24th Jan 2022 11:43
(Alliance News) - Corero Network Security PLC on Monday said it expects to report increased full-year revenue in line with expectations and a swing to a maiden pretax profit.
The Amersham, Buckinghamshire-based company expects full-year 2021 revenue of USD20.9 million, up 24% from USD16.9 million the year before. This is broadly in line with expectations, the provider of distributed denial of service cyber defense solutions added.
Annualised recurring revenue grew 31% to USD12.8 million as at January 1 from USD9.8 million a year before. Corero noted that this underpinned higher levels of earnings predictability going forward.
On the adjusted earnings before interest, tax, deprecation and amortisation level, the firm anticipates a swing to full-year profit of between USD3.8 million to USD4.2 million from a loss at USD1.4 million the year before.
This would be "materially" ahead of expectations, Corero said.
The cyber defense solutions provider also expects to swing to a maiden pretax profit between USD1.2 million and USD1.6 million from a loss of USD400,000 the year before.
Altogether, Corero attributed this "strong performance" to continued demand for its DDoS mitigation solutions, coupled with ongoing margin improvement and controlled operating expenses.
Its cash at year-end amounted to USD11.2 million, up 11% from USD10.1 million the year prior.
Lastly, Corero also noted that it has deployed its solutions across 47 countries now.
"Corero has delivered an excellent performance across 2021, highlighted by a significant improvement in profit growth, and we are pleased to be reporting our maiden profit before tax. We have built strong momentum during 2021 which we fully expect to continue during 2022 and beyond," Chief Executive Lionel Chmilewsky said.
Shares in Corero were essentially flat at 11.74 pence on Monday morning in London.
By Abby Amoakuh; [email protected]
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