In its results for the six months ended 30 June, Ashley Stephenson, chief executive of the cyberattack protection firm, said despite the conversion of its pipeline into revenue being “slower than previously expected” for the period, the group had a growing number of opportunities and several trials which were “progressing well”.
Corero also said that it was confident of its prospects in the medium term, citing “strong” fundamentals in the distributed denial of service attack (DDoS) mitigation market, which is forecast to grow by double digits going forward.
The company also announced plans to raise around £3mln before the end of its current year to boost its working capital before becoming cash generative.
In the figures for the first half, Corero reported revenues of US$4.2mln, down from US$5mln a year ago, while its pre-tax losses widened to US$3.9mln from US$3mln previously.
Gross margins in the period rose to 79% from 77% in 2018, while the group ended the six months with net cash of US$3.6mln.
In early trading on Wednesday, Corero’s shares were 5.6% lower at 2.6p.