24th Sep 2024 17:24
(Alliance News) - Corero Network Security PLC on Tuesday said revenue has risen for the first six months of 2024, as it remains "confident" it will achieve its full-year market consensus.
Corero Network Security is a London-based cybersecurity firm that specialises in distributed denial of service protection.
Revenue for the six months to June 30 was USD12.2 million, up 14% on-year from USD10.5 million. Pretax loss narrowed to USD217,000 from USD1.2 million at the same time last year.
During the first half of 2024, Corero broadened its sales footprint in Latin America, Europe and the US; launched new services such as SmartWall ONE service portal and began trading on the QTCQB Venture Market, a regulated US stock exchange.
The firm remains "confident" that full year results will be in line with market expectations and believes Corero is "well-placed for further growth". It believes market consensus to be revenue of GBP25.4 million and adjusted pretax profit of GBP500,000.
Chief Executive Officer Carl Herberger said: "I am pleased with the operational and financial progress in the first half of the year and confident that our reinvigorated go-to-market strategy will deliver on the ambitious growth targets we have set. These results are testament to the outstanding commitment and skill set of the Corero team which continues to ensure our products and services are not only considered best in class by our customers but also industry experts.
"Our [annualised recurring revenues] growth demonstrates the long-term value and trusted customer relationships we continue to develop, whilst our strong balance sheet provides us with the foundations to build on our current growth trajectory.
"As [distributed denial-of-service] attacks continue to surge and nascent trends emerge, we remain in prime position to grow our share of the DDoS protection market. We are focused on new business and channel partnership opportunities to ensure corporations are effectively safeguarded from these highly disruptive and harmful cyberattacks."
Shares in Corero closed 0.3% higher at 19.30 pence each in London on Tuesday afternoon.
By Emily Parsons, Alliance News reporter
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