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Corero says work from home boom has heightened awareness of its services

The coronavirus pandemic has highlighted the relevance and awareness of Corero's solutions globally in recent months

Corero Network Security PLC -

Corero Network Security PLC (LON:CNS) said the first half of 2020 saw it continue the momentum built up in the second half of 2019 as the work from home boom during the coronavirus (COVID-19) pandemic has heightened awareness of its services.

The network security expert said order intake in the first half of 2020 increased by 58% to US$7.9mln from US$5.0mln in the first half of the previous year. Half-year revenue is expected to be up 48% year-on-year to US$6.2mln.

By July 12, 20230, annualised recurring revenues (ARR) had increased to US$8.8mln, driven by growth in DDoS (distributed denial of service) protection-as-a-service (DDPaaS) and software subscription orders.

DDoS is when a malicious agent bombards a company’s network with input/output requests, thus effectively bringing the server to a standstill. Corero said that as a by-product of increased use of the internet during the global lockdown, the number of opportunistic DDoS attacks has increased, which has highlighted the relevance of Corero’s core service.

"I am very pleased to see the momentum achieved in the first half of the year including the addition of 18 new customers, a growing pipeline and an increased number of deployed proof of concepts,” Lionel Chmilewsky, who took over as chief executive officer at the beginning of May, said in H1 trading update.

“Whilst we continue to monitor the macroeconomic impact of COVID-19 closely, we believe there continues to be a significant growth opportunity for Corero, underpinned by our differentiating technology and strong market dynamics," he added,

Quick facts: Corero Network Security PLC

Price: 8.5 GBX

AIM:CNS
Market: AIM
Market Cap: £42.06 m
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