Corero Network Security PLC (LON:CNS) reported a strong start to the year amid growing demand for the technology company's products despite the COVID-19 pandemic.
The company, which specialises in combatting distributed denial of service (DDoS) attacks, said order intake for the six months to end June 2021 is expected to be about US$8.9mln (£6.5mln), ahead of the previous high of US$7.9mln for the first-half of 2020.
First-half revenue is expected to have increased 34% to about US$8.3mln and Annualised Recurring Revenue (ARR) is anticipated to have increased to about US$11.2mln as at 1 July 2021, driven by growth in DDoS Protection-as-a-Service (DDPaaS) and software subscription orders, up from US$8.8mln on 1 July 2020 and US$9.8mln on January 1 2021.
Gross cash at bank as at end June 2021 was US$8.8mln and borrowings were US$3.7mln. Net cash as at 30 June 2021 was US$5.1mln.
Corero added 20 new customers in the first half of 2021, of which, eight originated through Corero's strategic partnership with Juniper Networks.
"We are pleased to report another six months of continued progress, not only in our financial performance, but strategically too,” said chief executive Lionel Chmilewsky.
“It is very encouraging to see our sales and marketing initiatives delivering new customers, broadening our geographic reach and increasing our penetration into new verticals. Our pipeline for the second half of 2021 remains strong."