Corero Network Share News (CNS)

LONDON (Alliance News) - Corero Network Security PLC on Thursday said its revenue rose in the first half of 2018, boosted by growth in SmartWall unit.

The network security company said it has made a "solid" start to 2018, with revenue for the six months to the end of June expected to come in at USD5.0 million. The prior year, the company reported revenue of USD4.8 million for the same period.

The result was helped by revenue increase in its SmartWall division, which improved 12% year-on-year. In the first half of 2017, SmartWall revenue came in at USD4.4 million.

Corero said it continued to manage its cost base in the period with operating costs before depreciation, amortisation, financing and unrealised foreign exchange differences expected to be 18% lower year-on-year. Operating expenses for the first half of 2017 totalled USD8.3 million.

Loss before interest, taxes, depreciation, and amortization is anticipated at USD1.4 million, down by more than a half compared to USD2.9 million Ebitda loss reported a year earlier.

Corero expects to announce its interim results on September 26.

"I am pleased to report that we are making strong progress in executing our 2018 strategy, including our goal to expand the business via go-to-market partnerships," said Chief Execuitve Ashley Stephenson.

"We expect these relationships to deliver incremental revenue in the second half of 2018, with a number of opportunities actively being pursued with customers," Stephenson added.

Shares in Corero were trading 3.0% higher on Thursday at 8.50 pence each.