Business
Interim Results
Interim Results.
About this update from Corero Network Security Plc
[{"type":"text","content":"\n\n21 September 2023\n \nCorero Network Security plc\n(\"Corero,\" the \"Company\" or the \"Group\")\n \nUnaudited H1 2023 Interim Results\n \nStrong H1 2023 performance underpinned by ongoing ARR and new business momentum\n \nCorero Network Security plc (AIM: CNS), a leading provider of distributed denial of service (\"DDoS\") protection solutions, announces its unaudited results for the six months ended 30 June 2023.\n \nFinancial highlights:\n· H1 2023 order intake1 increased 19% to $13.0 million (H1 2022: $10.9 million)\n· H1 2023 Group revenue up 19% to $10.5 million (H1 2022: $8.8 million)\n· Annualised Recurring Revenues2 (\"ARR\") up 13% to $15.3 million (H1 2022: $13.6 million)\n· EBITDA3 loss of $0.2 million (H1 2022: EBITDA profit of $0.9 million)\n· Adjusted EBITDA4 profit of $0.2 million (H1 2022: Adjusted EBITDA of $0.0 million)\n· Net cash at 30 June 2023 of $6.2 million (30 June 2022: $5.8 million)\n· $1.2 million early repayment of bank term loan facility, with no outstanding debt (30 June 2022: $1.7 million)\n \nOperational highlights:\n· New strategic go-to-market partnership with Akamai Technologies Inc. (\"Akamai\")\n· Ideal Customer Profile (\"ICP\") focus driving significant customer growth across H1 2023\n· Strong momentum through Q2, delivering $6.0 million of significant customer contracts\n· Continued growth in the Company's subscription-based products and DDoS Protection-as-a-service (\"DDPaaS\") offering, underpinning revenue and earnings predictability\n \nOutlook:\n· Solid start to H2 2023, with a number of significant customer wins\n· Robust new business pipeline continues to develop\n· Demand for DDoS mitigation from enterprises of varying sizes continues to remain strong, driven by ongoing and high-profile DDoS attacks5\n· The Board remains confident in the Company's near-term growth prospects with Corero continuing to trade in line with market expectations\n \nJens Montanana, Executive Chairman, commented:\n \n\"I am extremely pleased with the momentum that we have built during the fi...