Corero Network Security PLC (LON:CNS) has reported narrower losses and higher revenues in its first half as it said the rise in home working and internet use during the coronavirus (COVID-19) pandemic has emphasised the relevance of its services and boosted order intake in the period.
For the six months ended June 30, 2020, the AIM-listed group posted a pre-tax loss of US$1.2mln, narrowed from a US$1.9mln loss in the prior year, while revenues jumped 48% to US$6.2mln. Annualised recurring revenues also surged 54% to US$8.8mln.
READ: Corero says work from home boom has heightened awareness of its services
The company also noted that revenues from its DDoS protection-as-a-service contracts had more than doubled to US$1.2mln from US$0.5mln last year.
Corero said its order intake had risen by 58% in the first half to US$7.9mln, including 18 new customer wins, while it also reported “high levels of customer satisfaction” which underpinned US$3.5mln in follow-on orders from existing users compared to US$2.1mln in the prior year.
Looking ahead, the company said its order intake is building across the second half and that demand for its DDoS solutions “remain strong” giving it solid foundations for 2021, and that despite uncertainty caused by the pandemic it remained “confident in the medium and long-term prospects of the group”.
“Despite the challenges presented by the [coronavirus] pandemic, the company has remained highly responsive to our existing clients' needs as well as maintaining an encouraging level of new business activity, which includes securing 18 new customers since the turn of the year”, Corero chief executive Lionel Chmilewsky said in a statement.
"As a management team, we are not only focused on maintaining the company's real-time, high performance, automatic protection leadership position within the DDoS arena, but, more importantly, creating a wider and deeper sales network through which to fully capitalise on our solutions. Whilst the board and I continue to be vigilant of the uncertainty that still exists across the global economy as a result of the [coronavirus] pandemic, we remain confident in the medium and long-term prospects of the group", he added.