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(Alliance News) - Shares in Darktrace PLC rallied on Tuesday after lifting margin guidance for its recently ended financial year
Shares in Darktrace were up 8.2% at 362.64 pence in London early Tuesday.
In its financial year that ended June 30, it expects revenue to grow 48% to USD417.0 million from USD281.3 million a year ago.
Its adjusted earnings before interest, tax, depreciation and amortisation margin is tipped to land at 19.5%, above its previous guidance range of 15% to 17%.
The Cambridge-based cybersecurity company forecasts an annualised recurring revenue climb of 42%. "Darktrace continued to deliver strong sales performance in its fourth quarter, adding over 500 net new customers, and bringing the group's customer base at year-end to over 7,400. This reflects year-over-year growth of approximately 32%," the company said.
For the financial year just commenced, revenue growth will slow. Darktrace expects a revenue rise of between 29% and 32%. Its margin is seen between 15% and 18%.
Growth in the year ahead is expected to be hit by foreign currency movements. "Particularly for the first six-to-nine months of the year, year-over-year growth comparisons are expected to be dampened by the impact that significant movements in exchange rates relative to the prior year period have already had, and are expected to continue to have, on the conversion of British pound and euro-denominated ARR to US dollar-denominated revenue," Darktrace explained.
The firm added that it will be hit by inflationary pressures in the new financial year.
Darktrace aims to release its full-year report on September 8.
Separately, the company said it has launched cybersecurity product 'Prevent' for companies, which is based on artificial intelligence. "Darktrace Prevent is the third product area in Darktrace's delivery of a Cyber AI Loop, the industry-first set of AI capabilities which work together autonomously to optimize an organization's state of security through a continuous feedback loop," the company said.
By Tom Budszus; tombudszus@alliancenews.com
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