7th Jan 2025 10:14
(Alliance News) - Corero Network Security PLC on Tuesday said it expects to report an annual earnings growth of up to 33%, ahead of its full-year results release.
The London-based cybersecurity firm specialising in distributed denial of service protection said it expects full-year trading across 2024 to be "broadly" in line with market expectations, citing current market estimates of USD25.4 million in revenue and USD2.5 million in earnings before interest, tax, depreciation and amortisation, inclusive of IFRS 2 charges.
Specifically, the group said it expects to post USD24.6 million in revenue, which would represent a 9.8% growth from GBP22.3 million last year. It expects annual Ebitda in the range of USD2.1 million and USD2.5 million, between 15% and 33% higher than USD1.8 million in 2023.
Annualised recurring revenue at January 1 was USD19.5 million, rising 14% year-on-year from USD16.9 million.
Chief Executive Officer Carl Herberger said: "We continue to accelerate our transition to a SaaS-based revenue model which is creating a more robust financial footing for the business with ARR increasing at a much higher rate, which has an impact on short-term revenue growth.
"The alignment of our sales and marketing activities to our accelerated go-to-market strategy has generated strong order and ARR growth and our pipeline has never been healthier. Continued demand for Corero's market-leading solution is supported by our impressive customer retention and renewal rates.
"In Q4 2024, we announced the launch of our new product platform, CORE, demonstrating Corero's ability to innovate and enhance our position as a technology leader.
"I am confident Corero will leverage its strong business fundamentals and enhanced capabilities to deliver continued growth in 2025 and beyond."
The group is "confident" in reaching current market guidance for 2025, referencing company-compiled estimates of USD28.8 million in revenue and Ebitda of USD3.8 million.
Shares in Corero Network Security were down 3.6% at 18.80 pence each in London on Tuesday morning.
By Emily Parsons, Alliance News reporter
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