Corero Network Security Narrows Interim Loss On SmartWall Revenue Rise

LONDON (Alliance News) - Corero Network Security PLC on Wednesday reported a narrowed interim loss on higher SmartWall revenue and decreased operating expenses.

In the six months ended June, cyber security firm Corero narrowed its pretax loss to USD3.0 million from USD4.6 million.

The company's revenue increased 4.2% to USD5.0 million, comprised almost entirely of revenue from its SmartWall product - which increased 12% in the half to USD4.9 million.

Corero "closely managed" its operating expenses, which decreased to USD6.8 million from USD8.2 million.

Looking ahead, the company expects full year revenue to be in line with market expectations but with "significantly" reduced losses.

In 2017, Corero reported revenue of USD8.5 million, and a pretax loss of USD8.7 million.

Corero said it has made "significant" progress in broadening its go-to-market access which is expected to support sales momentum in the second half.

Chief Executive Ashley Stephenson said: "I am pleased to report that we have made a solid start to 2018 and continue to make good progress implementing our growth strategy. Our focus on developing go-to-market partnerships is gathering significant momentum, evidenced by yesterday's announcement regarding the global agreement with Juniper Networks to resell Corero's SmartWall DDoS protection software and services.

"The global market for DDoS defence solutions is projected by leading analysts to grow strongly for the foreseeable future. This demand, together with our market leading SmartWall technology and expanding partner network, underpins our confidence in our ability to expand our business and market share."

Shares in Corero were down 1.4% Wednesday at 10.11 pence each.

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