27 March 2024
This announcement contains inside information for the
purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014
as it forms part of UK domestic law by virtue of the European
Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance
with the Company's obligations under Article 17 of
MAR.
Corero Network Security
plc
("Corero" the "Company", or the "Group")
Audited results for the
year-ended 31 December 2023
Strong financial
performance and operational progress, underpinned by a renewed
focus on geographic expansion and securing new strategic
alliances
Corero Network Security (AIM: CNS)
(OTCQB: DDOSF), the specialists in distributed denial of service
("DDoS") protection solutions, announces
its audited results for the year ended 31 December 2023 ("FY 2023"
or the "Period").
Financial Highlights:
·
Annualised Recurring Revenues1 ("ARR")
up 17% to $16.9 million (FY 2022: $14.4 million)
·
Revenues up 11% to $22.3 million (FY 2022: $20.1
million)
·
Gross margins of 90% (FY 2022: 87%)
·
Adjusted EBITDA2 of $2.2 million (FY
2022: $1.7 million)
·
All company debt repaid during 2023, with net
cash3 at 31 December 2023 of $5.2 million (FY 2022: $4.4
million)
·
Loss before taxation of $0.2 million (FY 2022:
profit before taxation of $0.4 million)
·
Earnings and diluted earnings per share of 0.0
cents (FY 2022: earnings per share of 0.1 cents)
Operational Highlights:
·
Secured strategic go-to-market partnership with
Akamai Technologies Inc. ("Akamai")
·
CEO Carl Herberger appointed in November
2023
·
Launched SmartWall ONETM platform and released a
major product update during H2 2023
·
Secured $1 million contract with new channel
partner customer, TechEnabler, in Brazil
·
Continued growth in the Company's
subscription-based products and DDoS Protection-as-a-Service
("DDPaaS") offering, underpinning revenue and earnings
predictability
Outlook:
·
Strong start to 2024 with robust new business
pipeline already delivering results in H1 2024
·
Expansion of strategic partnership with Ingecom
Ignition ("Ingecom"), enabling European footprint
expansion
·
DDoS solution demand remains strong driven by the
relentless growth in DDOS attacks globally
·
Focus on four revenue generating
activities:
o Investment in targeted marketing and sales initiatives to
accelerate new business generation
o Expand sales partnerships and global alliances
o Upsell opportunities within current installed base
o Renewals and current customer expansion
Carl Herberger, CEO of Corero, said:
"I am delighted to have joined Corero at such
an exciting time, with the business delivering strong growth across
all our key metrics in FY 2023, alongside the continued expansion
of both our customer base and market reach.
Our new Akamai partnership is already yielding positive
contract momentum and the new Brazilian partnership highlights the
expansion of Corero's global footprint.
The global demand for DDoS protection remains robust, driven
by the ever-growing activity from threat-actors, with 2023 being
another record year. Corero expects this trend to continue and is
therefore well placed to take advantage of this ever more complex
and evolving market.
During 2024, we will continue to build upon the foundations
laid in 2023. Our focus on profitability and positive cash-flow
generation, whilst delivering both ARR and revenue growth, will
allow us to further demonstrate the scalability of the Corero
business model as we continue to realise the Company's
potential."
1 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.
2 Adjusted EBITDA is defined
as earnings before interest, tax, depreciation, and amortisation
excluding unrealized FX gains/(losses) from an intercompany
loan.
3 Net cash is defined as cash
at bank less debt.
Investor Presentation
Corero will be conducting an
online investor presentation this morning at 10.00 a.m. GMT
covering the Company's year-end results, which will be hosted by
Carl Herberger, Chief Executive Officer, and Phil Richards, Chief
Financial Officer.
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.equitydevelopment.co.uk/news-and-events/corero-investor-presentation-27march2024
Enquiries:
Corero Network Security plc
|
Tel: +44(0)20 7390
0230
|
Carl Herberger, Chief Executive
Officer
|
|
Phil Richards,
Chief Financial Officer
|
|
|
|
Canaccord Genuity Limited (Nominated Adviser and
Broker)
|
Tel: +44(0)20
7523 8000
|
Simon
Bridges / Andrew Potts / Harry Rees
|
|
|
|
Vigo Consulting
|
Tel: +44(0)20 7390 0230
|
Jeremy Garcia / Kendall
Hill
|
|
corero@vigoconsulting.com
|
|
About Corero Network Security
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. Corero's technology
protects against external and internal DDoS threats in complex edge
and subscriber environments, ensuring internet service
availability. 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 OTCQB market (OTCQB: DDOSF).
For more information,
visit www.corero.com,
and follow us on LinkedIn and Twitter.
CHIEF EXECUTIVE OFFICER'S STRATEGIC UPDATE, FINANCIAL AND
OPERATIONAL REVIEW
Introduction
The Company delivered a strong
performance in FY 2023, underpinned by new business momentum and
organic growth. Despite a difficult macro-economic environment, we
were able to deliver double digit growth in both revenue and ARR
whilst repaying our outstanding bank loan facility and finishing
the year cash generative, EBITDA profitable and debt
free.
We continued to execute our
focused sales strategy during the Period. ARR increased to $16.9
million as at 1 January 2024, growth of 17% over the prior year
(ARR at 1 January 2023: $14.4 million), driven by continued demand
for Corero's subscription-based and DDPaaS products. This strong
performance continues to improve earnings visibility for the
Company going forward, which, when aligned with the Group's healthy
business pipeline built through 2023, ensures Corero remains well
positioned for revenue growth in 2024 and beyond.
Our global partnership with
Akamai, announced in September 2023, has already significantly
expanded Corero's routes to market and we
anticipate that the relationship will deliver incremental revenue
growth in the medium to long term. We also secured our first major
LATAM partnership in the Period, with network solutions distributor
TechEnabler supporting our growth in Brazil and the wider region as
we aim to broaden our international reach.
Corero has built both a
market-leading product and management team to execute the Company's
enhanced sales strategy, driven by the following levers:
·
Large and high growth addressable
market;
·
Market-leading proprietary technology with global
customer service capability;
·
Continued investment in sales and channel
resources;
·
Scalable and recurring revenue model with high
gross margins; and
·
Strong base of existing customers and strategic
partnerships.
Strategic Progress
As the DDoS market and
cybersecurity sector continue to evolve at a fast pace, and with a
myriad of new digital threats emerging, the Company continues to
focus on ensuring it is best positioned to remain at the forefront
of the industry.
The following key strategic pillars
have been established to underpin operational and financial
progress and drive growth in 2024 and beyond:
·
Increasing our
customer base and market reach, as
demonstrated by the addition of TechEnabler to our customer base in
the Brazilian market.
·
Growing
strategic alliances by entering
into new partnerships, for example our agreement with Akamai to
offer complementary technology to Akamai's Prolexic Cloud
offering.
·
Better
monetisation of our existing services and introducing new services: we continue to enhance the
protection and network security visibility for our
customers.
·
Amplifying our
demand generation programmes:
increasing on-line advertising and marketing campaigns including
webinars and thought leadership speaking opportunities.
·
Continuing to increase our technological innovation
leadership by investing in product development and ensuring
we respond rapidly to market trends and technological advancements
in DDoS protection technology. The launch of the SmartWall ONE
solution during 2023 was a significant milestone for Corero as we
cemented our position at the cutting edge of the technological
landscape. The SmartWall ONE solution delivers a modular
architecture which interfaces with industry-leading routers,
increased protection against DNS-based attacks, and a new 100G
software appliance solution.
DDoS Addressable Market and Market Drivers
The global DDoS protection market
was worth c.$3.6 billion in 2023 and is expected to reach $9.1
billion by 2030 at a CAGR of 14%4. Corero operates within a
significant segment of this overall market and estimates that the
total addressable market exceeds $2.0 billion for its SmartWall ONE
solutions.
Cybercriminals are increasingly
opting to launch DDoS attacks on corporations, favouring the method
over more expensive and higher risk forms of cyberattacks, or even
using DDoS as camouflage for ransomware attacks. A growing number
of businesses globally are beginning to recognise DDoS attacks as
their biggest cybersecurity concern largely due to the considerable
reputational damage they can inflict5.
Companies across all sectors and
of all sizes are vulnerable to DDoS attacks, including those
operating in fast-growing markets like satellite communications and
cryptocurrency. Alarmingly, recent market research revealed that
attacks on financial services rose a staggering 154% between 2022
and 20236, which, given the increasing digitalisation of banking, puts
consumers in great jeopardy if corporations are not safeguarded by
DDoS defence and mitigation solutions.
Regionally, EMEA has suffered a
sharp increase in DDoS attacks. Cybersecurity commentators believe
this spike can be attributed to the geopolitical turmoil and
resultant cyber warfare stemming from Russia's invasion of Ukraine,
including the emerging trend of hactivism7. Strategic regional expansion
is integral to Corero's growth strategy, and post-period end, we
extended our partnership with cybersecurity solutions specialist
and distributor Ingecom to increase our presence and exposure in
EMEA.
DDoS attacks, however, are
prevalent across the globe, with North America estimated to account
for 39% of the global DDoS protection and mitigation market growth
until 20278. Corero's partnership with Akamai, together with our
investment in US sales and marketing initiatives and strategic
North American recruitment, has ensured the Company remains well
positioned to capitalise on new mandate opportunities within the US
market. This is reflected by the geographic mix of the Group's
customer wins across 2023, where Corero secured contracts with a
significant number of US and Canadian based companies.
4 MarketsandMarkets - DDoS
Protection and Mitigation Security Market Report,
https://shorturl.at/gsCKX.
5 T&T - 2023
Cybersecurity Insights Report,
https://www.itprotoday.com/attacks-and-breaches/ddos-not-ransomware-top-business-concern-edge-networks.
6 FS-ISAC/Akamai - DDoS: Here
to Stay Report, https://shorturl.at/hMY28.
7 Europol - Cyber Attacks:
The Apex of Crime-as-a-Service,
https://sofiaglobe.com/2023/09/13/europol-russias-war-on-ukraine-led-to-significant-boost-in-ddos-attacks-on-eu-targets/.
8 Technavio - DdoS Protection
Mitigation Market by Component, Application, and Geography -
Forecast and Analysis 2023-2027,
https://www.technavio.com/report/ddos-protection-mitigation-market-analysis.
Outlook
Corero expects demand for the
Company's market-leading DDoS protection and mitigation solutions
to continue to increase as more and more companies proactively seek
trusted providers to help combat the fast-growing rise in these
highly disruptive attacks.
In 2024, Corero will build upon
the robust foundations established in 2023. We are highly focused
on continuing our new business and partnership momentum and are
actively pursuing prudent regional expansion objectives.
Our focus on profitability and
positive cash-flow generation, whilst delivering both ARR and
revenue growth, will enable us to further demonstrate the
scalability of our business model. This will be supported, in part,
by continued investment in R&D as we aim to roll-out new
product features and innovative service enhancements.
With the strong performance in FY
2023 and positive start to 2024, the Board is confident the Company
can deliver on its growth prospects by growing Corero's market
share and reinforcing its reputation as the go-to DDoS protection
solutions provider.
Carl Herberger
Chief Executive Officer
26 March 2024
Consolidated Income
Statement
For
the year
ended 31
December 2023
|
|
Continuing operations
|
|
Year ended 31 December
2023
$'000
|
Year ended 31 December
2022
$'000
|
Revenue
|
|
22,349
|
20,121
|
Cost of
sales
|
|
(2,164)
|
(2,576)
|
Gross profit
|
|
20,185
|
17,545
|
Operating expenses
|
|
(20,201)
|
(16,869)
|
Consisting of:
|
Operating expenses before depreciation
and amortisation
|
|
(18,428)
|
(14,926)
|
Depreciation and amortisation of intangible assets
|
|
(1,773)
|
(1,943)
|
Operating (loss)/profit
|
|
(16)
|
676
|
Finance income
|
|
44
|
7
|
Finance costs
|
|
(181)
|
(279)
|
(loss)/Profit before taxation
|
|
(153)
|
404
|
taxation (charge)/credit
|
|
(17)
|
150
|
(loss)/profit after
taxation
|
|
(170)
|
554
|
(loss)/profit after taxation attributable to equity owners of
the parent
|
|
(170)
|
554
|
|
|
|
|
Basic and diluted earnings/(loss)
per share
|
|
Cents
|
Cents
|
Basic earnings per share
|
|
0.0
|
0.1
|
Diluted earnings per share
|
|
0.0
|
0.1
|
EBITDA
|
|
1,757
|
2,619
|
Adjusted EBITDA - for unrealised foreign exchange differences
on intercompany
loan
|
|
2,186
|
1,658
|
Consolidated Statement of Comprehensive Income
For
the year
ended 31
December 2023
|
Year ended
|
Year ended
|
31 December
|
31 December
|
2023
|
2022
|
$'000
|
$'000
|
(loss)/Profit for the year
|
(170)
|
554
|
Other comprehensive
income/(expense):
|
|
|
items reclassified subsequently to
profit or loss upon derecognition:
|
|
|
Foreign exchange differences
|
628
|
(1,087)
|
Other
comprehensive income/(expense) for the year net of taxation
attributable to the equity owners of the
parent
|
458
|
(1,087)
|
total
comprehensive income/(expense) for the year attributable to the
equity owners of the parent
|
458
|
(533)
|
Consolidated Statement Of Financial Position
As at 31 December 2023
|
As at 31 December
2023
$'000
|
As at 31 December
2022
$'000
|
Assets
|
|
|
Non-current assets
|
|
|
Goodwill
|
|
8,991
|
8,991
|
intangible assets
|
|
4,820
|
4,502
|
Property, plant and equipment - owned assets
|
|
633
|
604
|
leased right of use assets
|
|
309
|
62
|
|
14,753
|
14,159
|
Current assets
|
|
|
inventories
|
|
96
|
164
|
trade and other receivables
|
|
8,427
|
6,865
|
Cash and cash equivalents
|
5,160
|
5,646
|
|
13,683
|
12,675
|
total assets
|
28,436
|
26,834
|
liabilities
|
|
|
Current liabilities
|
|
|
trade and other payables
|
|
(3,902)
|
(3,956)
|
lease
liabilities
|
|
(164)
|
(78)
|
Deferred income
|
|
(4,992)
|
(3,323)
|
Borrowings
|
|
-
|
(971)
|
|
(9,058)
|
(8,328)
|
Net
current assets
|
4,625
|
2,776
|
Non-current liabilities
|
|
|
trade and other payables
|
|
-
|
(100)
|
lease
liabilities
|
|
(151)
|
-
|
Deferred income
|
|
(2,491)
|
(2,285)
|
Borrowings
|
|
-
|
(237)
|
|
(2,642)
|
(2,622)
|
Net
assets
|
16,737
|
15,884
|
Capital and reserves attributable
to the equity owners of the parent
|
|
|
Share capital
|
|
6,999
|
6,980
|
Share premium
|
|
82,430
|
82,284
|
Capital redemption reserve
|
7,051
|
7,051
|
Share options reserve
|
2,007
|
1,777
|
Foreign exchange translation reserve
|
(1,965)
|
(2,593)
|
Accumulated profit and loss reserve
|
(79,785)
|
(79,615)
|
total shareholders' equity
|
16,737
|
15,884
|
Consolidated Statement of Cash
Flows
For the Year ended 31 December 2023
Operating activities
|
Year ended 31 December
2023
$'000
|
Year ended 31 December
2022
$'000
|
(loss)/Profit before taxation for the year
|
(153)
|
404
|
Adjustments for movements:
|
|
|
Amortisation of acquired intangible
assets
|
2
|
2
|
Amortisation of capitalised development
expenditure
|
1,504
|
1,732
|
Depreciation - owned assets
|
423
|
497
|
Depreciation - leased assets
|
116
|
82
|
Assets redesignated
from PPE to Cost of Sales
|
30
|
-
|
Finance income
|
(44)
|
(7)
|
Finance expense
|
164
|
268
|
Finance
lease interest costs
|
17
|
11
|
Share based payments expense
|
233
|
386
|
Cash generated from operating activities before movement in working capital
|
2,292
|
3,375
|
movement in working capital:
|
|
|
(increase)/decrease in inventories
and sales evaluation assets
|
68
|
(26)
|
(increase)/decrease in trade and other receivables
|
(1,248)
|
(3,867)
|
Increase/(decrease) in trade and other payables
|
2,035
|
(1,361)
|
Net
movement in
working capital
|
855
|
(5,254)
|
Cash generated from/(used in) operating activities
|
3,147
|
(1,879)
|
Taxation
(paid) / received
|
(17)
|
150
|
Net
cash (used in)/generated from operating
activities
|
3,130
|
(1,729)
|
Cash flows
from investing activities
|
|
|
investment in development expenditure
|
(1,823)
|
(1,704)
|
Purchase
of property, plant and equipment
|
(813)
|
(420)
|
Finance income
|
44
|
7
|
Net
cash used
in investing
activities
|
(2,592)
|
(2,117)
|
Cash flows from financing activities
|
|
|
Net
proceeds from issue of
ordinary share capital
|
166
|
228
|
lease liability payments
|
(126)
|
(104)
|
Finance expense
|
(78)
|
(158)
|
Repayments of borrowings
|
(1,317)
|
(1,364)
|
Net
cash (used in)/generated
from financing activities
|
(1,355)
|
(1,398)
|
(Decrease)/increase in cash and
cash equivalents
|
(835)
|
(5,244)
|
effects of exchange rates on cash and cash equivalents
|
349
|
(311)
|
Cash and cash equivalents at 1 January
|
5,646
|
11,201
|
Cash and cash equivalents at 31
December
|
5,160
|
5,646
|
Consolidated Statement Of Changes
In Equity
For the Year ended 31 December 2023
|
|
|
total
|
Foreign
|
|
attributable
|
|
|
|
Capital
|
|
exchange
|
Accumulated
|
to
equity
|
|
Share
|
Share premium
|
redemption
|
Share
|
translation
|
profit
and loss
|
owners of
|
|
capital
|
account
|
reserve
|
options reserve
|
reserve
|
reserve
|
the parent
|
|
$'000
|
$'000
|
$'000
|
$'000
|
$'000
|
$'000
|
$'000
|
1 January 2022
|
6,914
|
82,122
|
7,051
|
1,490
|
(1,506)
|
(80,268)
|
15,803
|
Profit for the year
|
-
|
-
|
-
|
-
|
-
|
554
|
554
|
Other comprehensive income
|
-
|
-
|
-
|
-
|
(1,087)
|
-
|
(1,087)
|
total comprehensive expense
for the
year
|
-
|
-
|
-
|
-
|
(1,087)
|
554
|
(533)
|
Contributions by and distributions to owners
|
|
|
|
|
|
|
|
issue of share capital - exercise
of options
|
66
|
162
|
-
|
-
|
-
|
-
|
228
|
Fully exercised share options
|
-
|
-
|
-
|
(99)
|
-
|
99
|
-
|
Share based payments
|
-
|
-
|
-
|
386
|
-
|
-
|
386
|
total contributions by and distributions to owners
|
66
|
162
|
-
|
287
|
-
|
99
|
614
|
31 December 2022 and 1 January 2023
|
6,980
|
82,284
|
7,051
|
1,777
|
(2,593)
|
(79,615)
|
15,884
|
(loss)/Profit 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
|
6,999
|
82,430
|
7,051
|
2,007
|
(1,965)
|
(79,785)
|
16,737
|
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 the cost to the Group of share options.
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 2023 were between 1.21-1.29 (2022:
1.20-1.36). The closing $-GBP exchange rate used for the
conversion of the Group's assets and liabilities at 31 December
2023 was 1.27 (2022: 1.21).
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 2025 ("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 and the conflict in Ukraine, 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 2023. The Annual Report and Accounts
for 2022 have been delivered to the Registrar of Companies and
those for 2023 will be delivered shortly. The auditor's report for
the Company's 2023 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 2023 are available on the Company's
website https://www.corero.com/about/investor-relations.
The information in this results
announcement was approved by the Board on 26 March 2024.
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:
|
2023
|
2022
|
|
$'000
|
$'000
|
United States
|
15,855
|
13,527
|
United Kingdom
|
2,122
|
2,307
|
Others
|
4,372
|
4,286
|
Total
|
22,349
|
20,121
|
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:
|
2023
|
2022
|
|
$'000
|
$'000
|
Software licence and appliance
revenue
|
8,186
|
8,107
|
DDoS Protection-as-a-Service
revenue
|
5,599
|
4,854
|
Maintenance and support services
revenue
|
8,564
|
7,160
|
Total
|
22,349
|
20,121
|
The revenue is analysed by timing
of delivery of goods or services as:
|
2023
|
2022
|
|
$'000
|
$'000
|
|
|
|
Point-in-time delivery
|
8,186
|
8,107
|
Over time
|
14,163
|
12,014
|
Total
|
22,349
|
20,121
|