Crossword Cybersecurity (CCS) , a technology company focused on cybersecurity and risk management software, announced that as of August 1, 2024 its current CEO Tom Ilube will step up to non-executive Chair. At the same time, Stuart Jubb who is currently Group Managing Director, will take the CEO role. The current Chair, Sir Richard Dearlove, will continue to serve on the Board as non-executive Director.
In preparation for his transition to CEO, Stuart Jubb was appointed to the Board at the beginning of April 2024. He joined Crossword in February 2016 to head up its newly established cybersecurity consulting division. Since January 2022, Jubb has been Group Managing Director with responsibility for Consulting, Sales and Managed Services, and in September 2023 also became responsible for Product.
Sir Richard Dearlove, Chair of Crossword, commenting: "I am pleased that we have been able to manage this long planned transition so smoothly. Tom has been preparing Stuart as his successor for several years, giving him wider responsibilities and the Board is satisfied that Stuart is more than ready to take over. We are delighted that Tom remains fully committed to the company and is willing to take over from me as Chair. I have enjoyed my 8 years as Chair of Crossword, seeing it develop to a high growth, very well run cyber security company on the verge of EBITDA profitability and I am very pleased to be asked to remain on the Board as a non-executive Director."
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Crossword announces long planned leadership changes to position itself better for the next several years of growth as it nears EBITDA profitability. The incoming CEO is Stuart Jubb who joined CCS's board in 2016 and is currently Group Managing Director. Prior to joining CCS, Jubb was at KPMG where he initially served as COO at KPMG Advisory, then as Associate Director for Defence & Security. Before KPMG, Jubb was an officer in HM Forces for 9 years serving in Afghanistan, NATO and elsewhere.
Meanwhile, the outgoing CEO Tom Ilube will stay on the Board as non-executive Chair. He joined CCS in 2014 and has been CEO for 10 years. His background includes Chair of the Rugby Football Union, serving on the Board of WPP (FTSE 100 advertising company), and the Board of the BBC.
The changes are part of CCS's plan to accelerate growth. The cybersecurity company recently announced positive financial results for FY23 as it nears profitability. Revenues rose 15% to £4.2m and CCS anticipates yet higher growth to £7m in FY24 on the back of a robust sales pipeline, continued conversion, and margin improvement.
The group maintained its ambitious FY24 guidance as it remained on track to deliver EBITDA and cash breakeven during H2 2024. Profitability will be bolstered by a targeted reduction of administrative expenses by half in terms of percentage of revenue in FY24 vs FY22.
Operationally, CCS made generative AI a focus in FY23 through CyberAI, and launched new products in ransomware and dark web protection. For its R&D efforts, CCS was included in the CyberTech100 list of the world's most innovative cybersecurity companies. Operational progress also helped CCS win a significant threat intelligence contract with a FTSE 250 engineering company that is an existing consulting client.
CCS's M&A strategy has also contributed to recent positive performance. Following 3 acquisitions in FY1 and FY22, with the companies now fully integrated, cross selling and key account management have delivered organic growth. Last year's £2.62m fundraise helped support sales/marketing and product development, and a further working capital fundraise this year is expected to accelerate the drive to profitability.
Crossword is notably gaining momentum in the Caribbean region via a partner, primarily through its managed cyber-security monitoring service Nightingale. CCS has secured $500k of new business in the region since the beginning of 2024, with continued growth anticipated for the rest of FY24.
Crossword is well-positioned to reach profitability in H2 2024 and continue growing. The UK cybersecurity market size is worth US$15.72bn in 2024, and estimated to reach $US25.81bn by 2029 (Modor Intelligence), growing at a CAGR of 10.42%.
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