 million in loan notes, ensuringample funding to sustain its trajectory towards profitability, with anoption to raise up to £2.5 million if needed. Ilube outlines thecompany's strategy, which entails growing revenue whilemaintaining a static cost base, reducing costs as a percentage ofrevenue by 50%.
The focus is also on higher-margin businesssegments and key accounts that can leverage a broader range ofCrossword's products and services. He also suggests that thecompany is at the forefront of exploring the potential of generativeAI in the cybersecurity landscape, collaborating closely with majorclients and academic partners to innovate in this rapidly evolvingfield.
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