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Corero sees wider losses amid increase in deferred revenue

By BFN News | 08:59 AM | Tuesday 21 January, 2020


Cybersecurity company Corero said it expected to report wider losses due to a rise in deferred revenue from an increase in longer-term business. The loss (LBITDA) for the year ended 31 December was expected to be approximately $3m, compared with a loss of $2.1m last year. Revenue was expected to flat at $10m on-year due to 'the increase in deferred revenue resulting from the higher mix of DDoS protection as a service long term contract orders in 2019,' the company said. The mix of DDPaaS recurring revenue orders made up 32% of new business in 2019. The company had a record second half of 2019 order intake of $8m, up 62% over the first half of the year, but down 36% on-year. The total order intake for the year rose 17% to $13m. Corero entered 2020 with an annualised recurring revenue value of over $7m, up from $5.4m last year. At 8:59am: (LON:CNS) Corero Network Security PLC share price was +0.15p at 5.85p Story provided by StockMarketWire.com

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