Year end trading update

RNS Number : 0531A

Corero PLC

26 January 2011

 



26 January 2011

CORERO PLC

Year-end trading update

Corero plc (AIM: CORO, "Corero" or "the Group") has published a year-end trading update for the financial year ended 31 December 2010. 

On 6 August 2010, the Group was transformed financially and operationally by a £6.5m equity fund raising, the sale of its Financial Markets division, the conversion of the convertible unsecured loan stock to ordinary shares and the appointment of two directors and senior executives.

The Group's revised strategy is to develop a new Network Security Systems business through acquisition, whilst continuing to grow the existing Business Systems division.

Group trading profit for the year to 31 December 2010, subject to audit, is expected to be in excess of £200,000. Cash balances were £7.2m.

The Business Systems division reported a strong contribution.  It won contracts from a total of 70 academies in 2010, compared with 25 in 2009, showing its strong position in this growth market and maintaining its c. 30% market share.

The Group expects to announce its final results by the end of March 2011; these will reflect the effect of the redemption of the convertible unsecured loan stock on 6 August 2010 and the disposal of the Financial Markets division as outlined in the circular to shareholders of 14 July 2010, and other non-trading accounting adjustments.

Enquiries:

Corero plc
Peter Waller, Chairman Andrew Miller, Executive Director	Tel: [phone]
FinnCap
Sarah Wharry / Henrik Persson	Tel: [phone]
College Hill
Kay Larsen / Rozi Morris	Tel: [phone]

About Corero

Corero is focused on building a network security solutions business through acquisition to deliver high-growth solutions and related services to mid-market and enterprise customers through international channels.  In addition, Corero's Business Systems division serves the business and education sector in the UK by delivering powerful, dynamic modular accounting and business management software and services.

 

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