Channel-based Security outfit Sophos has announced annual results which saw its annual sales hiked by more than a fifth.
The company grew revenues by 21 percent to $641 million in the year to 31 March 2018, with billings hiking by 22 percent to $769 million.
Sales of Sophos Central more than doubled, from $88 million to $186 million and its subscription renewal base has now breached the $1billion mark.
CEO Kris Hagerman said that 2018 was a “strong year” as the company continued to take share in the market,.
“We execute a differentiated strategy of delivering advanced and highly-effective cybersecurity solutions designed to be simple to use, managed in the cloud, and sold 100 percent through our channel partners”, he said.
Some of this is a general improvement in the security industry. Gartner said that total global IT security spending vaulted 8.4 percent last year to reach $89.1 billion, but some of it might be because Sophos is scoring sales off its rivals.
Sophos’ adjusted operating profits nearly matched revenues by rising 20 percent to $46 million. However it was not all good news – the firm posted a pre-tax loss of $52 million on the back of foreign exchange losses.
Hagerman added: “We have a massive market opportunity in front of us, and our strong and growing subscription base and growth in new customers, combined with our next-generation technology in endpoint and firewall and our Sophos Central cloud platform, position us well for FY19 and beyond.”
