Corero Network Security PLC has released its audited results for the year ended 31 December 2023, showcasing a robust financial performance and operational progress. The company reported a significant increase in Annualised Recurring Revenues (ARR), up 17% to $16.9 million, with revenues also rising by 11% to $22.3 million. The gross margins stood at 90%, reflecting a strong performance compared to the previous year. Additionally, the company achieved an Adjusted EBITDA of $2.2 million, marking a notable improvement from the previous year.

Operational highlights included the strategic partnership with Akamai Technologies Inc., the appointment of CEO Carl Herberger, and the launch of the SmartWall ONETM platform. The company also secured a $1 million contract with a new channel partner customer, TechEnabler, in Brazil, further expanding its global footprint. Corero experienced continued growth in its subscription-based products and DDoS Protection-as-a-Service ("DDPaaS") offering, contributing to revenue and earnings predictability.

Looking ahead, the company has reported a strong start to 2024, with a robust new business pipeline already delivering results in H1 2024. The strategic partnership with Ingecom Ignition will enable European footprint expansion, and the demand for DDoS solutions remains strong due to the relentless growth in DDoS attacks globally. CEO Carl Herberger expressed confidence in the company's position, stating, "The global demand for DDoS protection remains robust, driven by the ever-growing activity from threat-actors, with 2023 being another record year."

Corero will be conducting an online investor presentation to cover the Company's year-end results, hosted by CEO Carl Herberger and CFO Phil Richards. The webinar is open to all existing and potential shareholders, with the opportunity to submit questions during the presentation.

Corero Network Security is a leading provider of DDoS protection solutions, specializing in automatic detection and protection solutions with network visibility, analytics, and reporting tools. The company's technology protects against external and internal DDoS threats in complex edge and subscriber environments, ensuring internet service availability. Corero is headquartered in London and listed on the London Stock Exchange's AIM market (ticker: CNS) and the US OTCQB market (OTCQ.