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Corero Network Security jumps as it reports record second half

Revenues for the last six months rose 10% year-on-year, while order intake in the period increased 36% to US$8mln

Corero Network Security PLC - Corero Network Security reports record second half as recurring revenue level rises

Corero Network Security PLC (LON:CNS) said it delivered a record second half in the last financial year as recurring revenue level continued to rise.

In an update for the year ended 31 December 2019, the security software group reported revenues for the last six months of the year had risen 10% on 2018, while order intake in the period increased by 36% to US$8mln.

READ: Corero Network Security wins US$1.8mln of contracts with new and existing customers

The second half also saw Corero add 12 new customers out of 18 for the whole year, as well as five new orders for its Juniper software out of six across 2019.

The company said it is expecting to enter the new year with a recurring revenue base of over US$7mln, up from US$5.4mln in 2018.

Revenue for the full year is expected to be US$10mln, the same as 2018, due to an increase in deferred revenues from a higher mix of long-term DDoS protection as a service (DPaaS) orders. The EBITDA loss for the year is expected to widen slightly to US£3mln from US$2.1mln.

"Our strong order momentum in the second half of 2019, combined with our higher levels of recurring revenue and strong new business pipeline, provide Corero with solid foundations for 2020”, Corero's chief executive Ashley Stephenson said in a statement.

"This improvement in our operational platform underpins our confidence in the growth potential of our business and reinforces our drive to deliver on our plans for 2020 and beyond", the CEO added.

The shares jumped 2.6% to 5.9p in early trading on Tuesday.

--Adds share price--

 

Quick facts: Corero Network Security PLC

Price: 5.425 GBX

AIM:CNS
Market: AIM
Market Cap: £26.85 m
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