top of page

2019 Annual Report and Accounts

27 April 2020 – London, UK Crossword Cybersecurity Plc (AIM:CCS, “Crossword”, the “Company” or the “Group”), the technology commercialisation company focused solely on cyber security and risk, is pleased to announce its final results for the year ended 31 December 2019. The Notice of its Annual General meeting (“AGM”) and a Form of Proxy will be posted to shareholders shortly.

The AGM will be held on Thursday 28th May 2020 at 11.00am at the Company’s offices, Midmoor House, 1st Floor, 1-2 Kew Road, Richmond, TW9 2NQ, United Kingdom.  The health and safety of our shareholders and colleagues is always our utmost priority.  Please note that if the public health guidance remains unchanged shareholders will not be able to attend the AGM in person and those seeking to attend at the venue will not be allowed to enter.

A copy of the Annual Report and Accounts and the notice of AGM are available on the Company’s website at

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.


Crossword Cybersecurity plc – Tel: +44 (0) 20 3953 8460


Tom Ilube, Chief Executive Officer

Mary Dowd, Finance Director

Grant Thornton (Nominated Adviser) – Tel: +44 (0) 20 7383 5100

Colin Aaronson / Jamie Barklem / Niall McDonald

Hybridan LLP (Broker) – Tel: +44 (0)203 764 2341

Claire Louise Noyce

About Crossword Cybersecurity plc

Crossword Cybersecurity plc focuses on the development and commercialisation of university research-based cyber security and risk management related software and cyber security consulting.  The Group’s specialist cyber security product development and software engineering teams work with its university partners to develop the research concept into a fully-fledged commercial product that it will then take to market. The Group’s aim is to build up a portfolio of revenue generating, intellectual property based, cyber security products. Rizikon Assurance, Crossword’s leading product, is a SaaS platform that enables medium to large companies to assess and manage all risks from their suppliers.  Nixer CyberML, Crossword’s most recently launched product, is a new tool for businesses that want to solve advanced security and cybercrime problems, such as detecting and dealing with compromised accounts, fraud, and in-application denial of service attacks.  Crossword’s team of expert cyber security consultants leverages years of experience in national security, defence and commercial cyber intelligence and operations to provide bespoke advice tailored to its clients’ business needs.

For media enquiries contact:

Lorena Duke, GingerPR, 01932 485 300

Chairman’s Statement

The financial year ending 31 December 2019 saw Crossword Cybersecurity plc complete its first successful year on AIM, the London Stock Exchange’s growth market. In this report, I am delighted to provide an overview of the year and on finance and governance. Following this overview, the CEO’s report provides a detailed review of the business, together with commentary on the company’s finances and operations.

A Strategy based on Cyber Security Intellectual Property

Crossword’s strategy is to build a significant intellectual property based, AIM quoted cyber security business. Crossword is a technology commercialisation business focusing on cyber security. The Group develops and commercialises university research based cyber security related software and provides cyber security consulting services.

Crossword ended the financial year with a growing set of Rizikon Assurance clients, a very strong Rizikon sales pipeline and a fast-growing specialist cyber security consulting team. The Group was successfully admitted to AIM at the end of 2018 and we are very pleased with the progress that we have made at the end of our first year as an AIM listed company.

The Board is excited by Management’s ambitious growth plans and is fully supportive. We are confident that our plans will create sustainable shareholder value.

Strong Financial Management

During the period under review, the Board and Management have continued to adopt a robust set of financial controls.

Finance Director, Mary Dowd, has reviewed and strengthened our procedures and the company has comfortably adapted to life on AIM. We strengthened the Group Balance Sheet at the end of 2019 by receiving £1.4m in convertible loans. I would like to thank shareholders for their continued support for Crossword’s strategy and we are pleased to have seen this reflected in our share price over our first year on the market.

Continued Strong Governance

The Directors fully understand the importance of high standards of corporate governance and I refer you to the Chairman’s Corporate Governance Statement on page 19 of this report. The Board has adopted the Quoted Companies Alliance (“QCA”) Corporate Governance Code (the “QCA Code”) in line with the London Stock Exchange’s requirement for all AIM listed companies to adopt and comply with a recognised corporate governance code appropriate to the nature, complexity and scale of the Group. In addition, we ensure that we maintain high standards throughout the Group by operating a robust framework of controls, and more details can be found in the Director’s Report. The Board believes that, to deliver our corporate strategy, generate shareholder value on a sustainable basis and safeguard all of our stakeholders’ long- term interests, effective corporate governance is essential.

Growth is Accelerating

We have made great progress over the last twelve months. The growth in our core businesses of product sales and consulting has been accelerating, as we shift the focus from software development activity to commercialisation. The cyber security sector as a whole continues to flourish and with a first-class team, a new dedicated Group Sales Director in place and a solid and stable AIM listed business, Crossword sees opportunities opening up rapidly in the year ahead.

Our diverse and talented employees are the reason why Crossword continues to be successful and I would like to thank all of them for their hard work and dedication, as well as our university partners, business partners, suppliers and shareholders for their continued support. We are very confident that Crossword will achieve its goals over the coming years.

Sir Richard Dearlove KCMG OBE

24 April 2020

Chief Executive Officer’s Statement

As Chief Executive Officer, it is my pleasure to present the annual report and audited accounts for Crossword Cybersecurity plc (“Crossword” or the “Company” or the “Group”) for the financial year ended 31 December 2019.

2019 has been a year of solid commercial growth for Crossword, the technology commercialisation company focused on cyber security. This was Crossword’s first year as an AIM listed company and we grew into this new status with confidence and certainty. By the end of 2019 we had built a multi-million pound sales pipeline, close