REG - Crossword Cybersec - CFO resignation and £1m pa cost reductions

Crossword CybersecurityAnnouncement

14/08/2024 07:00

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RNS Number : 3322A  Crossword Cybersecurity PLC  14 August 2024

14 August 2024

Crossword Cybersecurity Plc

("Crossword" or the "Company")

CFO resignation and £1m pa cost reductions

Crossword Cybersecurity plc has announced the resignation, with immediate
effect, of Rose Clark as Chief Financial Officer. As announced on 16 April
2024, Rose was appointed as CFO with a view to joining the main board in due
course and her initial remit was to help carry out a number of major projects.
Having completed these projects, Rose has decided to resign her position. A
search is underway for a replacement and an announcement regarding that
appointment will be made in due course.

As part of its continuing drive towards breakeven the Company has recently
implemented a cost reduction programme. This has involved both staff and other
overhead cuts, taking over £1.2m out of the Company's cost base on an
annualised basis.

Stuart Jubb, CEO, commented: "Rose departs with our thanks for the role that
she has played as our CFO over the past few months on several important
projects. She has provided great support and advice and I would like to thank
her on behalf of the board for her help in setting us up for the next stage.
We are continuing to focus on achieving EBITDA and cash breakeven in H2 2024
and have taken decisive action to reduce the cost base to a more sustainable
level. We will focus on higher margin business going forward and will continue
to monitor our portfolio of businesses to ensure that they meet that
criterion."

- Ends -

 

Contacts

 Crossword Cybersecurity plc - Tel: +44 (0) 333 090 2587

Email: info@crosswordcybersecurity.com

Stuart Jubb, Chief Executive Officer

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

Colin Aaronson / Jamie Barklem / Ciara Donnelly / Elliot Peters

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

Claire Louise Noyce

 

About Crossword Cybersecurity plc

Crossword offers a range of cyber security solutions to help
companies understand and reduce cyber security risk. We do this through
a combination of people and technology, in the form of SaaS and software
products, consulting, and managed services. Crossword's areas of emphasis
are cyber security strategy and risk, supply chain cyber, threat detection
and response, and digital identity and the aim is to build up a portfolio
of cyber security products and services with recurring revenue models in these
four areas. We work closely with UK universities and our products and services
are often powered by academic research-driven insights. In the area
of cybersecurity strategy and risk our consulting services include cyber
maturity assessments, industry certifications, and virtual chief information
security officer (vCISO) managed services.

Crossword's end-to-end supply chain cyber standard operating model (SCC SOM)
is supported by our best-selling SaaS platform, Rizikon Assurance, along with
cost-effective cyber audits, security testing services and complete managed
services for supply chain cyber risk management. Threat detection and
response services include our Nightingale AI-based network monitoring, our
Trillion™ suite of threat intelligence products, Trillion Breach, Harvista
and Arc and incident response. Crossword's work in digital identity is based
on the World Wide Web Consortium W3C verifiable credentials standard and our
current solution, Identiproof, enables secure digital verification of
individuals to prevent fraud.

Crossword serves medium and large clients including FTSE 100, FTSE 250 and
S&P listed companies in various sectors, such as defence, insurance,
investment and retail banks, private equity, education, technology and
manufacturing and has offices in the UK, Poland and Oman. Crossword's ordinary
shares are admitted to trading on the AIM market of the London Stock Exchange.

Visit Crossword at https://www.crosswordcybersecurity.com/
(https://www.crosswordcybersecurity.com/)

 

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