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2021 Annual Report and Accounts

19 April 2022 – London, UK - Crossword Cybersecurity Plc (AIM:CCS, “Crossword”, the “Company” or the “Group”), the technology commercialisation company focused on cyber security and risk, is pleased to announce its final results for the year ended 31 December 2021. The Annual Report and Accounts along with the Notice of its Annual General meeting (“AGM”) and a Form of Proxy will be posted to Shareholders shortly.

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


AGM and Investor Meeting

The AGM will be held on Monday 16 May 2022 at 10.00am at the offices of Shakespeare Martineau LLP, 6th Floor, 60 Gracechurch Street, London EC3V 0HR.


Additionally, the Company will be hosting an update on the Investor Meet Company platform on Tuesday 17 May at 2.00pm. Click here to register for this event.


2021 Financial Highlights

• Delivered 43% revenue growth to £2.3m (including Grant Income of £152k included in ‘Other Income’), despite the turbulence in the economy.

• Revenues from product and services expanded by 56%.

• Annual recurring revenue doubled during 2021.

• £1.6m equity fund raise February 2021, and a £5.0m equity fund raise July 2021.

• £1.3m cost increases driven by headcount increasing by 74%, with continued investment in sales and marketing and product development, and increased professional fees in 2021 driven by two acquisitions, two equity fund raises and the opening of an overseas company in Oman.

• £457k gain on revaluation of CyberOwl Limited shareholding measured at fair value. Crossword catalysed the creation of CyberOwl Limited in 2016.

• Loss of £2.5m.

• £3.4m closing cash.


2021 Operational Highlights

• Rizikon users grew to over 500 users by the end of 2021.

• Acquired Verifiable Credentials Limited in May 2021, adding IdentiProof to the product portfolio.

• Acquired Stega UK Limited in August 2021. Integrated the threat intelligence and monitoring company and their sophisticated in-house platform, Nightingale.

• Integrated DarkBeam’s cyber risk audits into Rizikon, significantly enhancing its functionality.

• Completed grant funded feasibility study with Liverpool John Moores University to investigate the underlying problems and causes of failures in supply chain risk and assurance.

• The IASME Consortium Limited commenced using Rizikon to deliver its Counter Fraud Fundamentals Certification. This is as well as delivering its Internet of Things security certification.

• Consulting secured two more FTSE250 clients.

• Crossword Cybersecurity LLC was formed in the Sultanate of Oman.

• Designed, built and market tested a completely new product in the privacy governance space, for the University of Glasgow.

• Refreshed the Board with the appointment of Dr Robert Coles and Tara Cemlyn-Jones.

• Share split where each Ordinary Share of 5p was sub-divided into ten new ordinary shares of 0.5p.

• Great progress on gender diversity with the Board being 37.5% women and Advisory Board at 50:50 parity. The Women at Crossword Group was established.

• Office move in London from Richmond to a flexible Waterloo office.


Post Period Highlights

• Acquired Threat Status Limited, the threat intelligence company and provider of Trillion™, the cloud-based software as a service (SaaS) platform for enterprise-level credential breach intelligence. This takes the number of acquisitions in the past 12 months to three.

• The IASME Consortium Limited commenced using Rizikon to deliver its Maritime Security Certification. This is as well as delivering its Internet of Things security and Counter Fraud Fundamentals certifications.

• Continued to expand the membership body network to distribute Rizikon. Launched an offer to members of techUK, the UK technology trade association, and BESA, the British Educational Suppliers Association, for a single-use cyber security assessment to support them towards Cyber Essentials certification.


Outlook

• Expect rate of growth in income to be circa 75% in 2022, in line with market expectations.

• Continue rapid roll out of Rizikon Pro, on the back of partnerships and membership deals.

• Target over 1,000 organisations using Rizikon to assess over 10,000 suppliers by end 2022.

• Take Identiproof to market as well as continuing product development.

• Continued focus on Sales and Marketing.

• Complete the integration of Threat Status Ltd into Crossword.

• Focus on cross sell opportunities following three acquisitions in less than 12 months, with the addition of circa 50 new clients, three new products (Identiproof, Trillion and Arc), and new threat monitoring service using Nightingale, our world class platform.

• Growing client interest in Nixer and Nixer functionality being used to enhance Rizikon.


Tom Ilube, CEO of Crossword Cybersecurity plc, commented: “I am incredibly pleased with the progress Crossword made in 2021, achieving 43% total revenue growth, and 56% growth in our product and services revenue. We expanded our product portfolio with the addition of Identiproof, our services offering with the addition of Nightingale, and our geographical reach with the opening of our Oman office. We were delighted to welcome new institutional investors in our February and July 2021 fund raises and are appreciative of the ongoing support of our shareholders.