Corero experiences slower than expected start to the year
By Iain Gilbert
Date: Friday 16 Aug 2019
(Sharecast News) - Network security company Corero stood by its 2019 revenue guidance on Friday despite witnessing a "slower" than expected start to the trading year.
Revenues were pegged to come to roughly $4.2m for the half, down from the $5.0m the group pulled in a year earlier as a result of lower than expected conversions from the pipeline of its Juniper Networks partnership. However, Corero expects the deal to "contribute materially" in the second half.
While Corero expects full-year revenues to come in around 20% higher year-on-year, the group noted that direct sales investments would result in wider loss before income, tax, depreciation and amortisation at around $2m.
Chief executive Ashley Stephenson said: "Despite the growing pipeline of business being generated through the Juniper partnership, the year has started slower than we expected.
"Encouragingly we have many trials in process and these are moving forward with success."
As of 0845 BST, Corero shares had tumbled 43.02% to 3.59p.
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