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Corero Wins "Significant" SmartWall Contract, Results In Line For 2017

Thu, 14th Sep 2017 12:24

LONDON (Alliance News) - Corero Network Security PLC on Thursday said it has won a "significant" contract for its SmartWall Threat Defense technology, as it reported a widened loss in the first half of 2017.

For the six months to the end of June, Corero reported a pretax loss of USD4.8 million, widened from a pretax loss of USD4.0 million, on revenue of USD4.8 million, in line with the prior year. This was mostly as a result of higher operating expenses, which offset a slight fall in depreciation and amortisation charges.

Corero said it had continued to invest in its technology and intellectual property in the half-year, launching its new SmartWall 100G product and development a virtual appliance version of the SmartWall product.

It is targeting continued sales growth with 70% plus gross margins, improving profitability, as well as reaching break-even on an earnings before interest, tax, depreciation and amortisation basis in the final quarter of the year.

Corero said that, based on its process in the first half and "strong pipeline of opportunities", it is positive about its future prospects, and will report results "in-line" with market expectations for 2017 as a whole.

Separately Corero said it has won a USD200,000 initial order with an undisclosed pharmaceutical firm for the deployment of SmartWall, which is part of an expected USD1.5 million deployment over the next few quarters.

"We continue to win customers in our target markets of service and hosting providers and digital enterprises, almost doubling the number of SmartWall customers in the past 12 months to some 80 customers at the end of June 2017. In addition, our focus on increasing our routes to market through partnerships has resulted in formal agreements with Gigamon, Juniper Networks and McAfee. We expect the benefits of these and other such relationships we are pursuing to contribute in the second half of 2017," said Chief Executive Officer Ashley Stephenson.

Shares in Corero were down 3.7% at 9.15 pence Thursday.

By Hana Stewart-Smith;; @HanaSSAllNews

Copyright 2017 Alliance News Limited. All Rights Reserved.

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