Corero Network Security PLC (LON:CNS) saw order intake hit record levels in the second half of 2020.
The technology company, which specialises in combatting distributed denial of service (DDoS) attacks, saw significant revenue growth in 2020 with turnover in the second half of the year hitting unprecedented levels.
Revenues rose 74% to US$16.9mln in 2020 from US$9.7mln in 2019, with revenues in the second half of the year up 93% at US$10.7mln from US$5.5mln in the same period of 2019.
Annualised recurring revenues (ARR) stood at US$9.8mln at the beginning of 2021, up 36% from US$7.2mln a year earlier.
Revenue from DDoS protection-as-a-service contracts more than doubled to US$2.9mln from US$1.3mln in 2019.
The loss before tax, depreciation and amortisation (LBITDA) narrowed to US$1.4mln from US$3.2mln the year before. Adjusted LBITDA contracted to US$0.6mln from US$2.5mln in 2019.
The loss before taxation was US$4.0mln versus a 2019 loss of US$6.6mln.
The group said the global acceleration of remote working and internet usage as a result of Coronavirus (COVID-19) has reinforced the need for online security and further emphasised the ongoing importance of Corero's high-quality solutions.
"2020 was a year of real progress for Corero, during which we achieved a strong financial performance and delivered against our strategic priorities. The 74% increase in sales that we achieved in the year was underpinned by record order intake and increasing traction through our key strategic partnerships. Pleasingly, we also continue to generate increased levels of recurring revenues, providing us with good visibility for the Group's future earnings,” said Lionel Chmilewsky, the chief executive officer of Corero.
"We remain focused on driving growth through the augmentation of our sales efforts - both direct and through partnerships - to broaden our geographic reach and increase penetration with existing customers and partners, as well as ensuring our solutions remain best in class through ongoing investment in R&D.
"Corero has built a solid pipeline for 2021 and we look to the future with confidence, with the significant strategic progress we achieved during 2020 providing us with a renewed platform for growth,” he added.