Corero Network Security PLC - Amersham, Buckinghamshire-based distributed denial of service cyber defence solutions - Expects order intake for 2022 to remain strong with growth of between 15% and 25% from $21.2 million in 2021. Notwithstanding the expected growth in order intake, Corero estimates that 2022 revenue to show growth of between 5% and 10% from $20.9 million a year ago. Says it has seen ‘customer decision making and buying cycles being extended, which has impacted customer order timing as we approach the end of the financial year and the resultant ability to recognise the revenue in the current period’. Expects full-year adjusted earnings before interest, tax, depreciation and amortisation to be between $1.0 million and $2.0 million, down from $4.1 million a year ago. This reflects the ‘expected growth from the first half and the previously described investments in sales and marketing’, Corero explains.

Chief Executive Officer Lionel Chmilewsky says: ‘Our expected growth in order intake is pleasing but the extensions we are seeing in decision-making and sales cycles are impacting the timing of orders and ultimately our revenues this year.’

Current stock price: 10.00 pence, down 11% on Tuesday morning in London

12-month change: down 6.5%

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