Corero Network Security PLC on Wednesday said it was boosted by demand for its subscription-based distributed denial of service protection as a service products in 2023.

The London-based cybersecurity provider said annualised recurring revenue jumped 17% to $16.9 million as at January 1 from $14.4 million a year prior.

Further, it expects revenue to have grown 11% to $22.3 million in 2023 from $20.1 million, as order intake rose 3.8% to $24.8 million from $23.9 million.

Cash as at December 31 increased 18% year-on-year to $5.2 million from $4.4 million.

However, the company anticipated that adjusted earnings before interest, tax, depreciation and amortisation declined by at least 11% to between $1.9 million and $2.3 million from $2.6 million in 2022.

‘This strong performance continues to improve earnings visibility for the Company going forward, which, when aligned with the Group’s new business pipeline built through 2023, ensures Corero remains well positioned for revenue growth in 2024 and beyond,’ Corero said.

The company expects to release its 2023 results in late March or early April.

Meanwhile, it confirmed that Carl Herberger started his role as chief executive on a permanent basis on January 1. Former executive chair Jens Montanana returned to the role of non-executive chair that day.

Chief Executive Officer Herberger said: ‘Our new Akamai partnership is already yielding positive contract momentum and the new Brazilian win highlights the expansion of Corero’s global footprint. The global demand for DDoS protection remains robust, driven by the ever-growing activity from threat-actors, with 2023 being another record year. Corero expects this trend to continue and is therefore well placed to take advantage of this ever more complex and growing market.

‘During 2024, we will continue to build upon the foundations laid in 2023. Our focus on profitability and positive cash-flow generation, whilst delivering both ARR and revenue growth, will allow us to further demonstrate our scalable business model as we continue to realise the company’s potential.’

Corero shares rose 3.1% to 8.25 pence each on Wednesday afternoon in London.

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