Corero pre-tax losses widen

09:45 14/09/2017 - Corero Network Security's pre-tax losses rose to $4.8m in the six months to the end of June - up from $4.1m last time.

The group said this included amortisation of capitalised R&D of $1.1 million (H1 2016: $1.1 million) and amortisation of acquired intangible software assets $0.03 million (H1 2016: $0.2 million).

The reported loss per share was 2.0 cents (H1 2016: 2.4 cents).

Corero reported revenue of $4.8 million (H1 2016: $4.8 million) and loss before interest, tax, depreciation and amortisation of $3.4 million (H1 2016: loss $2.5 million).

It said SmartWall revenue grew 51% over H1 2016 (67% over H2 2016) and, as expected, revenue from legacy products reduced to $0.4 million (H1 2016: $1.9m).

Chief executive Ashley Stephenson said: "Corero has made good progress in the first half of 2017 with several significant milestones including our first $1 million customer, a continued increase in recurring revenues, expansion of our product line to 100Gbps capability and the launch of a virtual appliance, software only DDoS mitigation solution.

"We continue to win customers in our target markets of service and hosting providers and digital enterprises, almost doubling the number of SmartWall customers in the past 12 months to some 80 customers at the end of June 2017.

"In addition, our focus on increasing our routes to market through partnerships has resulted in formal agreements with Gigamon, Juniper Networks and McAfee. We expect the benefits of these and other such relationships we are pursuing to contribute in the second half of 2017."

Separately, Corero announce that its SmartWall threat defence system technology had been selected by a leading digital enterprise to protect its on-line presence against DDoS attacks.

It said the $0.2m initial order was part of an expected $1.5m global deployment over the next few quarters, one of its largest contract wins to date, to provide DDoS mitigation for the customer's core communication and IT infrastructure.

At 9:45am: (LON:CNS) Corero Network Security PLC share price was -0.13p at 9.38p

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