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Corero Network Security
- BY: Andrew Hore |
- POSTED: 05/02/2015 |
Cyber security company Corero Network Security says that 2014 revenues were lower than expected as falling s. ales of the older products were not made up by sales of the new generation product.
Revenues were $7.5m compared with forecasts of $8.8m but the loss will be in line with expectations.
At the end of June 2014 net cash was $5m. There was net cash of $6m in the bank at the end of 2014, but it was after a £4.5m fundraising at 15p a share – without this there would be no cash. This cash will not last long unless business starts to be won. There was a $4.39m cash outflow in first half of 2014, after capitalised development costs of $2.2m.
At 12.5p a share, down 2.5p, Corero is valued at £14.9m.
AIM Journal January 2015 available.
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