Corero Network Share News (CNS)

(Sharecast News) - Network security company Corero updated the market on its trading for the six months ended 30 June on Tuesday, confirming that its results for the year ending 31 December were expected to be in-line with expectations.The AIM-traded firm said it had made a "solid start" to 2018, with revenue for the six months expected to be about $5m and SmartWall revenue growth of 40% over the second half of 2017, and 12% over last year's first half.It said it continued to manage its cost base in the period, with operating costs for the six months expected to be around 18% below the first half of 2017.The EBITDA loss for the half-year was expected to be approximately $1.4m, narrowing from a $2.9m loss year-on-year.Cash at bank as at 30 June was said to be around $9m, up from $5.1m, with debt sitting at approximately $4m, up from nil, resulting in net cash of about $5m.Corero's management reported progress in securing a global resale contract with an unnamed industry leading vendor, adding that a further announcement on that would be made "as appropriate".The company said it delivered "excellent" operational gains in the first half of the year, which, coupled with its new business pipeline and developing go-to-market partnerships, gave the board confidence in the company's prospects."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 executive officer 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."Corero was scheduled to announced its interim results for the six months ended 30 June on 26 September.