Corero books record order intake during H2
Network security firm Corero booked a record order intake during the second half of 2019, alongside some strong recurring revenue growth and an order book pipeline that underpinned its outlook for 2020.
Corero had a record order intake of $8.0m in the six months ended 31 December, an increase of 62% over the first half and 36% year-on-year. As a result, total order intake for the year came to $13.0m - up 17% year-on-year.
Revenue for the year ended 31 December 2019 was now expected to be flat at approximately $10.0m due to the increase in deferred revenue resulting from the higher mix of DDoS protection as a service long term contract orders in 2019.
Recurring revenue for the year was expected to be up 17% at approximately $6.0m but Corero still anticipates posting a widening of underlying losses to $3.0m from $2.1m.
Looking forward, the AIM-listed company said it was also developing "an impressive pipeline" of new business prospects for 2020 in both direct customer sales and through its Juniper partnership.
As of 1150 GMT, Corero shares were up 3.68% at 5.91p.