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Corero Network Security targets sales acceleration

Snapshot

The firm develops software designed to protect against distributed denial of service (DDoS) attacks

Quick facts: Corero Network Security PLC

Price: 3.15 GBX

AIM:CNS
Market: AIM
Market Cap: £12.66 m
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  • Corero Network Security PLC (LON:CNS) specialises in cybersecurity software
  • First order generated by partnership with network giant Juniper Networks - A global hosting provider has signed up, following a successful trial of Juniper's MX Series router
  • Smartwall revenues growing strongly with hosting providers

What it does

Corero's SmartWall software specialises in protecting a network against the threat posed by distributed denial of service (DDoS) attacks (where traffic flow on the network grinds to a halt as a result of an overwhelming flood of input/output requests).

How is it doing

In a trading update for the six months ended 30 June, the AIM-listed firm forecast that full-year revenues would be around 20% higher than 2018, while direct sales investment would result in increased EBITDA losses.

This was despite a slower first half, with the company expecting revenues in the period to fall to US$4.2mln from US$5mln as a result of lower than expected conversions from the pipeline of its Juniper Networks partnership, however, the deal was expected “contribute materially” in the second half of the year.

Inflexion points

  • In early July, the company said it had secured new orders worth US$1mln comprising of two new contracts and two renewals for its SmartWall DDoS protection products
  • The company has recently appointed tech industry veteran Michael Connolly as its US-based Vice President Worldwide Sales

CEO Interview - Ashley Stephenson

Blue Sky

Stephenson said that despite the slower start to the year he was confident the investment in sales would “accelerate” the development of routes to market and underpin the firm’s future growth.

With the shares trading at around 3.4p as of 19 August 2019, Corero carries a market cap of £15.48mln.

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Watch

Corero Network Security - Elevator Pitch

Ashley Stephenson, chief executive of Corero Network Security PLC (LON:CNS), pitches the company to investors. For further information visit: www.corero.com

on 30/9/19

2 min read