Corero Network Security PLC’s revenue is increasing as hacking attacks increase

Corero Network Security PLC's revenue is increasing as hacking attacks increase

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  • “Working remotely due to the Covid-19 pandemic is largely becoming the new norm globally, with many enterprises adopting long-term flexible working policies,” it said in a statement.

  • Corero Network Security’s revenues jumped more than a third in its latest half-year as it benefited from organisations striving to protect themselves against hacking attacks.

“Alongside this expanded network usage, the number of opportunistic DDoS [Distributed Denial of Service] attacks is also increasing. We continue to respond to our customers’ ever-evolving needs with one of the broadest and diverse DDoS defense solution portfolios in the market.”

On an annual recurring basis, revenues are now running at US$11.2mln, added the AIM-listed group, and reflecting the addition of 20 new customers (H1 2020: 18), including eight through its global resale partnership with Juniper Networks.

Sales in the half-year to end June 2021 rose by 34% to US$8.3mln (H1 2020: US$6.2mln), with software subscription and appliance, DDoS Protection as a Service and maintenance and support  all higher

On the back of the higher sales, Corero posted an underlying profit of  US$0.1mln (H1 2020: loss of $1.2mln) with the pre-tax loss dropping to US$1.2mln from US$2.7mln.

The group added a key part of the strategy going forward is to expand internationally and to add to the number of blue-chips among its customers, adding that hack attempts are only going to rise.

Lionel Chmilewsky, chief executive, said: “Our business continues to go from strength to strength, particularly the growth of recurring revenue generation and progress towards profitability.

“Sales momentum continues to build with significant traction now being generated through our strategic partnerships. “To deliver 20 new customers in the first six months of the year is an outstanding performance and provides a solid foundation for the remainder of the year.”

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