REG - Corero Network Sec. - Final Results
01/04/2025 07:15
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RNS Number : 0276D Corero Network Security PLC 01 April 2025
1 April 2025
Corero Network Security plc
("Corero" the "Company", or the "Group")
Audited results for the year-ended 31 December 2024
- Ongoing operational and financial progress underpinned by multiple
new contract wins
- Delivered solid topline growth and continued ARR momentum
Corero (https://www.corero.com/) (AIM: CNS)
(https://www.londonstockexchange.com/stock/CNS/corero-network-security-plc/company-page)
(OTCQX: DDOSF) (https://www.otcmarkets.com/stock/DDOSF/overview) , the
distributed denial of service ("DDoS") protection specialists, announces its
audited results for the year ended 31 December 2024 ("FY 2024").
Financial Highlights
· Revenue increased by 10% to $24.6 million (FY 2023: $22.3 million)
· EBITDA(1) grew 42% to $2.5 million (FY 2023: $1.8 million) at the
top end of previous guidance
· Annual Recurring Revenues(2) ("ARR") grew 16% to $19.5 million (FY
2023: $16.9 million)
· Order intake(3) up 13% to $28.2 million (FY 2023: $24.8 million)
· Over 70% increase in number of new customers versus FY 2023
· Continued high customer retention at 97%
· Strong new business pipeline for FY 2025
· Profit before taxation of $0.6 million (2023: loss $0.2 million)
· Gross margins of 91% (FY 2023: 90%)
· Net cash at 31 December 2024 of $5.3 million (FY 2023: $5.2 million)
· Earnings and diluted earnings per share of 0.1 cents (FY 2023: 0.0
cents)
Operational Highlights
· Significant contract momentum driven by competitor displacements, new
mandates, partner outreach and contract extensions
o Includes key $1.8 million partnership with TierPoint LLC ("TierPoint"),
with Corero replacing the business's incumbent provider, amongst other >$1
million deals
· Bolstered the global sales team and increased strategic marketing
activity spend by 43% year-on-year to help generate new prospects as well as
deliver cross and upsell revenue opportunities
· Introduced new features to SmartWall ONE(TM) offering and launched
Corero Observability & Resiliency Ecosystem ("CORE"), broadening the
Company's access to commercial opportunities across the wider service
availability market
· Upgraded to the OTCQX, expanding Corero's reach into the US investor
market
Current Trading & Outlook
· Solid start to FY 2025, delivering customer wins across the globe,
contract expansion with alliance partner Juniper Networks
· FY 2024 receivables outstanding at year end received within term
· Diversified alliance and channel partnership portfolio positions the
Group strongly for expansion across target geographies and go-to-market
strategy acceleration
· Focus remains on strengthening our position as an effective and
affordable DDoS defence solutions provider capable of safeguarding any
corporation from DDoS cyberthreats
· The Board remains confident in the medium-term trading prospects of
the Group
Carl Herberger, CEO of Corero, said:
"I am delighted with the performance of Corero across 2024; we have made
significant progress in both further developing our product stack alongside
aggressively expanding our go-to-market strategy.
Corero has always had a strong reputation for product innovation and service
excellence, and I am pleased to report that our teams are taking that to a
whole new level. In addition to creating new products, we've invested heavily
across our sales and marketing functions, alongside broadening both our
customer and geographical reach.
I'm excited about Corero's prospects for 2025 and the impact of deepening our
channel and alliance partner relationships in addition to extending our reach
globally.
The global demand for our products is strong and Corero remains well placed to
capitalise on this sizeable and growing market opportunity."
(1) EBITDA is defined as earnings before interest, tax, depreciation, and
amortisation.
(2) ARR is defined as the normalised annualised recurring revenues and
includes recurring revenues from contract values of annual support, software
subscriptions including terms greater than one year, and from DDoS
Protection-as-a-Service ("DDPaaS") contracts.
(3) Order intake is defined as orders received from customers in the period.
Investor Presentation
Management will be conducting an investor presentation covering its year-end
results. The online presentation will be hosted by Carl Herberger, Chief
Executive Officer, and Chris Goulden, Chief Financial Officer.
This event will take place at 3.00 p.m. BST on Thursday, 3 April 2025. The
webinar is free and open to all existing and potential shareholders, and
questions can be submitted during the presentation to be addressed at the end.
The registration link can be found here:
https://www.investormeetcompany.com/corero-network-security-plc/register-investor
(https://www.investormeetcompany.com/corero-network-security-plc/register-investor)
Enquiries
Corero Network Security plc Tel: +44(0)20 7390 0230
Carl Herberger, Chief Executive Officer
Chris Goulden, Chief Financial Officer
Canaccord Genuity Limited (Nominated Adviser and Joint Broker) Tel: +44(0)20 7523 8000
Simon Bridges / Andrew Potts / Harry Rees
Zeus Capital (Joint Broker) Tel: +44(0)20 3829 5000
Ben Robertson / Alexandra Campbell-Harris
Vigo Consulting Tel: +44(0)20 7390 0230
Jeremy Garcia / Kendall Hill
corero@vigoconsulting.com (mailto:corero@vigoconsulting.com)
Harbor Access (Investor Relations) Tel: +1 475 477 9401
Jonathan Paterson
About Corero Network Security
Corero Network Security is a leading provider of DDoS protection solutions,
delivering real-time, automated detection and mitigation with deep network
visibility and analytics. Corero safeguards critical infrastructure across
diverse deployment models-from inline to edge to hybrid cloud-and is currently
developing CORE, an observability and resiliency ecosystem to unify defensive
actions across the modern threat landscape. With operational centres in
Marlborough, Massachusetts, USA, and Edinburgh, UK, Corero is headquartered in
London and listed on the London Stock Exchange's AIM market (ticker: CNS) and
the US OTCQX Market (OTCQX: DDOSF).
For more information, visit www.corero.com (http://www.corero.com/) , and
follow us on LinkedIn (https://www.linkedin.com/company/corero/) and X
(https://twitter.com/Corero) .
CEO Review
Introduction
FY 2024 was a strong operational and financial year for Corero, with the
Company trading well throughout the year and delivering new business
opportunities across key geographies. The Group delivered solid topline
growth, achieving a 10% increase in revenues to $24.6 million (FY 2023: $22.3
million), and EBITDA of $2.5 million, up 42% year-on-year (FY 2023: $1.8
million).
In addition, Annual Recurring Revenues ("ARR") grew 16% to $19.5 million (FY
2023: $16.9 million) as customers continue to integrate Corero's
subscription-based solutions and DDoS Protection as-a-Service ("DDPaaS")
products for comprehensive DDoS attack protection. Order intake, another key
performance indicator for the Group, also rose 13% to $28.2 million for FY
2024 (FY 2023: $24.8 million).
Corero remained debt-free with cash of $5.3 million at the end of the year.
This strong financial footing has enabled the Group to accelerate its
go-to-market strategy and maintain ongoing investment across its sales and
marketing functions, as well as additional R&D expenditure to support
further product expansion. The Group's reinvigorated growth strategy which
focuses on both converting internally generated leads and leveraging existing
partnerships, as well as a greater emphasis on actively targeting competitor
displacements, continues to gain traction and this is evidenced by Corero's
success across FY 2024 in securing new mandates.
The Group's growing portfolio of strategic alliance and channel partnerships,
alongside direct sales activities, continues to provide Corero with multiple
routes to market. This global network of trusted partners and regional experts
has created a sales platform to support Corero in growing its reputation as a
reliable, fair-priced provider of DDoS defence solutions.
Strategic Priorities
Corero continues to focus on increasing its DDoS defence market share across
the globe whilst maintaining and expanding relationships with current
customers who value the quality of its award-winning products and services.
In 2024, the Company announced a reinvigorated go-to-market strategy
underpinned by four key strategic pillars to accelerate revenue generation and
drive long-term growth:
1. Expanding global footprint and partnership channels - leveraging
alliance and channel partnerships to grow presence across key regions,
including Latin America, the Middle East and APAC
2. Investing in sales and marketing initiatives - enhancing the field
marketing strategy, increasing marketing activity and spend, and hiring
experienced personnel in new geographies
3. Securing client renewals and realising cross / upsell opportunities -
maintaining or improving on excellent 97% customer retention rate, delivering
price increases for renewals and extensions as standard, and continuing to
diversify the product mix
4. Accelerating market competitiveness - actively targeting competitor
displacements in key geographies, and launching new product innovations and
add-on features aimed at attracting new customers
Operational Review
A key feature of FY 2024 has been to drive the Company's new business efforts
globally and share these successes with the Group's key stakeholders. Since
January 2024, the Group has secured a steady flow of contract renewals,
expansions and new mandates, including those highlighted below:
· 3-year, $1.8 million partnership with TierPoint, a leading provider
of secure, connected IT platform solutions, with Corero replacing the
incumbent DDoS solutions provider
· Significant contract renewal and expansion with a leading US SaaS
provider, valued at over $2 million over 3 years
· 3-year, $1 million plus contract with a top-10 US fibre provider,
with Corero replacing the incumbent DDoS solutions provider in a number of the
provider's US data centres
· $1 million plus, 3-year contract extension with DigitalOcean, a
leading US cloud computing provider, expanding the current range of services
provided by Corero
· 3-year, $0.6 million contract renewal with a large national US fibre
provider. In addition to the renewal, Corero was also awarded a $1 million
expansion to the existing contract.
· 3-year, $0.3 million contract with a fast-growing North American
pioneer in VoIP technology, with Corero replacing the incumbent DDoS cloud
provider
· Expanded contract with a leading global US-based SaaS provider for
$0.4 million additional term licence capacity and associated support
· 3-year contract with a leading Icelandic IT services provider to
support its high media tenant profile of national enterprises and government
agencies
· Post-period end, TechEnabler secured a new contract to implement
Corero's SmartWall ONE solution for a major telecommunications provider in
Brazil, with Corero replacing the incumbent solutions provider
Corero has continued to focus on securing select new channel partners to
broaden the Group's routes to market and, more importantly, expand its global
reach. These include:
· 3-year partnership with US-based A2 Hosting, an existing Corero
customer and leading provider of high-performance hosting solutions
· New strategic partner agreements in Latin America with NovaRed, VGL,
and GreyMatter post-period end
· Significant partnership with stc Bahrain, the market leader in
Bahrain's telecommunications sector, to support Corero's Middle East expansion
goals
· 3-year partnership worth $1.2 million with Forte Telecom, one of the
largest telecommunications providers in Rio de Janeiro, Brazil
· Post-period end, new channel partnership to expand into Peru with A51
Technology, a firm with over 20 years of experience in cybersecurity solutions
Together with the Group's existing strategic alliances with Juniper Networks,
GTT Communications and Akamai Technologies, Corero's reinvigorated channel
partnership momentum has ensured that the Group has a strong network to
support its global expansion efforts. This is evidenced in Corero's recent
wins in Latin America, where the Company has secured a number of exciting new
customer mandates.
At the end of the period, the Group also qualified for, and upgraded to, the
OTCQX from the OTCQB Venture Market. This listing is directly in line with the
Company's ambitions to further expand its reach and visibility into the US
investor market.
Product Innovation
Continued R&D investment is driving new product development and
enhancements of existing offerings across on-premises, hybrid, and cloud
environments. Through FY 2024, the Company unveiled a number of product
upgrades to ensure its SmartWall ONE solution remains at the forefront of the
DDoS protection market and capable of safeguarding any corporation from both
well-known and nascent DDoS cyberthreats.
Key launches include Corero DDoS Intelligence Service ("CDIS"), an AI-assisted
service for SmartWall ONE customers, as well as a 400G extension to
SmartWall ONE and the introduction of new features to enhance the SmartWall
ONE Service Portal. Collectively, these innovations are projected to further
improve customer experience, increase SmartWall ONE's flexibility in line with
industry trends, and maintain Corero's excellent client retention track
record.
In order to access commercial opportunities across the wider service
availability market, the Company launched Corero Observability &
Resiliency Ecosystem ("CORE") in October 2024, its first expansion beyond
DDoS. CORE is a new SaaS cloud-based availability protection platform
designed to integrate seamlessly into customers' existing security
infrastructure. The Group is in the process of extending the capabilities of
CORE in a phased development programme and will update the market in due
course on its progress.
Sales and Marketing Investment
During FY 2024, Corero focused increasingly on direct investment in its sales
function, recognising the significant opportunity it has to broaden the
Group's sales footprint across previously unexplored territories, as well as
generate additional cross and upsell revenues with existing customers in
established geographies.
Strategic marketing spend grew by 43% year-on-year, with capital designated to
lead generation programmes including regional tradeshows, content syndication
campaigns, webinars, and sponsored social media content.
Other key initiatives included:
· Hiring an experienced senior channel partner manager to refresh the
Group's channel partner network and create greater sales traction
· Creating regional sales hubs across Latin America, APAC and the
Middle East, hiring experienced sales personnel in Dubai, Singapore and Chile
to accelerate Corero's ambition to increase its market reach
· Reinforcement of existing sales teams across North America and Europe
to increase touchpoints, strengthen client relationships and drive new
business development
Increased investment played a pivotal role in growing Corero's market reach
and generating new customer traction during the year, particularly in regions
such as Latin America and the Middle East where efforts are being made to
expand the Company's presence.
The launch of the new CORE platform will also enable Corero to capitalise on
new market opportunities with an expanded product portfolio to take to market.
DDoS Addressable Market and Market Drivers
The rapid growth of the global DDoS mitigation market is showing no signs of
abating. Latest research indicates that the market will be valued at $9.63
billion by 2029 (2024: $5.17 billion), growing at a CAGR of 13.2%(1). Corero
operates within a significant segment of this overall market and estimates
that the total addressable market for its principal SmartWall ONE solution
exceeds $2.0 billion.
Compared to other modes of cybercrime, DDoS attacks are relatively low risk
yet high impact, and malicious actors are increasingly becoming aware of the
significant damage they can inflict on companies through DDoS strikes, both
from a financial and reputational standpoint. As attacks become more complex,
aided by increased access to AI and machine-learning, organisations are
continuing to seek comprehensive protection.
Demand for resilient and adaptable DDoS defence solutions remains high in
North America, where Corero has its highest customer and sales footprint,
while hactivism associated with Russia's invasion of Ukraine has also
exacerbated the DDoS attack threat level in Europe. Attacks are also
widespread in other key regions where Corero is actively growing its influence
- including the Middle East and Latin America.
(1)https://www.corero.com/ddos-protection-market-to-reach-9-billion-by-2029/
(https://www.corero.com/ddos-protection-market-to-reach-9-billion-by-2029/)
Outlook
Corero has entered FY 2025 in a strong position, well placed to build on a
positive FY 2024 and deliver on the Company's near and long-term growth
ambitions. So far in FY 2025, the Company has closed a number of key customer
wins in the US and EMEA.
The combination of new sales team hires and recent product launches has
created additional momentum to unlock considerable commercial opportunities
across Corero's existing customer base through both cross and upselling,
alongside ongoing sales penetration in new territories.
Global demand for DDoS protection continues to grow, and the Group remains
focused on elevating its status as an effective and affordable solutions
provider capable of combatting the most hostile of DDoS attacks.
Looking ahead to the remainder of FY 2025, Corero is committed to
strengthening and expanding its alliance and regional partnerships to support
new business pipeline and revenue growth.
Carl Herberger
Chief Executive Officer
31 March 2025
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
Year ended Year ended
31 December 31 December
2024 2023
Continuing operations $'000 $'000
Revenue 24,559 22,349
Cost of sales (2,134) (2,164)
Gross profit 22,425 20,185
Operating expenses (21,933) (20,201)
Consisting of:
Operating expenses before depreciation and amortisation (19,925) (18,428)
Depreciation and amortisation of intangible assets (2,008) (1,773)
Operating profit/(loss) 492 (16)
Finance income 99 44
Finance costs (36) (181)
Profit/(loss) before taxation 555 (153)
Taxation charge (56) (17)
Profit/(loss) after taxation 498 (170)
Profit/(loss) after taxation attributable to equity owners of the parent 498 (170)
Basic and diluted earnings/(loss) per share Cents Cents
Basic earnings per share 0.1 0.0
Diluted earnings per share 0.1 0.0
EBITDA 2,500 1,757
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
Year ended Year ended
31 December 31 December
2024 2023
$'000 $'000
Profit/(Loss) for the year 498 (170)
Other comprehensive income/(expense):
Items reclassified subsequently to profit or loss upon derecognition:
Foreign exchange differences (49) 628
Other comprehensive income/(expense) for the year net of taxation attributable 449 458
to the equity owners of the parent
Total comprehensive income/(expense) for the year attributable to the equity 449 458
owners of the parent
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
As at As at
31 December 31 December
2024 2023
$'000 $'000
Assets
Non-current assets
Goodwill 8,991 8,991
Intangible assets 6,422 4,820
Property, plant and equipment - owned assets 944 633
Leased right of use assets 139 309
16,496 14,753
Current assets
Inventories 389 96
Trade and other receivables 11,290 8,427
Cash and cash equivalents 5,321 5,160
17,000 13,683
Total assets 33,496 28,436
Liabilities
Current liabilities
Trade and other payables (4,340) (3,902)
Lease liabilities (102) (164)
Deferred income (6,861) (4,992)
(11,303) (9,058)
Net current assets 5,697 4,625
Non-current liabilities
Lease liabilities (48) (151)
Deferred income (3,481) (2,491)
(3,529) (2,642)
Net assets 18,664 16,737
Capital and reserves attributable to the equity owners of the parent
Share capital 7,133 6,999
Share premium 83,290 82,430
Capital redemption reserve 7,051 7,051
Share options reserve 2,491 2,007
Foreign exchange translation reserve (2,014) (1,965)
Accumulated profit and loss reserve (79,287) (79,785)
Total shareholders' equity 18,664 16,737
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
Year ended Year ended
31 December 31 December
2024 2023
Operating activities $'000 $'000
(Loss)/Profit before taxation for the year 555 (153)
Adjustments for movements:
Amortisation of acquired intangible assets - 2
Amortisation of capitalised development expenditure 1,588 1,504
Depreciation 467 423
Depreciation - leased assets 170 116
Assets redesignated from PPE to Cost of Sales - 30
Finance income (99) (44)
Finance expense 8 164
Finance lease interest costs 28 17
Share based payments expense 484 233
Cash generated from operating activities before movement in working capital 3,201 2,292
Movement in working capital:
(Increase)/decrease in inventories (293) 68
(Increase)/decrease in trade and other receivables (2,863) (1,248)
Increase in trade and other payables 3,297 2,035
Net movement in working capital 141 855
Cash generated from operating activities 3,342 3,147
Taxation paid (56) (17)
Net cash generated from operating activities 3,286 3,130
Cash flows from investing activities
Investment in development expenditure (3,190) (1,824)
Purchase of property, plant and equipment (789) (812)
Finance income 99 44
Net cash used in investing activities (3,879) (2,592)
Cash flows from financing activities
Net proceeds from issue of ordinary share capital 994 165
Lease liability payments (193) (143)
Finance expense (36) (78)
Repayments of borrowings - (1,317)
Net cash generated from/(used in) financing activities 765 (1,373)
Increase/(decrease) in cash and cash equivalents 171 (835)
Effects of exchange rates on cash and cash equivalents (10) 349
Cash and cash equivalents at 1 January 5,160 5,646
Cash and cash equivalents at 31 December 5,321 5,160
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
Total
Foreign attributable
Share Capital Share exchange Accumulated to equity
Share premium redemption options translation profit and owners of
capital account reserve reserve reserve loss reserve the parent
$'000 $'000 $'000 $'000 $'000 $'000 $'000
1 January 2023 6,980 82,284 7,051 1,777 (2,593) (79,615) 15,884
Loss for the year - - - - - (170) (170)
Other comprehensive income - - - - 628 - 628
Total comprehensive income for the year - - - - 628 (170) 458
Contributions by and distributions to owners
Issue of share capital - exercise of options 19 146 - - - - 165
Fully exercised share options - - - (3) - - (3)
Share based payments - - - 233 - - 233
Total contributions by and distributions to owners 19 146 - 230 - - 395
31 December 2023 and 1 January 2024 6,999 82,430 7,051 2,007 (1,965) (79,785) 16,737
(Loss)/Profit for the year - - - - - 498 498
Other comprehensive income - - - - (49) - (49)
Total comprehensive income for the year - - - - (49) 498 449
Contributions by and distributions to owners
Issue of share capital - exercise of options 134 860 - - - - 994
Share based payments - - - 484 - - 484
Total contributions by and distributions to owners 134 860 - 484 - - 1,478
31 December 2024 7,133 83,290 7,051 2,491 (2,014) (79,287) 18,664
The share capital comprises the nominal values of all shares issued.
The share premium account comprises the amounts subscribed for share capital
in excess of the nominal value, net of issuance costs.
The capital redemption reserve comprises the amount transferred from deferred
shares on redemption of the deferred shares.
The share options reserve represents cumulative share-based payment charges.
The foreign exchange translation reserve arises on retranslating the net
assets of UK operations into US dollars.
The retained earnings are all other net gains and losses and transactions with
owners not recognised elsewhere.
1. General Information
This results announcement is presented in US Dollars ("$") rounded to the
nearest $'000 unless otherwise stated which represents the presentation
currency of the Group. The average $-GBP sterling ("GBP") exchange rates used
for the conversion of the Consolidated Income Statement for the year ended 31
December 2024 were between 1.25-1.32 (2023: 1.21-1.29). The closing $-GBP
exchange rate used for the conversion of the Group's assets and liabilities at
31 December 2024 was 1.25 (2023: 1.27).
This results announcement has been prepared in accordance with UK adopted
international accounting standards in conformity with the requirements of the
Companies Act 2006. The "requirements of the Companies Act 2006" here means
accounts being prepared in accordance with "international accounting
standards" as defined in section 474(1) of that Act, as it applied immediately
before Implementation Period (IP) completion day (end of transition period),
including where the Company also makes use of standards which have been
adopted for use within the United Kingdom in accordance with regulation 1(5)
of the International Accounting Standards and European Public Limited
Liability Company (Amendment etc.) (EU Exit) Regulations 2019. The
consolidated financial statements have been prepared under the historical cost
convention.
The financial statements have been prepared on a going concern basis.
The Directors have prepared detailed income statement, balance sheet and cash
flow projections for the period to 30 June 2026 ("going concern assessment
period"). The cash flow projections have been subjected to sensitivity
analysis of the revenue, cost and combined revenue and cost levels which
demonstrate that the Group and Company will maintain a positive cash balance
through the going concern assessment period. As part of the sensitivity
analysis, the Directors have noted that should the forecasted revenues not be
achieved, mitigating actions can be taken to address any cash flow concerns.
These actions include the deferral of capital expenditure, reduction in
marketing and other variable expenditure alongside a hiring freeze.
The Directors are also not aware of any significant matters in the remainder
of calendar 2025 that occur outside the going concern period that could
reasonably possibly impact the going concern conclusion.
The Directors have also considered the geo-political environment, including
rising inflation in some of our key markets, the impact of proposed US tariffs
and the conflict in Ukraine and the Middle East, and whilst the impact on the
Group is currently deemed minimal, the Directors remain vigilant and ready to
implement mitigation action in the event of a downturn in demand or an impact
on operations.
On this basis, the Directors have therefore concluded that it is appropriate
to prepare the financial statements on a going concern basis.
The financial information set out above does not constitute the Company's
Annual Report and Accounts for the year ended 31 December 2024. The Annual
Report and Accounts for 2023 have been delivered to the Registrar of Companies
and those for 2024 will be delivered shortly. The auditor's report for the
Company's 2024 Annual Report and Accounts was unqualified and did not contain
an emphasis of matter paragraph nor any statement under Section 498 of the
Companies Act 2006.
Whilst the financial information included in this results announcement has
been prepared in accordance with UK adopted international accounting standards
in conformity with the requirements of the Companies Act 2006, this
announcement does not itself contain sufficient information to comply with UK
adopted international accounting standards.
The Annual Report and Accounts for the year ended 31 December 2024 are
available on the Company's
website https://www.corero.com/about/investor-relations
(https://www.corero.com/about/investor-relations) .
The information in this results announcement was approved by the Board on 31
March 2025.
2. Segment reporting and revenue
The Group is managed according to one business unit, Corero Network Security,
which makes up the Group's reportable operating segment. This business unit
forms the basis on which the Group reports its primary segment information to
the Board, which management consider to be the Chief Operating Decision maker
for the purposes of IFRS 8 Operating Segments.
The Group's revenues from external customers for the country of the Group's
domiciles and each individually material country (those over 10% of Group
revenues) are as follows:
2024 2023
$'000 $'000
United States 17,488 15,855
United Kingdom 1,756 2,122
Others 5,315 4,372
Total 24,559 22,349
Revenues from external customers are identified on the basis of invoicing
systems and adjusted to take into account the difference between invoiced
amounts and deferred revenue adjustments as required by IFRS.
The revenue is analysed for each revenue category as:
2024 2023
$'000 $'000
Software licence and appliance revenue 10,066 8,186
DDoS Protection-as-a-Service revenue 5,912 5,599
Maintenance and support services revenue 8,581 8,546
Total 24,559 22,349
The revenue is analysed by timing of delivery of goods or services as:
2024 2023
$'000 $'000
Point-in-time delivery 10,066 8,186
Over time 14,493 14,163
Total 24,559 22,349
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