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Sophos Group plc Results for the quarter-ended 30 June 2019

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Group revenue growth of 7% at constant currency
Next generation(1) billings(2) grew 43% at constant currency

OXFORD, United Kingdom, July 12, 2019 (GLOBE NEWSWIRE) — Sophos Group plc (the “Group” / LSE: SOPH), a leading provider of next-generation cloud-enabled enduser and network cybersecurity solutions, today issues its trading update for the quarter-ended 30 June 2019 (“Q1 FY20”).

Financial highlights

  • Revenue of $180.2M increased by 3% year-over-year (“YOY”), or by 7% at constant currency
    – Strong subscription revenue growth of 10% at constant currency, offsetting a reduction in hardware revenue of -11%
    – MSP(3) ARR(4) now at $31.8 million, an increase of 78% YOY at constant currency
  • Billings of $183.1M increased by 5% in the period, or by 9% at constant currency
    – Next generation (“next-gen”) business, including Sophos Central and XG Firewall, grew 43% at constant currency to $100.2 million, and represented 54% of billings in the quarter
    – Within next-gen business, Sophos Central billings grew 49% to $64.3 million
    – Renewal rate(5) was 118% in the period, compared to 115% in the prior-year period
    – Enduser billings rose by 17% in the quarter at constant currency, whilst Network billings grew 1% reflecting as anticipated the phasing of new product releases, with subscription growth offset by lower hardware billings
  • Profitability improved
    – Adjusted operating profit(6) increased by 10% YOY, reflecting revenue growth and phasing of expenses
    – Reported operating profit at breakeven, compared to a profit of $6.2 million in the prior-year; primarily impacted by a one-off exceptional restructuring charge
    – Cash EBITDA(7) of $26.6 million increased by 31% YOY reflecting in equal proportions the strength of billings and the impact of IFRS 16 in the quarter
  • Cash flow continued to be strong in the quarter
    – Net cash flow from operating activities of $54.4 million, compared to $40.4 million in the prior-year period, the improvement principally reflecting timing differences on working capital; with unlevered free cash flow(8) at $55.6 million, compared to $39.6 million in the prior-year period
  • Total customers now exceed 397,000 when including MSP customers (Q1 FY19: 341,000)

Financial summary
           
  Q1 FY20   Q1 FY19 Growth  
  $M   $M %  
Statutory measures        
Revenue 180.2   175.5 2.7  
Profit / (Loss) before taxation (4.0 ) 7.3 nm  
Net cash flow from operating activities 54.4   40.4 34.7  
Alternative performance measures        
Billings 183.1   174.9 4.7  
Cash EBITDA 26.6   20.3 31.0  
Adjusted operating profit 24.1   21.9 10.0  
Unlevered free cash flow(8) 55.6   39.6 40.4  
           

Chief Executive Officer, Kris Hagerman, commented:

“This has been an encouraging start to the year which underpins our confidence in our prospects for the full year.  The demand environment continues to be strong, and as we noted at the full-year, we believe we have a highly effective and differentiated next-generation security product portfolio that positions Sophos very well.  Along with encouraging overall company growth, we saw significant continued growth in our next-generation products, including Sophos Central, Intercept X endpoint, XG Firewall, and our MSP business.  Consequently, we believe we are well positioned for continued future growth.”

IFRS 16
The results for Q1 FY19 reflect the adoption of IFRS 16 “Leasing”.  The impact is consistent with the expected impact disclosed in the Annual Report and Accounts for the year-ended 31 March 2019; though the Directors will continue to monitor industry practice and experience of implementation through the coming months and update their assessment of the impact on the Group if required. 

About
As a worldwide leader in next-generation cybersecurity, Sophos protects nearly 400,000 organizations of all sizes in more than 150 countries from today’s most advanced cyberthreats.  Powered by SophosLabs – a global threat intelligence and data science team – Sophos’ cloud-native and AI-enhanced solutions secure endpoints (laptops, servers and mobile devices) and networks against evolving cybercriminal tactics and techniques, including automated and active-adversary breaches, ransomware, malware, exploits, data exfiltration, phishing, and more.  The award-winning Sophos Central cloud-based platform integrates Sophos’ entire portfolio of best-of-breed products, from the Intercept X endpoint solution to the XG Firewall, into a single system called Synchronized Security. Sophos products are exclusively available through a global channel of more than 47,000 partners and Managed Service Providers (“MSPs”).  Sophos also makes its innovative commercial technologies available to consumers via Sophos Home.  The company is headquartered in Oxford, U.K., and is publicly traded on the London Stock Exchange under the symbol “SOPH”.  More information is available at www.sophos.com.

Forward-looking statements
Certain statements in this announcement constitute “forward-looking statements”.  These forward-looking statements involve risks, uncertainties and other factors that may cause the Group’s actual results, performance or achievements, or industry results, to be materially different from those projected in the forward-looking statements.  These factors include general economic and business conditions; changes in technology; timing or delay in signing, commencement, implementation and performance or programmes, or the delivery of products or services under them; structural change in the security industry; relationships with customers; competition; and ability to attract personnel.  You are cautioned not to rely on these forward-looking statements, which speak only as of the date of this announcement.  The Group undertakes no obligation to update or revise any forward-looking statement to reflect any change in expectations or any change in events, conditions or circumstances.

For the full report, please go to Sophos’ Investor page on Sophos.com.

Contact

Sophos Group plc
Tel: +44 (0) 1235 559 933
Kris Hagerman, Chief Executive Officer
Nick Bray, Chief Financial Officer
Derek Brown, Vice President Investor Relations
Financial Public Relations
James Macey White / Mat Low
Tulchan Communications
Tel: +44 (0) 20 7353 4200

 

End Notes

  1. The next-gen product portfolio consists of the Group’s most advanced products, managed in Sophos Central, notably including Sophos Intercept X for endpoint protection and the Sophos XG Firewall.
  2. Billings represents the value of products and services invoiced to customers after receiving a purchase order from the customer and delivering products and services to them, or for which there is no right to a refund.  Billings does not equate to statutory revenue.
  3. MSP Billings exclude Reflexion.
  4. Annual Recurring Revenue is defined as the annualised equivalent of term licenses, subscription agreements and maintenance contracts including OEM and MSP but excluding perpetual licenses.
  5. Renewal rates are calculated by comparing the US dollar amount of contracts renewed in a period (including instances of cross-sell and upsell) to the US dollar amount of contracts available for renewal in the period, where MSP business is treated as new business and is excluded from the calculation.  New business grew 4.3% year-on-year of which term business was $1.3 million lower and MSP business grew $3.1 million.
  6. Adjusted Operating Profit represents the Group’s operating profit / (loss) adjusted for amortisation charges, share option charges and exceptional items.
  7. Cash earnings before interest, taxation, depreciation and amortisation (“Cash EBITDA”) is defined as the Group’s operating profit/ (loss) adjusted for depreciation and amortisation charges, any gain or loss on the sale of tangible and intangible assets, share option charges, unrealised foreign exchange differences and exceptional items, with billings replacing recognised revenue.
  8. Unlevered free cash flow represents Cash EBITDA less purchases of property, plant and equipment and intangibles, plus cash flows in relation to changes in working capital and taxation.

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IT Industry

Trakopolis Announces Results of Annual General and Special Meeting

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CALGARY, Alberta, July 19, 2019 (GLOBE NEWSWIRE) — Trakopolis IoT Corp. (TSXV: TRAK) today reported the results of its Annual General and Special Meeting of Shareholders held on Friday, July 19, 2019 (the “Meeting“).

At the Meeting, shareholders approved the appointment of Tracy Graf, Brent Moore, Chris Burchell, Anthony Dutton, Cameron Olson, Gil Sonnenberg and Frank Turner as directors of the company. Shareholders also approved the reappointment of KPMG LLP as the Company’s auditors as well as the Company’s Stock Option Plan.

About Trakopolis

Trakopolis is a Software as a Service (SaaS) company with proprietary, cloud-based solutions for real-time tracking, data analysis and management of corporate assets such as equipment, devices, vehicles and workers. The Company’s asset management platform works across a variety of networks and devices. Trakopolis has a diversified revenue stream from many verticals including oil and gas, forestry, transportation, construction, rentals, urban services, mining, government and others.

FOR FURTHER INFORMATION, PLEASE CONTACT

Brent Moore, President and Chief Executive Officer
Trakopolis IoT Corp.
Telephone: (403) 450-7854
Email: bmoore@trakopolis.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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IT Industry

West High Yield Completes Second Tranche of Private Placement and Terminates Market Making Services Agreement

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CALGARY, Alberta, July 19, 2019 (GLOBE NEWSWIRE) — West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company“) (TSXV: WHY) announces that it has completed the second and final tranche of its previously announced non-brokered private placement of units (“Units“). The Company issued 258,000 Units at a price of $0.25 per Unit for gross proceeds of $64,500 under the second tranche. The Company wishes to correct its statement in the press release issued June 7 regarding the number of units issued pursuant to the first tranche closing. In total, 609,000 units were issued as part of the first tranche for gross proceeds of $152,250.

In aggregate, the Company issued 867,000 Units at a price of $0.25 per Unit for gross proceeds of $216,750 under the private placement. Each Unit consists of one common share in the capital of the Company (a “Common Share“) and one-third of one common share purchase warrant (a “Warrant“). Each whole Warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.45 for a period of one year from the date of issuance of the Warrant. 

All of the securities issued under the private placement are subject to a four month resale restriction. The private placement is subject to receipt of all necessary regulatory approvals including final approval of the TSX Venture Exchange. 

Net proceeds are expected to be used for the environmental base line study, environmental assessment study and mine plan and permit application and Industrial Mineral Mine Permit application for the Company’s Record Ridge deposit near Rossland, British Columbia and general corporate purposes. Although the Company intends to use the proceeds of the offering as described above, the actual allocation of proceeds may vary from the uses set out above, depending upon future operations, events or opportunities. 

An insider of the Company subscribed for 133,000 Units, for a total of approximately 15% of the private placement. The private placement is therefore deemed to be a “related party transaction” as defined under Multilateral Instrument 6-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). Neither the Company, nor to the knowledge of the Company after reasonable inquiry, the insider participant in the private placement, has knowledge of any material information concerning the Company or its securities that has not been generally disclosed.

The private placement is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 (pursuant to subsections 5.5(c) and 5.7(1)(b)) as it was a distribution of securities for cash and neither the fair market value of the Units distributed to, nor the consideration received from, the insider participant exceeded $2,500,000.

The Company also announces termination of the agreement with Questrade, Inc. to provide market making services to the Company previously announced May 10, 2019.

About West High Yield

West High Yield is a publicly traded junior mining exploration company focused on the acquisition, exploration and development of mineral resource properties in Canada with a primary objective to locate and develop economic gold, nickel and magnesium properties.

For further information please contact:
 
 
Frank Marasco
President and Chief Executive Officer
West High Yield (W.H.Y.) Resources Ltd.
Telephone: (403) 660-3488
Facsimile: (403) 206-7159
Email: frank@whyresources.com 
Dwayne Vinck
Chief Financial Officer
West High Yield (W.H.Y.) Resources Ltd.
Telephone: (403) 257-2637
Facsimile: (403) 206-7159
Email: vinck@shaw.ca 

Reader Advisory

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward looking statements and information concerning the terms of the proposed non-brokered private placement of Units, the proposed use of proceeds and the Company’s business plans. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. 

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, skilled personnel and supplies; changes in tax laws; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive. 

Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Not for distribution in the United States. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.

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IT Industry

Breast Reconstruction Market Size to Hit USD 3.6 Bn by 2026

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Acumen Research and Consulting, recently published report on “Breast reconstruction Market Size, Share, Trends, Scope, Growth and Forecast 2019-2026”.

LOS ANGELES, July 19, 2019 (GLOBE NEWSWIRE) — The global breast reconstruction market is estimated to grow at a significant rate of 6.5% during the forecasted period 2019 to 2026 and is expected to reach over 3.6 billion by 2026.

Free Download Sample Report Pages for Better understanding@ https://www.acumenresearchandconsulting.com/request-sample/1535

The global breast reconstruction market is driven by rising number of breast implantation across the globe, increasing prevalence of breast cancer, and increasing healthcare expenditure by major economies across the world. Investments in R&D and increasing government support the breast reconstruction market growth. Moreover, surge in the per capita healthcare expenditure, are some of the vital factors driving the global breast reconstruction market growth during the forecast period 2019-2026. Other factors such as increasing awareness among people regarding breast reconstruction and changing lifestyle are likely to boost the market growth in the near future. However, lack of skilled professionals in the under developed region including Latin America and developing region including the Middle East & Africa is the major factor which is likely to slow the market growth during the forecast period 2019–2026.

The global breast reconstruction market is segmented by product, shape, and end user.

On the basis of product, the breast reconstruction market is segmented into tissue expander, implants, silicone breast implants, and others. Silicone breast implants holds the major share in the global market owing to the various advantages over old and other available options.

Based on shape, the global breast reconstruction market is segmented into round, and anatomical.

Based on end user, the breast reconstruction market is segregated into hospitals, cosmetology clinics, and ambulatory surgical centers, and others.

The global breast reconstruction market is segmented on the basis of the region covering North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

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North America Breast reconstruction market is expected to be the biggest market across the globe. Growth of the North America breast reconstruction market is attributed to the advancements in the medical technology as well as the extensive use of new implants. The U.S. Breast reconstruction market is expected to account for largest in the North America market owing to the technological advancements in the region and high awareness regarding breast reconstruction and presence of huge patient population. Increasing investment in research and development by major players has supported the growth of the breast reconstruction market. Moreover, high spending power of the people will support the breast reconstruction market in North America. Growth of the Europe breast reconstruction market is attributed to the increasing government support and presence of major players in the region. Ongoing research & development in the region over breast reconstruction is the other factor which is expected to propel the market growth further. Asia Pacific is the fastest growing market for breast reconstruction and is expected to grow at high pace owing to the entry of major players in the region due to presence of huge population base suffering from breast cancer. Countries such as Japan, China, and India are considered as the major countries contributing to the market growth, owing to the availability of research facilities. Additionally, the growth is attributed to the presence of skilled workforce such as several research scientists and others. The market in the Middle East and Africa holds the least but growing market share owing to the rising demand for the poor economic condition, research activities and healthcare services, and less development in medical facilities especially in African region.

Some of the key players in the global breast reconstruction market include Mentor Worldwide LLC; POLYTECH Health & Aesthetics GmbH; Sientra, Inc.; Deal Implant Incorporated; Allergan Inc.; Establishment Labs S.A; GROUPE SEBBIN SAS; Integra LifeSciences Corporation; RTI Surgical Holdings, Inc.; and GC Aesthetics.

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