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Tuesday 14 May 2019

Mimecast FY19 revenue up 32% yoy

Mimecast FY19 revenue up 32% yoyStellar double digit revenue growth has become something of the norm for Mimecast in recent years, and FY19 is no different – the company’s revenue increased 32% yoy to US$340m on a constant currency basis. It's GAAP net loss fell to US$7m from US$12.4m with gross profit percentage stable at 73%.

Mimecast added 4,000 net customers during the year (the total is now 34.4k) and continues to benefit from its close integration with Microsoft – the number of customers using its SaaS security services in tandem with Office 365 in Q419 was 43%, up from 31% in Q418 and 41% in Q318.

A sharp increase in research and development spend (up 50% yoy to US$58m) reflect the continuing expansion of Mimecast’s portfolio, supplemented by a trio of acquisitions. 2018 saw the introduction of a new web security service and security training proposition, while the firm branched out into analytics with the launch of a quarterly Email Security Risk Assessment tool (SecureConnectViews subscribers can read more in our Cyber Security Supplier Prospects 2019 and Beyond report).

The company should reap the benefits of further product launches in FY20, including the Threat Center threat intelligence service introduced in March and the Supervision Solution compliance toolset released earlier this month. Exchange rate fluctuations are expected to have a negative impact though. Guidance is forecasting FY20 revenue growth of 23-27% in constant currency for the year.

That would be mightily impressive by anybody else’s standards, but is comparatively low for Mimecast when viewed alongside the FY18 and FY17 numbers. Demand for its core email and archiving solutions is likely to remain undiminished in the short term, but it will be interesting to see how the company's broader cyber resilience services fare and whether it can make further inroads into the SME market via the channel.

Posted by Martin Courtney at '09:11' - Tagged: results   saas   cloud   cybersecurity   Office365   Mimecast   FY19  

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