LONDON (ShareCast) - (Sharecast News) - Cybersecurity firm Corero Network Security said on Tuesday that both order intake and revenues were expected to have improved during the first half of 2021.

Order intake was projected to be roughly $8.9m for the six months ended 30 June, ahead of the previous high of $7.9m recorded in 2020, reflecting growing demand for the company's products despite the ongoing Covid-19 pandemic.

Interim revenues were expected to have increased by approximately 34% to around $8.3m, while annualised recurring revenue was expected to have increased to roughly $11.2m as at 1 July 2021, driven by growth in DDoS Protection-as-a-Service and software subscription orders.

Gross cash in the bank was $8.8m at the end of the period, up from $6.2m a year earlier, while and borrowings were up from $2.9m to $3.7m, leaving the firm with a net cash balance of $5.1m.

Chief executive Lionel Chmilewsky said: "We are pleased to report another six months of continued progress, not only in our financial performance, but strategically too.

"It is very encouraging to see our sales and marketing initiatives delivering new customers, broadening our geographic reach and increasing our penetration into new verticals. Our pipeline for the second half of 2021 remains strong."

As of 0920 BST, Corero shares were up 0.44% at 11.30p.

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