AIM-listed cybersecurity firm Crossword Cybersecurity has said it is ‘cautiously optimistic’ in its latest trading update ahead of the Group’s interim results for the six months ended 30 June 2020. 

It reports income from consulting and product sales were 43% higher than the comparative period in 2019, with planned reduction in revenues from software development

The firm, led by CEO Tom Ilube and chaired by ex-MI6 head Sir Richard Dearlove, said it expects to report total revenues of £674k, 18% ahead of the comparative period in 2019. 

In response to Coronavirus, the firm reports it has put a hiring freeze in place,  has made “some redundancies” and has implemented “careful management of any discretionary spending”.

The firm wrote in its trading update: “although there is a high degree of uncertainty due to the current economic climate, [Crossword] is cautiously optimistic of reporting full year results in line with market expectations, subject to the outcome of a few major product led bids over the coming months, and continued conversion of our pipeline of opportunities.” 

At the end of June 2020, the Group’s closing cash position was £1.6m.  This reflects the £1m equity fund raise completed in early May 2020.

Last month the firm launched Rizikon Pro, an online SaaS solution for SMEs access to a set of core supplier assurance platform features. The firm said it anticipates a rapid roll out to a wider client base over the coming year.