Sophos lifts full-year billings guidance

FSTE 250 network security solutions provider Sophos lifted its full-year billings guidance on Wednesday.

In a brief trading update ahead of its capital markets day, the company confirmed that the strong momentum in billings growth reported in the first quarter has accelerated in the second quarter and as a result, it now expects FY18 billings growth of around 20%, up from previous guidance of mid to high teens.

Chief executive officer Kris Hagerman said: "Today we will illustrate the strength of customer demand in the markets in which we operate, reinforce our compelling competitive positon that is driven by a market-leading product set and channel focused sales model, and underscore the visibility and predictability of our SaaS subscription financial model.

"These are the core elements that drive our business and underpin our medium-term outlook of $1bn of billings by March 2020."