Corero Network Security PLC Trading Update (7371F)
20 Julio 2021 - 1:00AM
UK Regulatory
TIDMCNS
RNS Number : 7371F
Corero Network Security PLC
20 July 2021
20 July 2021
Corero Network Security plc
("Corero" or the "Company")
Trading Update
Record H1 2021 performance and ongoing strategic progress
Corero Network Security plc (AIM: CNS), a leading provider of
real-time, high-performance, automatic Distributed Denial of
Service (DDoS) cyber defense solutions , is pleased to provide the
following trading update for the six months ended 30 June 2021(1)
.
Order intake for the six months ended 30 June 2021 is expected
to be c.$8.9 million, ahead of the previous high of $7.9 million
for H1 2020. Revenues associated with order intake are recognised
over the lifetime of each of the contracts. This strong start to
the year reflects the growing demand for the Company's products
despite the on-going backdrop of the Covid-19 pandemic.
Revenue for H1 2021 is expected to have increased by c.34% to
c.$8.3 million (H1 2020: $6.2 million). In addition, Annualised
Recurring Revenue(2) ("ARR") is expected to have increased to
c.$11.2 million as at 1 July 2021, driven by growth in DDoS
Protection-as-a-Service ("DDPaaS") and software subscription orders
(ARR at 1 July 2020: $8.8 million; ARR at 1 January 2021: $9.8
million).
Gross cash at bank as at 30 June 2021 was $8.8 million (30 June
2020: $6.2 million; 31 Dec 2020: $10.1 million) and borrowings were
$3.7 million (30 June 2020: $2.9 million; 31 Dec 2020: $2.5
million). Net cash as at 30 June 2021 was $5.1 million (30 June
2020: $3.3 million; 31 Dec 2020: $7.6 million).
Corero added 20 new customers in H1 2021 (H1 2020: 18 new
customers), of which, eight were originated through Corero's
strategic partnership with Juniper Networks (H1 2020: five new
Juniper customers).
The Company expects to issue its unaudited interim results for
the six months ended 30 June 2021 in mid September 2021.
Lionel Chmilewsky, Corero's CEO, said:
"We are pleased to report another six months of continued
progress, not only in our financial performance, but strategically
too. It is very encouraging to see our sales and marketing
initiatives delivering new customers, broadening our geographic
reach and increasing our penetration into new verticals. Our
pipeline for the second half of 2021 remains strong."
(1) All numbers for the six months ended 30 June 2021 disclosed
within this announcement are unaudited.
(2) ARR is defined as the normalised annualised recurring
revenues and includes recurring revenues from contract values of
annual support, software subscription and from DDoS
Protection-as-a-Service (DDPaaS) contracts.
Enquiries:
Corero Network Security plc Tel: +44(0)1494
590 404
Lionel Chmilewsky, Chief Executive Officer
Neil Pritchard, Chief Financial Officer
Canaccord Genuity Limited Tel: +44(0)20 7523
(Nominated Adviser and Broker) 8000
Simon Bridges / Andrew Potts
Vigo Consulting Tel: +44(0)20 7390
0230
Jeremy Garcia / Antonia Pollock
corero@vigoconsulting.com
About Corero Network Security
Corero Network Security plc is a global leader in real-time,
high-performance, automatic DDoS cyber defense solutions. Both
Service and Hosting providers, alongside digital enterprises across
the globe rely on Corero's award winning cybersecurity technology
to eliminate the threat of Distributed Denial of Service (DDoS) to
their digital environment through automatic attack detection and
mitigation, coupled with network visibility, analytics and
reporting. Corero's industry leading SmartWall and SecureWatch
technology provides scalable protection capabilities against
external DDoS attackers and internal DDoS botnets in the most
complex edge and subscriber environments, while enabling a more
cost-effective economic model than previously available. Corero's
key operational centers located in Marlborough, Massachusetts, USA
and Edinburgh, UK, with the Company's headquarters in Amersham, UK.
The Company is listed on the London Stock Exchange's AIM market
under the ticker
CNS. For more information, visit www.corero.com
The information contained within this announcement was deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014, as amended by regulation 11 of the
Market Abuse (Amendment) (EU Exit) Regulations 2019/310, prior to
release of this announcement. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
.
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END
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