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Sophos grows FY revenues 11%, billings dip 1% lower

Thursday 16 May 2019 | 12:56 CET | News

Security software provider Sophos reported revenues for its fiscal year to March up 11 percent to USD 711 million. The company moved to a profit of USD 54 million from a loss of USD 41 million a year ago, and increased its annual dividend 6 percent to 5.2 cents. 

Billings were flat year-on-year at constant currency rates and fell 1.1 percent on a reported basis to USD 760 million. The company said its net renewal rate slowed to 124 percent from 140 percent a year earlier. 

Sophos said billings were affected by a mix shift, with stronger growth in smaller customers particularly driven by managed service provider monthly billings, and a modest reduction in the number of larger transactions compared to the prior-year period. Network hardware billings were weaker as customers extended refresh cycles. 

After the "challenging" year, Sophos said it was shifting its guidance to focus on operating profit over billings. Adjusted operating profit improved 87 percent last year to USD 109 million, helped by one-offs in the previous year for employee compensation. This will lead to a drop in the profit figure this year, but Sophos said it expects a return to growth from FY2020, supported by a positive outlook especially for subscription revenue and new products. 



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Categories: Internet
Companies: Sophos
Countries: World
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