It’s been a disappointing year for ‘born-again’ network security and education software firm, Corero Network Security, with sales growth of its core ‘first line of defence’ (FloD) security appliance below expectations (see Will Corero ‘FloD’ the network security market?). Group COO (in effect CEO) Andrew Miller (no relation), has promoted VP marketing head Ashley Stephenson to CEO of the eponymous network security division to try to put more wind it its sails.
Meanwhile the near-orphaned Corero Business Systems division (software for the UK education market) seems to continue to prosper.
Miller is signalling bigger losses in 2012 when the final numbers are out at the end of March. As I have said before, it will be a real stretch for Miller to turn CNS into a profitable operation twice its current size. Today’s trading update makes that stretch look even greater.