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Sophos beats expectations

The cyber-security group reported flat constant-currency billings
Sophos beats expectations

Shares in cyber security group Sophos (SOPH) climbed 14 per cent on release of a better-than-expected set of full-year numbers. Revenues beat consensus estimates (per Bloomberg) of $696m, underpinned by a double-digit rise in subscription sales. Billings were flat at constant currencies – hardly inspiring, but still an improvement on the “modest decline” anticipated within January’s third-quarter update. 

IC TIP: Sell at 381p

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