Corero Network Security builds on record H1

Cybersecurity firm Corero Network Security said on Tuesday that it had continued to build on its record first-half performance, with increased momentum in order intake and revenue growth in the tail-end of 2020.

As a result, Corero now expects to report full-year revenues ahead of market expectations at roughly $16.8m, up 73%, with order intake also reaching record levels, driven by the continued success of its SmartWall Distributed Denial of Service defence solutions. Annualised recurring revenues improved from $7.2m to $9.8m.

Order intake for the year was pegged to be around $20.91m, an increase of roughly 61% year-on-year, while second-half order intake was at a record level of approximately $13.0m - up 63%.

Full-year underlying earnings were also said to be in line with existing market expectations.

Chief executive Lionel Chmilewsky said: "I am extremely pleased with our 2020 trading performance, having broken a number of company records and exceeded revenue market guidance, all of which has been achieved against the ongoing unprecedented and uncertain economic backdrop.

"We continued to make excellent strategic progress in 2020: we have expanded in many new countries in 2020 and now have our solutions deployed in 40 countries, won contracts with many more tier one and major customers and continued to successfully leverage our strategic and business partnerships."

As of 0940 GMT, Corero shares were up 6.0% at 12.19p.