Owner security

Corero Network Security expects 2021 to swing to first pre-tax profit

By Anthony O. Goriainoff

Corero Network Security PLC said on Monday it expects to report an initial pre-tax profit for 2021, and revenue should be broadly in line with market expectations.

The London-listed network security company said it expects pre-tax profit to be between $1.2 million and $1.6 million, compared to a pre-tax loss of $4.0 million for 2020.

The company said it expects revenue of around $20.9 million, down from $16.9 million.

Annualized recurring revenue as of January 1 reached approximately $12.8 million, compared to $9.8 million a year earlier.

Earnings before interest, taxes, depreciation and amortization are expected to be between $3.8 and $4.2 million, compared to an Ebitda loss of $1.4 million in the prior year.

The company said its performance was supported by continued strong demand for its DDoS or distributed denial-of-service attack mitigation solutions, coupled with continued improvement in margins and containment of operating expenses. .

“Given the current strategy and strong performance in 2021, we intend to invest in additional resources in 2022 to further drive growth,” Chief Executive Lionel Chmilewsky said.

Write to Anthony O. Goriainoff at [email protected]