Corero sales down at end of tumultuous year

Network security and BPM outfit Corero has turned in full-year sales of £4m, down 18% on 2009, and reversed a full-year loss of £176,000 to post total comprehensive income of £404,000.

Network security and BPM outfit Corero has turned in full-year sales of £4m, down 18% on 2009, and reversed a full-year loss of £176,000 to post total comprehensive income of £404,000.

The dip in sales, which includes figures from its divested Financial Markets division, came at the end of a tumultuous year for the firm, during which it has concentrated largely on preparing a buy-and-build strategy in the security space after Datatec boss Jens Montanana bought into the company in July.

It also raised £6.5m in equity and converted £2m worth of unsecured loan stock to ordinary shares, leaving it with £7.2m in cash at the close of the financial year on 31 December.

Corero finally embarked on its long-promised acquisition drive in February buying US-based security solutions developer Top Layer for £9.4m, but made the vast bulk of its 2010 sales from its Business Systems division.

The unit, which specialises in further education, sixth-form colleges and academies, saw sales rise 12% over 2009 to £3m, and posted a trading profit of £675,000, up from £544,000 in 2009.

Chief operating officer Andrew Miller said that the new management team, disposal and fundraising had put Corero on a "solid footing" and praised the performance of the Business Systems unit.

"Since the period end we have delivered on the enxt stage of our strategy and are excited about the potential of the network security business," he said.



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