StockMarketWire.com - Cybersecurity company Sophos Group said its revenue had grown by 3% in the first quarter, as growth in subscription sales offset a fall in hardware sales.

The company also announced that chief financial officer Nick Bray would leave in November to take up a new position at a private equity company. A search for his replacement was underway.

On a constant currency basis, revenue for the three months through June grew 7%.

Subscription revenue rose 11% on a constant currency basis, while hardware revenue fell 10%.

Billings rose 5% to $183.1m, or 9% on a constant currency basis.

'This has been an encouraging start to the year which underpins our confidence in our prospects for the full year,' chief executive Kris Hagerman said.

'The demand environment continues to be strong, and as we noted at the full-year, we believe we have a highly effective and differentiated next-generation security product portfolio that positions Sophos very well.'

'Along with encouraging overall company growth, we saw significant continued growth in our next-generation products, including Sophos Central, Intercept X endpoint, XG Firewall, and our MSP business.'

'Consequently, we believe we are well positioned for continued future growth.'

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