25th Mar 2014 15:18
LONDON (Alliance News) - Security software company Corero Network Security PLC Tuesday posted a widened pretax loss for 2013, as it saw revenue decline due to the transition of the focus of its business.
The company posted a pretax loss of USD8.9 million, widened from a pretax loss of USD8.6 million in 2012, as revenue declined to USD10.3 million, from USD11.4 million.
Corero said that revenue growth was constrained as it transitioned its business to focus entirely on its First Line of Defence software. It added that its order intake grew 23% in the second half of the year.
Corero's focus for 2014 will be building on this growth, and revenue from its First Line of Defence products will be boosted by the launch of its Smartwall Threat Defence System product. The product was launched in February and Corero said that initial interest is "very encouraging."
The company sold Corero Business Systems for USD16.5 million during the year, which it said had allowed it to repay its outstanding debt and provided capital to fund the next generation of SmartWall Threat Defence System product development.
Corero said that the momentum it had seen in the second half of the year, combined with its strong financial position, gave it confidence it would be able to exploit available opportunities in its market.
In the first two months of 2014 the company traded in line with expectations, it said.
Shares in Corero were trading down 4.5% at 16.00 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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