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(Alliance News) - Darktrace PLC on Thursday said it revenue grew in the first half of its financial year, as it upped its targets for the full year.
The Cambridge, England-headquartered cybersecurity company said it expects to report revenue of USD329.6 million for the first half of financial 2024, ended December 31, indicating growth of 27%. In the first half of financial 2023, the firm posted revenue of USD259.3 million.
Darktrace anticipates reporting an adjusted earnings before interest, tax, depreciation and amortisation margin above the top end of its previous 17% to 19% guidance range for all of financial 2024.
Looking to the full year, Darktrace said it now expects revenue growth between 23% and 24.5%, increased from its previous guidance of between 22% and 23.5%, which it said reflects its continued strong conversion of annualised recurring revenue to revenue.
Darktrace also increased its expectation for adjusted Ebitda margin to a range of 18% to 20%.
Chief Financial Officer Cathy Graham said: "Following the roll-out of significant go-to-market changes that impacted performance in our first quarter, we were very pleased to see the resulting benefits play out in our strong second quarter financial performance. Today's results, along with continued acceleration in top and mid-funnel prospect engagement across our key partner and large strategic customer segments, support our belief that we are seeing a return to positive and sustainable growth and reinforces our view of first half stabilisation and second half re-acceleration.
"Our strong margins and cash position enable us to continue making smart investments in our future product pipeline, go-to-market strategy, and business foundations. Looking forward, we expect to emerge from a period of relative market uncertainty in an even stronger position, and well-placed to capitalise on the large market opportunity for our AI-powered cyber security products as attackers capitalise on the availability of increasingly sophisticated tools and tactics, including generative AI."
The firm will post its first-half results on March 7.
Darktrace shares were up 10% to 369.02 pence each on Thursday morning in London. The stock is up 47% over the past year.
By Harvey Dorset, Alliance News reporter
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