LONDON (Alliance News) - Shares in Corero Network Security PLC dropped 19% Tuesday after it said that expects its earnings before interest, tax, depreciation and amortisation loss to widen for the full year ended December 31, 2013.
The network security provider expects an EBITDA loss of USD4.6 million, widened from a USD3.1 million loss in the previous year, including a USD200,000 unrealised foreign-exchange loss on an inter-company loan compared to USD300,000 a year before.
Revenue is expected to be USD16.0 million, including revenue from the company's recently sold Corero Business Systems. Corero sold this business on August 1.
Corero said that the development of its next-generation product has progressed well, and it is planned for launch in the first quarter of 2014. Corero said it expects to generate revenue from this product in the second half of 2014.
Shares in Corero were trading down 19% at 17.00 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Corero Network (CNS)