Corero Network Share News (CNS)

LONDON (Alliance News) - Corero Network Security PLC on Thursday said its loss narrowed in 2018 as revenue saw double digit growth on improved demand for its SmartWall product.

The AIM-listed network security company said pretax loss narrowed in 2018 to USD5.2 million from USD8.5 million a year ago, as revenue rose by 17% to USD10.0 million from GBP8.5 million.

The company explained that its loss for the year reflects the continuing investment in Corero's technology and sales & marketing activities.

Meanwhile, revenue growth was driven by sales from SmartWall, which increased by 23% in 2018.

During 2018, the company said it saw an increase in average new customer order intake value, with perpetual license sales orders up to USD275,000 from USD250,000 in 2017. As-a-service contract value increased to USD55,000 per annum versus USD40,000 the year prior.

In addition, follow-on orders from existing customers rose by 57% to USD4.4 million from USD2.8 million year-on-year.

Looking ahead, Corero Chief Executive Ashley Stephenson said: "We remain focused on delivering strong revenue growth and committed to achieving our stated goal of being earnings before interest, taxes, depreciation, and amortization positive and cash generative by the end of the year."

Corero shares were untraded on Thursday in London, last closing at 8.25 pence each.