LONDON, Sept. 24, 2024 /PRNewswire/ -- Corero Network Security (AIM: CNS) (OTCQB: DDOSF), the distributed denial of service (DDoS) protection specialists, will hold investor calls this week to discuss its unaudited results for the six months ended 30 June 2024. The calls will be led by Corero's CEO, Carl Herberger, and newly appointed CFO, Chris Goulden, and will provide insight into the company's financial performance, strategic initiatives, and outlook for the remainder of the year.
Corero's H1 2024 results underscore the company's ongoing momentum and strategic execution. Revenue for the period increased by 16% to $12.2 million compared to H1 2023. The company also reported a significant 12% growth in annualized recurring revenues (ARR), reaching $17.2 million, and an EBITDA profit of $0.7 million, demonstrating operational and financial progress.
Carl Herberger, CEO of Corero Network Security, commented:
"I am pleased with the operational and financial progress in the first half of the year and confident that our reinvigorated go-to-market strategy will deliver on the ambitious growth targets we have set. These results are testament to the outstanding commitment and skill set of the Corero team, which continues to ensure our products and services are considered best in class by our customers and industry experts."
The company's performance is further supported by strong contract renewals, new customer acquisitions, and expanding geographical reach. Highlights from the period include securing strategic sales partnerships in key regions such as Latin America, Europe, and the U.S., alongside the launch of innovative services like the SmartWall ONE™ Service Portal and the Corero DDoS Intelligence Service.
Corero's outlook for FY 2024 remains positive, with the company on track to meet market expectations for the year. The management team is confident that the company's strategic initiatives and strong execution will continue to drive growth throughout the remainder of the year and beyond.
Investor Call Details
Corero's CEO Carl Herberger and CFO Chris Goulden will host investor calls this week to further discuss the H1 2024 results and answer questions. Details on how to participate will be provided directly to investors.
About Corero Network Security
Corero Network Security is a leading provider of DDoS protection solutions, specializing in automatic detection and protection solutions with network visibility, analytics, and reporting tools. Corero's technology protects against external and internal DDoS threats in complex edge and subscriber environments, ensuring internet service availability. With operational centers in Marlborough, Massachusetts, USA, and Edinburgh, UK, Corero is headquartered in London and listed on the London Stock Exchange's AIM market (ticker: CNS) and the US OTCQB Market (OTCQB: DDOSF).
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