Corero Network Security expects positive H1 EBITDA performance

24th Jul 2024 09:26

(Sharecast News) - Software specialist Corero Network Security expects to report a positive EBITDA performance for H1 following "strong trading" throughout the period.

Corero said on Wednesday that interim revenues had grown 16% to $12.2m, with annualised recurring revenues rising 12% to $17.2m, while gross margins remained unchanged at 91%.

As a result, the AIM-listed group swung from H123's underlying loss of $200,000 to underlying earnings of $700,000 in H124.

Corero also highlighted that it had record cash balances of $7.9m, up from $6.2m at the same time a year earlier.

Chief executive Carl Herberger said: "I am pleased to report that our enhanced growth strategy has already delivered results, including several major new customer wins resulting in an increase in revenue and ARR.

"Further, our momentum is building as we enter the second half of the year, which positions us well to capitalise on new opportunities and drive further growth. The strong financial performance in H1 2024 and record pipeline reaffirms our confidence in achieving our full-year targets."

As of 0925 BST, Corero shares were down 2.56% at 19.0p.

Reporting by Iain Gilbert at Sharecast.com