LONDON (ShareCast) - (Sharecast News) - Crossword Cybersecurity said on Monday that results for the year to the end of December were set to be in line with market expectations.
The AIM-listed company said revenue was expected to rise 22% over the year to ?1.3m. Revenues from product and consulting were expected to increase by 51%, reflecting a shift from software development services to its core of product and consulting revenue. Cash balances at the end of December were ?1.5m, it said.

During the year, Crossword began collaborations with Leonardo MW, a global high-tech aerospace defence and security company, and cyber security expert NCC Group, to use its third-party assurance product, Rizikon, to support their client services delivery.

In addition, Nixer CyberML, a new family of machine-learning based security and anti-fraud software products that help organisations easily and quickly build these capabilities into applications, was launched in November.

Chief executive officer Tom Ilube said: "During 2019, the Rizikon pipeline continued to grow, and version 2, launched in September 2019, is a product capable of adding value to all companies, regardless of their size or industry. The partner agreements signed in 2019, potentially give thousands of customers access to Rizikon. Rizikon is in a very strong position going in to 2020 with multiple opportunities with our partners and directly, some of considerable size.

"We are also pleased to note investors continuing support of Crossword by subscribing to ?1.4m in loan notes."

At 1040 GMT, the shares were down 3.7% at 361p.

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