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Corero Network Security plc, a leading provider of DDoS protection solutions, released its unaudited H1 2024 interim results, highlighting strong financial and operational growth. The company reported a 16% increase in group revenue to $12.2 million, with a significant rise in order intake and annualized recurring revenues (ARR). EBITDA turned profitable at $0.7 million, compared to a loss in the previous year. Gross margins remained high at 91%. The companys strong balance sheet included a net cash balance of $7.9 million, with no outstanding debt.
During the period, Corero focused on expanding its geographical sales and customer footprint, securing contracts in eight countries across four continents. The company also listed on the OTCQB, enhancing its US market reach. The DDoS attack landscape continued to evolve, and Coreros innovative solutions and strategic partnerships positioned it well to address the growing demand for DDoS protection services.
The companys operational review highlighted significant contract renewals, expansions, and new mandates, including a $2 million deal with a leading US SaaS provider and partnerships with TierPoint and a top-10 US fiber provider. Coreros enhanced software subscription-based products and revamped pricing strategies contributed to ARR growth. The groups investment in sales and marketing activities resulted in a 10% increase in order intake.
Coreros strategic priorities include increasing its customer base, leveraging strategic alliances, enhancing service monetization, expanding marketing capabilities, and investing in technological innovation. The companys management remains confident that full-year results will be in line with market expectations, reflecting the positive trading performance in H1 2024 and strong global demand for DDoS mitigation solutions.