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Tuesday 15 May 2018

Mimecast FY18 revenue up 38%

Mimecast FY18 revenue up 38%Mimecast is showing no signs of any deceleration in its rapid growth just yet. The cyber security specialist saw strong demand for its messaging, backup and data archiving solutions in FY18 as public and private sector companies across all geographies continue to migrate their e-mail systems off-premise and into the cloud. Subscribers to SecureConnectViews can find out more in our Cyber Security Supplier Prospects 2018 report here.

The company grew its total FY18 revenue 38% yoy in constant currency to US$261m, with adjusted EBITDA reaching US$26m compared with US$12m in FY17. A GAAP net loss of US$14m (25 cents per diluted share) was significantly worse than the equivalent FY17 loss of US$5.4m, a symptom of big increases in RnD, sales and marketing and administration costs (including German data centre expansion). Gross profit percentage per customer was flat at 73%, but Mimecast continues to sign up more clients than it loses - 4k net adds over the 12 month period expanded its global customer base to 30,400.

The company's management appears relatively cautious in its outlook for Q119, forecasting constant currency yoy growth in the range of 26-28% and revenue of US$76-77m. That would be short of the 40% yoy growth posted in Q118, but still a long way north of our calculations for the UK cyber security market as a whole (read our Cyber security Market Trends & Forecasts 2017-2020 report here).

We have often wondered just how long Mimecast can maintain its stellar performance, but regardless of any slowdown we see strong demand for cloud hosted secure messaging continuing in the short to medium term.

Posted by Martin Courtney at '10:02' - Tagged: results   cybersecurity   Mimecast   email   cloudsecurity  

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