5th Feb 2015 08:37
LONDON (Alliance News) - Security services company Corero Network Security PLC on Thursday said it expects its loss for the year to be in line with market expectations, but said revenue for the year will be slightly lower on the back of weaker fourth quarter sales.
Corero said it expects its earnings before interest, taxation, depreciation and amortisation loss for the year to December 31 to be in line with market expectations at around USD7 million, slightly wider than the USD6.2 million loss posted a year earlier.
But the group said its revenue for the year will be down to around USD7.5 million, from USD10.3 million a year earlier, on the back of a slowdown in sales in the fourth quarter.
The company's net cash at the end of December was USD6 million, down from USD9.5 million last year.
Corero intends to focus on its SmartWall Threat Defense System in the coming year and expects sales from this business to increase in 2015 after the recruitment of a dedicated sales team in the US.
"Corero enters 2015 with a clear strategy focused on growing SmartWall TDS sales to markets that are impacted by DDoS attacks. Though DDoS is not a new concern, the risk to business from DDoS attacks is at an all-time high. Corero is well positioned for scalable and durable returns from these expanded target markets," said Chief Executive Officer Ashley Stephenson.
Shares in Corero were untraded on Thursday morning, having last traded at 15.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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