Corero Network Security plc

Company summary

Corero Networks Security plc, is an AIM listed company which provides modular accounting, human resources, payroll and management information software to the schools and further education sectors in the UK and internationally.

05 September 2012 | Education

Company news

Corero top of the class as education sales rise 34%

Corero Network Security plc has issued its interim accounts. The Company operates two businesses one of which is Corero Business Systems (“CBS”). CBS is a leading provider of modular accounting, human resources, payroll and management information software to the schools (including academies) and further education sectors in the UK and internationally.

​Revenues increased by 34% in the first half of 2012 to $4.1 million (H1 2011: $3.1 million). CBS continues to perform strongly with sales order intake (bookings as opposed to amounts recognised as revenue) in the six month period ended 30 June 2012 up 19% to $4.7 million (2011: $4.0 million).

CBS reported an operating profit (before central costs) in the six months to 30 June 2012 of $1.0 million (H1 2011: $0.85 million).

Key achievements in the first half of 2012 include securing 143 new Academy and school customers bringing the total to 450 academy and school customers. Management believe the Academy market in England will continue to grow offering CBS new opportunities in the UK and international schools market.

Comment:

​Cerero’s CBS business continues to generate impressive growth in the UK academy market but this performance remains overshadowed by its recently acquired loss making network security business.

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