Corero turns profit, moves closer to security acquisitions

AIM-listed BPM software outfit turned security acquisition vehicle Corero has posted a modest pre-tax profit of £21,000 and made sales of £2.2m in the six months to the end of June. The firm, whichreceived a major capital injection and welcomed on boardDatatec's Jens Montanana and Logica

AIM-listed BPM software outfit turned security acquisition vehicle Corero has posted a modest pre-tax profit of £21,000 and made sales of £2.2m in the six months to the end of June.

The firm, which received a major capital injection and welcomed on board Datatec's Jens Montanana and Logicalis director Andrew Miller in July, is planning an ambitious roll-up of firms in the networking and security space.

In a statement issued this morning, Corero said it had "identified various technologically advanced and proven companies and is in discussions with a number of potential acquisition opportunities.

Andrew Miller, now COO at the firm, said: "With the experienced team in place and supportive investors we are well placed to execute our strategy.

"We aim to build a strong network security systems business, by a combination of acquisitions and organic growth, to address the network security challenges encountered by midmarket and enterprise organisations as well as telecommunication service providers," he added.

The company's Business Systems division saw its best first half since 2006, with sales up 6% on the back of some first half success in its core education market, although it acknowledged the funding environment in that sector was becoming "much tighter".

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