LONDON (Alliance News) - Corero Network Security PLC Wednesday said it remains confident in its prospects, as it reported a slightly wider pretax loss for its first half.
The network security company reported a pretax loss of USD5.6 million, compared to a pretax loss of USD5.2 million a year before, as revenue rose to USD4.0 million from USD3.7 million, but was offset by an increase in depreciation and amortisation.
The company continued to invest in its SmartWall TDS product during the half year, although at a lower rate than in the previous half year, due to the completion of the initial product development in June of last year.
Corero cited a growing level of interest and increasing number of significant proof of concept trials for the product, and following the half year end it secured its largest order for the product to date, a USD700,000 sales to a US regional service provider.
"Our focus for the second half of 2015 is on converting customer trials to sales orders and building the pipeline of opportunities for the SmartWall TDS. The board remains positive about the outlook for Corero," said Chief Executive Officer Ashley Stephenson in a statement.
Shares in Corero were up 5.7% at 14.00 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Corero Network (CNS)