Business
Unaudited H1 2022 Interim Results
Unaudited H1 2022 Interim Results.
About this update from Corero Network Security Plc
[{"type":"text","content":"\n \n \n 13 September 2022\n \n \n \n \n \n \n Corero Network Security plc\n \n \n (AIM: CNS)\n \n \n \n (\"Corero,\" the \"Company\" or the \"Group\")\n \n \n \n \n \n \n Unaudited H1 2022 Interim Results\n \n \n \n \n \n \n \n \n \n Record H1 performance underpinned by strong ARR and new business growth\n \n \n \n \n \n \n Corero Network Security plc (AIM: CNS), a leading provider of real-time, high performance, automatic Distributed Denial of Service (\"DDoS\") cyber defense solutions, announces its unaudited interim results for the six months ended 30 June 2022 (\"H1 2022\").\n \n \n \n \n \n \n Financial summary:\n \n \n \n ·\n Record H1 2022 order intake1, increasing by 22% to $10.9 million (H1 2021: $8.9 million)\n \n \n ·\n Record H1 2022 Group revenue up 6% to $8.8 million (H1 2021: $8.3 million)\n \n \n ·\n Record Annualised Recurring Revenues\n \n 2\n \n (\"ARR\") up 21% to $13.6 million (H1 2021: $11.2 million)\n \n \n ·\n Continued strong gross margin of 88% (H1 2021: 84%)\n \n \n ·\n Record EBITDA\n \n 3\n \n of $0.9 million (H1 2021: EBITDA of $0.1 million)\n \n \n ·\n Record Adjusted EBITDA4 of $0.3 million (H1 2021: Adjusted EBITDA of $0.0 million)\n \n \n ·\n Net cash at 30 June 2022 of $5.8 million (30 June 2021: $5.1 million)\n \n \n \n \n \n \n \n 1\n \n \n \n Defined as orders received from customers in the period.\n \n \n \n \n \n 2\n \n \n \n Defined as the normalised annualised recurring revenue and includes recurring revenue from contract values of annual support, software subscription and from DDoS Protection-as-a-Service contracts.\n \n \n \n \n \n 3\n \n \n \n Defined as Earnings before Interest, Taxation, Depreciation and Amortisation.\n \n \n \n \n \n 4\n \n \n \n Defined as Earnings before Interest, Taxation, Depreciation (including DDPaaS assets' depreciation which is charged to cost of sales) and Amortisation, before share-based payments, and less unrealised foreign exchange differences on an intercompany loan, and PPPL forgiveness - Fully adjusted basis.\n \n \n \n \n \n \n \n Operational highlights:\n \n \n \n ·\n Strong market traction including demand from direct customers, channel partners and strategic alliances; and from the Company's broader new business initiatives\n \n \n ·\n 21 new customer wins secured in the period (H1 2021: 20 new customer ...