Email and web security software provider Clearswift has issued its first set of results since its change in ownership late last year when private equity firm Lyceum Capital took control (see Clearswift changes hands), and business has been good in the meantime.
Firmer financial footing has helped Clearswift continue to invest in its core technology (content inspection) and focus on medium and large enterprises, to good effect. EDITDA tripled during the full year to March 31 2012 although full year revenue was essentially flat - £19.5m vs. £19.2m in the previous year. With 85% of its revenue now recurring, the company does have a stable base and good forward revenue visibility. It has also seen 25% growth in its Gateway product bookings. Basically, overall bookings (up 5% organically), revenue, and cash (up to £4.4m from £2.2m) are all heading in the right direction. Cloud and mobile developments, as well as tends like BYOT, highlight the need for security software. Clearswift is in the right place at the right time and looking for further organic growth n FY13.