Published on: September 11, 2017

Solid interims reflect strategic delivery

Crossrider’s interim results contain revenue and Adjusted EBITDA in line with guidance given in July’s trading update. They also reflect Crossrider’s ongoing transition towards a SaaS model and its repositioning as a B2C security software and online distribution platform. The results include three months’ contribution from CyberGhost and build on the performance in the last financial year with the App Distribution business performing strongly and the group as a whole demonstrating good underlying cash conversion again. We note the revenue and margin metrics of the Company and make small reductions in our revenue and cost estimates while leaving Adjusted EBITDA unchanged, noting that there will be a full six months’ contribution from CyberGhost in H2. The outlook remains positive as the Company continues to focus on its growth strategy, and CyberGhost’s user acquisition gains momentum.