Last checked at 
(Alliance News) - Darktrace PLC on Tuesday said it predicts double-digit revenue growth driven by an increasing customer base, and noted the completion of Ernst & Young's independent review.
Shares in Darktrace were up 19% at 350.37 pence each in London on Tuesday morning.
In the financial year that ended on June 30, the Cambridge-based artificial intelligence cybersecurity developer said revenue was up 31% to at least USD544.3 million from USD415.5 million a year prior, with annual recurring revenue up 29% in constant currency from USD514,380 in financial 2022.
Darktrace added that customer numbers grew by 18% from 7,437 customers the year before.
The cybersecurity firm added it expects adjusted earnings before interest, tax, depreciation and amortisation margin of at least 22%, slightly higher than the previously expected margin of between 15% and 18%.
Looking ahead, Darktrace said it expects am increase in its constant currency ARR for financial 2024 of between 21% and 23%, with a higher weighting in the second half of the year. It also expects year-on-year revenue growth of between 22% and 24%.
On Tuesday, Darktrace also announced the completion of Ernst & Young's independent review. The company had brought in the accountants to conduct a third-party probe into its financial processes in February, after falling under scrutiny from short-seller Quintessential Capital Management.
Quintessential had criticised Darktrace's management and said it was "sceptical" about its growth figures.
"Neither management nor the board consider EY's report to have any impact on Darktrace's previously filed public company financial statements nor to change their belief that those financial statements fairly represent Darktrace's financial position and results," Darktrace said.
By Sabrina Penty; Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
