Corero trading in line with expectations

(Sharecast News) - Network security company Corero updated the market on its trading for the six months ended 30 June on Thursday, confirming that results for the year ending 31 December were expected to be in-line with expectations.The AIM-traded firm said it made a "solid start" to 2018, with revenue for the six months expected to be approximately $5m, and 'SmartWall' revenue growth of 40% over the second half of 2017 and 12% over the first half of that year.It said it continued to manage its cost base, with operating costs for the six months expected to be around 18% below the first half of 2017.The EBITDA loss for the period was expected to be around $1.4m, narrowing from a $2.9m loss in the same period last year.Cash at bank as at 30 June was approximately $9m, up from $5.1m year-on-year, and debt was said to be approximately $4m, rising from nil, which resulted in net cash of around $5mManagement was also reportedly "pleased" with the firm's progress in securing a global resale contract with an "industry leading" vendor.Corero's board said it delivered "excellent" operational gains in the first half, which - coupled with its new business pipeline and developing go-to-market partnerships - gave the directors "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 Corero chief executive officer Ashley Stephenson."We expect these relationships to deliver incremental revenue in H2 2018, with a number of opportunities actively being pursued with customers."Corero said it expected to announce its interim results for the six months ended 30 June on 26 September. Corero Network