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
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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/