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Corero raises revenue guidance after storming second half

The company successfully leveraged its strategic and business partnerships such as those with Juniper and GTT

Corero Network Security PLC -

Corero Network Security PLC (LON:CNS) expects to report revenue for 2020 that is ahead of market expectations.

The provider of real-time, high-performance, distributed denial of service (DDoS) cyber defence solutions said it had a strong second half to the year with increased momentum in order intake and revenue growth.

Order intake for the year just ended is expected to be around US$20.9mln, up from US$13.0mln in 2019.

The second half (H2) of the year saw order intake hit record levels of around US$13mln ( (H2 2019: $8.0 million). Revenues associated with order intake are recognisable over the lifetime of each of the contracts, Corero said.

Full-year 2020 revenue should clock in at US$16.8mln, some 73% higher than the previous year’s US$9.7mln, with second-half revenues up 93% or so to a new half-year high of US$10.6mln (H2 2019: US$5.5mln).

Annualised recurring revenues (ARR) increased in the year with ARR of US$9.8 million as of January 1, 2021, up from US$7.2mln a year earlier, driven by growth in DDoS Protection-as-a-Service and software subscription orders.

Corero added 42 customers in 2020, compared with 18 new additions in 2019. Of the 42 new customers, 17 were acquired through Corero’s strategic partnership with Juniper Networks; the previous year, six new customers came on board via the Juniper gateway.

The cyber defence firm ended the year with gross cash of US$10.1mln, up from US$6.2mln six months earlier and US$8.3mln at the end of 2019. Borrowings were US$2.5mln.

Underlying earnings (EBITDA) for 2020 are expected to be in line with existing market expectations.

"I am extremely pleased with our 2020 trading performance, having broken a number of company records and exceeded revenue market guidance, all of which has been achieved against the ongoing unprecedented and uncertain economic backdrop,” said Lionel Chmilewsky, Corero’s chief executive officer in a statement.

“We continued to make excellent strategic progress in 2020; we have expanded in many new countries in 2020 and now have our solutions deployed in 40 countries, won contracts with many more tier one and major customers and continued to successfully leverage our strategic and business partnerships such as those with Juniper and GTT,” he added.

Quick facts: Corero Network Security PLC

Price: 12.25 GBX

Market: AIM
Market Cap: £60.62 m

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