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Corero Network Security narrows losses on strong sales of cyber security software

By BFN News | 09:32 AM | Thursday 11 April, 2019

Corero Network Security narrowed annual losses on increased revenue amid strong sales of its 'Smartwall' software. For 2018, pre-tax losses narrowed to $5.2m from $8.5m a year earlier and revenue rose 17.6% to $10m. Revenue comprised 'almost entirely' of sales from SmartWall, the company's cyber security software, which grew by 23.1% in 2018, the company said. Recurring revenue, comprising security maintenance and support services and DDoS protection as-a-service revenue, increased to 51.1% of total revenue versus 47.1% in the prior year. '2018 was a year of continued strategic progress for Corero, culminating in the signing of a landmark resale partnership with Juniper Networks, a US-based industry leader in automated, scalable and secure networks,' said Ashley Stephenson, CEO of Corero. 'Not only does this agreement provide an additional route to market for our products but it also serves as a significant endorsement of our SmartWall technology. Securing the first Juniper resale customer win in March 2019 was a significant milestone in the development of the Juniper go-to-market channel for Corero.' 'We remain focused on delivering strong revenue growth and committed to achieving our stated goal of being EBITDA positive and cash generative by the end of the year.' At 9:32am: (LON:CNS) Corero Network Security PLC share price was +0.13p at 8.38p Story provided by

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