In its 2019 results statement, the cybersecurity firm noted that around two-thirds of the orders received in 2019 were from telecommunication service and cloud providers, markets that are anticipated to benefit from the shift to work-from-home as a result of the coronavirus (COVID-19) pandemic.
The company ended 2019 with a strong balance sheet, with net cash of US$5.4mln, up from US$4.4mln a year earlier.
Group revenue was US$9.7mln in 2019, virtually unchanged from US$10.0mln the year before. Encouragingly, the percentage of revenue that is recurring improved to 60.7% from 51.1%.
The underlying loss (LBITDA) was US$2.8mln, versus LBITDA of US$2.1mln in 2018. The loss before tax widened to US$6.6mln from US$5.2mln the previous year.
Order intake rose 18% to US$13.0mln from US$11.1mln in 2018, with 18 new customers added during the year, 12 of which were added in the second half of the year.
"Corero made significant progress in 2019 in both enhancing our operational platform alongside generating strong sales momentum. This included securing higher levels of recurring revenues, which is central in establishing a more robust business model with more consistent revenue visibility,” said Ashley Stephenson, Corero's chief executive officer in the statement.
"In addition, following the December 2019 fundraising, we are expanding our routes to market, investing in talent and broadening our sales coverage. Whilst the current macroeconomic climate is impacted as a result of COVID-19, we remain confident in the long term resilience of our business, the importance of our SmartWall solutions across our key telecommunication and cloud provider markets, and our ability to support our global customer base during what is a challenging period for everyone," he added.