Pre-close update regarding market expectations
22 December 2021
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
Corero Network Security plc
("Corero" or the "Company")
Pre-close update regarding market expectations
Corero Network Security plc (AIM: CNS), a leading provider of real-time, high-performance, automatic Distributed Denial of Service (DDoS) cyber defense solutions, today issues a pre-close update for the year ended 31 December 2021 ("the year").
Subject to year-end close and external audit finalisation, the Board anticipates revenue to be broadly in line with market expectations and EBITDA to be significantly ahead of market expectations for the year and positive. The increase in EBITDA is a result of a better than expected gross margins coupled with lower operating expenses. The scale of the profitability is linked to the remaining sales opportunities to be closed before the end of the year.
A more comprehensive trading update will be provided as soon as available to the market in January 2022.
Enquiries:
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Corero Network Security plc |
Tel: +44(0)1494 590 404 |
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Lionel Chmilewsky, Chief Executive Officer |
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Neil Pritchard, C hief Financial Officer |
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C anaccord Genuity Limited (Nominated Adviser and Broker) |
Tel: +44(0)20 75 23 8000 |
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S imon Bridges / Andrew Potts |
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Vigo Consulting |
Tel: +44(0)20 7390 0230 |
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Jeremy Garcia / Antonia Pollock |
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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
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