Corero orders, revenue up despite Covid-19
DDoS defense provider Corero Network Security said on Monday that it had made a "solid start" to the year despite market volatility stemming from the Covid-19 pandemic.
Corero said it continued to build on the momentum achieved in the second half of 2019, with order intake increasing 58% to $7.9m and anticipated revenues of $6.2m - an increase of 48% year-on-year.
Annualised recurring revenues increased to $8.8m, driven by growth in DDoS protection-as-a-Service and software subscription orders.
The AIM-listed group also highlighted that global restriction measures put in place as a result of the Covid-19 pandemic had increased the number of opportunistic DDoS attacks, highlighting both the relevance and awareness of Corero's solutions.
Chief executive Lionel Chmilewsky said: "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."
As of 0855 BST, Corero Network shares were up 3.02% to 8.37p.