Corero Network Security soars higher as orders flood in

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What it does

Corero Network Security PLC (LON:CNS) is a specialist cybersecurity provider. Its SmartWall software specialises in protecting a network against the threat posed by distributed denial of service (DDoS) attacks – where traffic flow on the network grinds to a halt as a result of an overwhelming flood of input/output requests.

How it’s doing

Corero reported narrower losses and higher revenues in its first half as it said the rise in home working and internet use during the coronavirus (COVID-19) pandemic has emphasised the relevance of its services and boosted order intake in the period.

For the six months ended June 30, 2020, the AIM-listed group posted a pre-tax loss of US$1.2mln, narrowed from a US$1.9mln loss in the prior year, while revenues jumped 48% to US$6.2mln.

Annualised recurring revenues also surged 54% to US$8.8mln.

in October, Corero also announced orders had surged to a record US$6mln in teh previous three months.

Inflexion points

  • Shift to remote working expected to improve trading

  • In mid-June, the company unveiled five new customer wins for its SmartWall DDoS protection products totalling over US$1.5mln

  • In May, former CEO Ashley Stephenson switched to the role of chief technology officer and was replaced as CEO by Lionel Chmilewsky

What the boss says: Lionel Chmilewsky, chief executive

“I am very pleased to see the momentum achieved in the first half of the year including the addition of 18 new customers, a growing pipeline and an increased number of deployed proof of concepts.”

“Whilst we continue to monitor the macroeconomic impact of COVID-19 closely, we believe there continues to be a significant growth opportunity for Corero, underpinned by our differentiating technology and strong market dynamics.”

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