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Sophos Reports Strong H1 performance; full-year Outlook Reaffirmed
Tuesday, December 20, 2016Company Profile | Follow Company
Sophos office in downtown Vancouver (580 Granville Street)
Vancouver, BC, and Oxford, UK, December 8, 2016--(T-Net)--Sophos Group plc (the “Group” / LSE: SOPH), a leading provider of cloud enabled enduser and network security solutions, issued its Interim Results for the six-months to 30 September 2016 (“H1, FY17”).
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Editor's Note: One of Sophos' three main facilities in North America is located in downtown Vancouver at 580 Granville Street. Sophos had earlier acquired Vancouver's ActiveState in 2003 for a reported $23 million in cash.
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Sophos Reports Strong H1 performance; full-year Outlook Reaffirmed
H1, FY17 | H1, FY16 | Growth | |
$M (Reported) | $M (Reported) | % (Reported) | |
Non-GAAP measures: | |||
Billings1 | 279.8 | 242.0 | 15.6 |
Cash EBITDA2 | 50.9 | 45.5 | 11.9 |
Unlevered free cash flow3 | 62.2 | 19.9 | 212.6 |
GAAP measures: | |||
Revenue4 | 256.9 | 234.2 | 9.7 |
Operating loss | (24.6) | (13.4) | n.m. |
Net cash flow from operating activities | 63.3 | 4.6 | n.m. |
Financial and operational highlights
Kris Hagerman, Chief Executive Officer, commented: “We are pleased with our first half results which were in-line with our outlook, and especially pleased with our cash flow performance which was ahead of our outlook. We continued to outgrow the IT security market, supported by a strong demand environment in our target market, industry-leading technology, the quality and reach of our extensive partner channel, the consistency of our operational execution, and the strength of our financial model, where we benefit from high levels of recurring subscription business.
As we enter the second half of the fiscal year we expect continued strong growth, in particular as we benefit from key new product releases in next-generation endpoint and next-generation firewall, and the continued momentum of our Sophos Central cloud management platform.”
Outlook
For the year-ending 31 March 2017, the Board continues to expect to deliver mid-teens percentage billings growth on a like-for-like basis whilst also delivering modest cash EBITDA margin expansion, reflecting the operational leverage in the business. Revenue growth is expected to be mid-teens. Unlevered free cash flow is expected to approximately double in FY17.
To read the full report, please go to
https://otp.tools.investis.com/clients/uk/sophos/rns/regulatory-story.aspx?cid=107&newsid=815967
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