Corero Network Security (LON: CNS), the AIM-listed DDoS protection specialist, soared by as much as 28% on Wednesday after swinging to a first-half profit and raising full-year guidance above market expectations.
Shares touched 10.9p intraday, according to Proactive Investors, up from a prior close of 8.5p. Separately, real-time data showed the stock up 17.65% to 10p at the time of capture.
The results, published in an unaudited H1 2026 interim statement, showed revenue up 42% to $15.5m from $10.9m a year earlier, while EBITDA, earnings before interest, tax, depreciation and amortisation, swung to a $2.6m profit from a $1.4m loss. Pre-tax profit came in at $1.4m, reversing a $2.4m loss in H1 2025. Management attributed the improvement to Corero’s shift towards DDPaaS, a subscription-based version of its DDoS protection service that provides more predictable, recurring revenue than one-off licence sales, alongside gross margin improving to 93% from 91%. Chief Executive Officer Carl Herberger said: “I am delighted with the progress Corero has made in the first half of the year with growth in all our major financial KPIs of revenue, ARR and EBITDA, which reflects our ongoing transition towards a more predictable, recurring revenue model.”
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Order intake rose 14% to $14.3m and annual recurring revenue grew 12% to $24.1m, though customer retention slipped to 96% from 98%. Post period end, Corero signed a $3.4m five-year contract with a Tier-1 UK telecoms provider, a $1.4m three-year deal with a Tier-1 US telecoms group, and a $0.5m three-year NeoCloud contract, wins that underpinned management’s decision to guide FY2026 revenue and EBITDA above the company-stated consensus of $29.2m and $3.3m respectively.
Cash fell to $2.1m at the end of June from $4.0m at the end of 2025, though the group remains debt-free with an unused $2.0m overdraft facility.
