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Corero Network Security halves losses

Published: 08:27 06 Sep 2018 BST

Cyber-security
The company made solid progress in the first half of the year

Corero Network Security PLC (LON:CNS) cheered the market with a trading update in which it said full-year results are expected to be in line with expectations.

The company said it had made a solid start to 2018, with revenue for the first six months of the year expected to be in the region of US$5.0mln. Revenue growth from its flagship SmartWall platform was up 40% on the preceding six-month period and 12% higher than in the first half of 2017.

READ: Corero signs US$0.7mln order for its SmartWall Threat Defence System technology

Corero said it continued to manage its cost base in the period with operating costs in the first half of the year expected to be around 18% lower than in the corresponding period of 2017.

The underlying loss (EBITDA) is expected to more than halve to around US$1.4mln from US$2.9mln the year before.

At the end of June, Corero had cash in the bank of around US$9.0mln, up from US$5.1mln a year earlier, and debt was in the region of US$4.0mln (2017: nil); a quick bit of maths indicates the company, therefore had a net cash balance of around US$5mln, practically unchanged year-on-year.

“I am pleased to report that we are making strong progress in executing our 2018 strategy, including our goal to expand the business via go-to-market partnerships. We expect these relationships to deliver incremental revenue in H2 2018, with a number of opportunities actively being pursued with customers," said Ashley Stephenson, the chief executive officer of Corero.

Shares in Corero were up 7.6% at 8.88p in early deals.

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