We expect the momentum achieved in [the first half] to continue, with our focus on scalable, recurring product revenue, through conversion of pipeline into orders.
Tom Ilube, chief executive
What it does
The group currently has two main products, Rizikon Assurance, a risk assessment tool that helps companies evaluate their suppliers and other third parties, and Nixer, a machine-learning-based cybersecurity tool, which is scheduled for release at the end of 2019.
How it’s doing
For the six months ended 30 June, Crossword reported that revenues had risen 5% to £570,757, boosted by a 21% increase in sales from its product and consulting arm.
Pre-tax losses widened to £1.07mln from £823,679 in the half-year, which the company attributed to investments in marketing and product development.
Crossword also said orders for Rizikon had almost doubled in the first half, and that it remained confident full-year results would be “in line” with market expectations.
The group added that it was close to agreeing “one or more” distribution deals over the coming months.
In early September, Crossword launched the second iteration of its Rizikon Assurance platform, providing improved visualisation for customers of all risks for each third-party through fully customisable at-a-glance supplier scorecards
In August the company won a contract with three local councils in the UK to use its software to manage compliance with GDPR (General Data Protection Regulation)
The group also said in August that Rizikon had been selected for use by the Nursing and Midwifery Council (NMC), which represents more than 690,000 nurses, midwives and nursing associates in the UK
Interview – Mary Dowd, finance director
What the boss says – CEO Tom Ilube
“I am very pleased with the progress achieved in the first half of 2019, with a significant rise in the order book and pipeline for both Rizikon Assurance, and Consulting. We expect the momentum achieved in [the first half] to continue, with our focus on scalable, recurring product revenue, through conversion of pipeline into orders.”
With the shares trading at around 456p as of 23 September 2019, Crossword carries a market cap of £23.6mln.