Corero Network Regulatory News (CNS)

26 Jan 2010 07:00

26 January 2010 Corero PLC ("Corero" or "the Group") 2009 Performance and Trading Update

Corero plc, the specialist provider of software solutions to the banking and securities and education markets confirms that it results for the financial year ended 31 December 2009 were in line with expectations and showed an improvement over those for 2008.

At the time of announcing our Interim Results for the six months ending June 2009, I stated that we expected to generate a trading profit for the second half of 2009 and that we would be cash generative during that period. I am pleased to say that these goals were fully realised.

Trading profit, subject to audit, is expected to be in excess of £300,000 for the year ended 31 December 2009, reversing the declared trading loss for the six month period ended 30 June 2009 of £180,000. There were substantial contributions from both the Business Systems division and the Financial Markets division. The Business Systems division won contracts from a total of twenty five City Academies, maintaining its approximately 30 per cent share of this attractive market, as well as maintaining a strong position in the Further Education market. The Financial Markets division generated substantial revenues from the existing Blue Curve and Radica CAPS clients, benefiting from five Blue Curve licence extensions and a major CAPS licence deal in November. Cash balances at the end of 2009 were £685,000 which is sufficient to fund the Company's continuing operational needs for the foreseeable future.

The group expects to announce its audited results by the end of March 2010; these will reflect the effect of interest payments and any IFRS accounting adjustments.

Roy Mitchell, after two years as a non executive director, has resigned from the board. The board and the Company are extremely grateful to him for his valuable contribution. It is not intended to replace Roy immediately and, in the meantime, Richard Last will take over as chair of the Audit Committee.

A further update will be issued with the publication of the audited results for the year ended 31 December 2009.

Enquiries:

Corero plc

Peter Waller, Executive Chairman Tel: 07785 228080

Duncan Swallow, Financial Controller Tel: 01923 695136

Merchant John East Securities Limited

John East/Virginia Bull Tel: 020 7628 2200

About Corero

Corero designs, develops and delivers market leading software products for financial institutions through its Financial Markets Division, and business and education markets through its Business Systems Division.

Blue Curve software allows organisations to vastly improve the production and distribution of their financial research. It collates and presents complex financial data efficiently and quickly for analysts to make informed opinions on market conditions and trends. It speeds up the process of content creation, content approval and publishing. And it also makes sure that each piece of content conforms to the correct regulatory requirements, and that it gets sent to the right people, using the right method and at the right time.

Radica CAPS is a European leading software system that addresses the needs of asset servicing operations for the global banking & securities sector. By fully automating the life-cycle of corporate actions, dividends, including taxation and new issues and placings, Radica reduces the serious operational risk of missing or miscalculating corporate events. This area of operations has traditionally been very manual with all the risk and cost associated with such processes. Radica is designed for a global market and can address the needs of financial institutions from Europe, North America or Asia Pacific.

Resource Financials, which is ICAEW accredited, is at the core of our suite of business applications. Solutions also exist for eProcurement, Project Costing, HR, Payroll and Continuing Professional Development. Together with a range of workflow controlled Web Applications, covering Reporting, Timesheets, Expenses, Requisitions and Employee Self Service, there are over 20 highly integrated modules offering large and small enterprises dynamic process driven business solutions.

Resource EMS is a modern and powerful Management Information System, designed specifically to meet the challenges of the post 16 Education sector. It manages the complete Learner life-cycle, from initial enquiry through to completion. Resource EMS is designed to empower both Staff and Learners replacing disparate and costly add on systems to become the complete college-wide management information solution.