17th May 2018 10:29
LONDON (Alliance News) - Cybersecurity solutions provider Sophos Group PLC on Thursday said strengthening of sterling and the euro - currencies in which it owes money- resulted in a widened loss for the 2018 financial year.
The company recorded a pretax loss of USD52.3 million for the year ended March 31, compared with a pretax loss of USD49.3 million in financial 2017. Foreign exchange losses on debt revaluation increased to USD6.9 million from USD1.2 million.
Adjusted operating profit increased by 20% to USD46 million from USD38 million in the prior-year.
Revenue in the period grew to USD640.7 million from USD529.7 million, driven by 26% growth in subscription revenue in the period. Billings revenue, which represents the value of products and services invoiced to customers, rose to USD768.6 million from USD632.1 million.
For the 2019 financial year, the company expects mid-teens percentage billings growth, including a 200 basis points currency benefit, and growth in margin consistent with its medium-term outlook.
Sophos also is confident in delivering annual billings of USD1 billion, free cash flow of USD220 million to USD240 million, and adjusted operating profit greater than USD100 million for 2020 financial year.
The UK listed company declared a final divided of 3.5 cents per share, giving a total payout of 4.9 cents, up 6.5% year-on-year.
Shares were trading 4.0% higher at 572.00 pence on Thursday morning.
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