26th Jul 2022 13:48
(Alliance News) - Corero Network Security PLC on Tuesday reported record half-year performance as it anticipates further growth in 2022.
Corero is a Amersham, Buckinghamshire-based distributed denial of service (DDoS) cyber defense solutions firm.
For the six months that ended June 30, revenue was up 6.0% to USD8.8 million, compared to USD8.3 million a year earlier. Earnings before interest, tax, depreciation and amortisation is expected to jump by 80% to about USD900,000, compared to USD100,000, with "development in the execution of management's go-to-market strategy," the company noted.
It said order intake remained strong, amounting to USD10.9 million, up 22% from USD8.9 million the year prior.
Annualised recurring revenue increased by 21% to about USD13.6 million from USD11.2 million in the same period a year ago, driven by "growth in DDoS Protection-as-a-Service and software subscription orders," Corero explained.
Corero Chief Executive Officer Lionel Chmilewsky said: "With both ARR and bookings growth maintaining their positive trajectory across the first half of the year, it further underpins our focus on new business."
The company's net cash at June 30 stood at USD5.8 million, compared to USD5.1 million a year ago.
Corero said it added 21 new customers, compared to 20 customers in the first half of 2021. It noted that it has deployed its solutions across 50 countries now. The firm expects to continue investing in sales to expand its global customer reach.
"The investment we are making to further support our Sales and Marketing and Product Development functions has allowed us to gain further coverage and traction across the dynamic DDoS defense market. I firmly believe these new initiatives will continue to reinforce our customer relationships and further enhance our business pipeline for further growth in 2022 and beyond," added Chmilewsky.
Shares were down 8.6% at 10.15 pence each on Tuesday in London.
By Xindi Wei; [email protected]
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