Corero Network Security Plunge By A Third On 2014 Results Warning

LONDON (Alliance News) - Corero Network Security PLC shares plunged lower on Thursday morning after the company said its 2014 loss is likely will be wider and revenue lower than market expectations due to its shift to focus on the SmartWall Threat Defence System.

Shares in the group were down 33% to 13.00 pence on Thursday morning, the worst performer in the AIM All-Share index, after it said the shift away from its previous generation product to the SmartWall system was happening faster than expected.

Due to the shift, it said it expects its revenue for the year to be around USD9 million and its loss before interest, taxation, depreciation and amortisation to be around USD7 million, both poorer than market expectations.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

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