CELTIC PLC — Earnings Release 2014

Apr 21, 2015

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FOR: CROSSWORD CYBERSECURITY PLCGXG SYMBOL: CCPApril 21, 2015Crossword Cybersecurity plc: Final resultsLONDON, UNITED KINGDOM--(Marketwired - April 21, 2015) -Statement from the boardCrossword Cybersecurity plc (GXG:CCP) is a cyber security focused technology transfer business. We work withuniversities to identify leading edge research in cyber security and establish intellectual property (IP) andtechnology transfer deals with the university to commercialise their research. This will typically involve somedevelopment work to take their largely theoretical research and produce a practical software solution.Over the past year Crossword has assembled a strong team consisting of IP transfer and cyber securityspecialists. We have established a software development subsidiary based in Krakow, Poland. We have analysedthe cyber security research currently being done and have identified over 400 cyber security research projectsacross the UK and parts of Europe, representing over GBP 200m of research grants since 2007. This informationhas been catalogued and captured in Crossword's searchable research database along with the identity of theteam conducting the research, the lead Professors and the institution where the work is being conducted. Wetherefore have a very clear picture of the type of cyber security research going on across Europe.As a result, Crossword is now engaged in building two cyber security software products. The first of these,based on several years of research at City University, London, is a cyber-risk assessment software as a service(SaaS) solution that will be launched in the first half of 2015. The second product is commerciallyconfidential at this stage but we believe has global applicability. We have also signed agreements with bothUniversity of Bristol and University of Warwick to explore how to commercialise their research into cryptograpyand blockchain security respectively.Going forward, Crossword intends to announce its' first two products in 2015. Our plan is to build a portfolioof up to six significant cyber security products over the next couple of years. We have started building apartner programme of third parties who will assist in taking our products to market in 2015 and beyond.PRINCIPAL RISKS AND UNCERTAINTIESThe key risks to the group are as follows:-- failure to develop an appropriate commercial application for its developing products;-- failure to obtain sufficient financial support to enable such products to be adequately delivered;-- failure to establish commercialisation partnerships with leading research universities-- competition from existing IP transfer businesses seeking to engage in cyber security commercialisation activity-- failure to commercialise the products that it develops.At present the directors are pleased with progress in both of these areas and consider these risks aresufficiently mitigated.FINANCIAL AND NON FINANCIAL KEY PERFORMANCE INDICATORSThe directors consider the key financial performance indicator to be cash 'burn rate'. At present they considerthat this is within reasonable parameters and will continue to monitor this is the future.At this stage in its development, the directors do not consider that there are any relevant non-financial keyperformance indicators.T IlubeDirector21 April 2015CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMEFOR THE PERIOD ENDED 31 DECEMBER 2014 6 Mar to 31 Dec 2014 GBPCost of sales (54,142) ----------------GROSS LOSS (54,142)Administrative expenses (184,538) ----------------LOSS BEFORE TAXATION (238,680)Tax expense - ----------------LOSS FOR THE PERIOD (238,680) ---------------- ----------------Loss from continuing operations (238,680)Other comprehensive income:Exchange differences on translating foreign operations (1,282) ----------------TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (239,962) ---------------- ----------------CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAS AT 31 DECEMBER 2014 Group 31 Dec 2014 GBPASSETSNON-CURRENT ASSETS Property, plant and equipment 5,486 Investments in subsidiaries - -----------------Total non-current assets 5,486 -----------------CURRENT ASSETS Trade and other receivables 44,112 Cash and cash equivalents 445,163 -----------------Total current assets 489,275 ----------------- -----------------TOTAL ASSETS 494,761 ----------------- -----------------TOTAL EQUITY AND LIABILITIESEQUITYAttributable to the owners of Crossword Cybersecurity Plc Share capital 79,697 Share premium account 620,303 Retained earnings (238,680) Translation of foreign operations (1,282) -----------------Total Equity 460,038 -----------------LIABILITIESCURRENT LIABILITIES Trade and other payables 34,723 -----------------Total current liabilities 34,723 ----------------- -----------------TOTAL LIABILITIES 34,723 ----------------- -----------------TOTAL EQUITY AND LIABILITIES 494,761 ----------------- -----------------Statutory InformationThe financial information set out above does not constitute the Company's statutory accounts for the periodended 31 December 2014 but is derived from those accounts.The financial information has been extracted from the statutory accounts of Crossword Cybersecurity plc and ispresented using the same accounting policies, which have not yet been filed with the Registrar of companies,but on which the auditors, MHA MacIntyre Hudson, gave an unqualified report on 21 April 2015.The Annual Report of Crossword Cybersecurity Plc for period ended 30 November 2014 is available upon requestfrom the Company's registered office at One America Square, Crosswall, London, United Kingdom, EC3N 2SGFOR FURTHER INFORMATION PLEASE CONTACT:Crossword Cybersecurity PlcTom Ilube - CEO+44 (0)208 973 2350info@crosswordcybersecurity.comwww.crosswordcybersecurity.comTwitter: @crosswordcyberORWMG, University of WarwickProfessor Tim WatsonDirector of the Cyber Security CentreK.V.Choudhary@warwick.ac.ukhttp://www2.warwick.ac.uk/fac/sci/wmg/research/csc/Twitter: @wmgwarwickORAlfred Henry Corporate Finance LimitedNick Michaels and Jon IsaacsGXG Corporate Advisor+44 207 251 3762www.alfredhenry.com