Losses at Sophos Group widened during the year to March, the IT security company announced today.
The company announced that its operating losses had grown to $32.7m (£22.2m), compared with $500,000 the year before, thanks to $41.9m of exceptional costs – including those associated with the company's recent IPO – being booked during the year.
Sophos' net cash flow had also worsened throughout the financial year, dropping to $21.3m, down 64.4 per cent on $59.9m for the year ended March 2015.
However, revenues for the company have increased to $478.2m, up 15.6 per cent on a like-for-like basis and up 7.1 per cent on a reported basis on the prior year's $446.7m.
"We are pleased with our strong performance during our first year as a public company," said Kris Hagerman, chief executive. "The year has been marked by sustained strength across all major regions and product categories, with our financial and operational performance exceeding the board's expectations set at the start of the year and at the upper-end of our revised outlook.
"Our leading product portfolio, innovation to drive our strategy of synchronized security, commitment to 'security made simple' and 'channel first' sales strategy enabled us to grow our billings and revenue across both new and existing customers."
At time of writing, shares in the FTSE 350 company were trading up 1.1 per cent at 227.4p.
26 May 2016 @ 11:30amSophos Group (SOPH)
Sophos started trading as a listed company last July. At the time, it was London's biggest ever initial public offering for the tech sector.