Business
Trading Statement and Board Changes
Trading Statement and Board Changes.
About this update from Corero Network Security Plc
[{"type":"text","content":"\n \n 23 November 2007\n\n Corero plc (\"Corero\" or \"the Company\") \n\n Trading update, Contract wins and Board changes \n\nCorero plc, the specialist provider of software solutions to the banking &\nsecurities and education markets, updates its 2007 outlook, announces a\nsignificant contract in its Financial Markets division, further contract wins\nin its Business Systems division and changes to the Board.\n\nAt the time of announcing our Interim Results for the six months ended June\n2007, we anticipated that Corero Business Systems would maintain its\nperformance and that Corero Financial Markets would have an improved second\nhalf.\n\nTrading during the second half has improved. The Business Systems division is\non track to have its best year ever and we are pleased to announce two further\ncontract wins in the education sector, from Central Sussex College and Epping\nForest College.\n\nCentral Sussex College has placed an order for our Resource Financials suite\nand for our Web Requisitioning & eProcurement system. Epping Forest College has\nplaced an order for our new Student Management Information System.\n\nThe Financial Markets division has also improved its performance. We are\npleased to announce a significant new contract with Blackmont Capital Inc., the\ninvestment dealer subsidiary of CI Financial Income Fund based in Toronto,\nCanada. This contract is for the Blue Curve hosted service and work on the\ncontract is already underway. Blackmont Capital is the second new Financial\nMarkets client to be signed within a month, and the contract represents further\nprogress in developing the large and important North American market.\n\nDespite these improvements, as a result of the slower than anticipated\nimplementation of a major investment banking project, contracted earlier this\nyear, we now anticipate that Corero will make a small operating loss for the\nsecond half which, when added to our first half performance, will result in an\noverall loss for 2007. We now anticipate that the majority of the delayed\nrevenue will be recognised in 2008.\n\nThe Board has taken a number of actions to improve the group's performance\nagainst an increasingly challenging market environment. Measures have been\nimplemented to reduce costs significantly, in order to achieve profitability in\n2008 and at the same time to mai...