Sparks

Corero Network Security (AIM: CNS) has announced further investment in international sales leadership and channel development, appointing Michael Woduschegg as general manager and field CTO for EMEA and APAC, with a new director of EMEA channels joining in December. Recent commercial momentum and increasing operational leverage are creating greater scope to reinvest in growth while continuing to improve profitability.

The appointments build on the channel strategy developed following Michelle Ragusa-McBain’s appointment as global channel chief in January 2026. The refreshed partner programme is gaining traction, with Q326 order intake increasing 50% year-on-year to $11.1m and all but one new contract in the quarter originated through channel partners. This supports the view expressed in our September research that the channel strategy would make an increasing contribution through H226 and beyond.

We believe recent order momentum provides good support for our forecasts, which imply revenue growth of 25% in FY26 and a further 15% in each of FY27 and FY28, taking revenue to $42.1m. We expect operational leverage to drive adjusted EBITDA margins from 7% in FY25 to 26% by FY28, despite continued investment in sales capacity and product development.