(Alliance News) - Darktrace PLC on Wednesday increased its annual revenue guidance, thanks to a smaller-than-expected impact from foreign exchange headwinds, and after a strong first quarter.
For the quarter ended September 30, the Cambridge-based cybersecurity firm said grew its customer base by 43% year-on-year to 5,975.
Net annualised recurring revenue surged 64% to USD24.1 million. The company noted that this was unusually high, owed to coming off last year's low base after the firm's performance was hurt by Covid-19.
Revenue for the quarter increased 51% to USD93.1 million.
"We have continued our strong performance into the first quarter of financial 2022, growing our customer base, ARR and revenue. We remain focused on empowering organisations to interrupt cyber threats, before they experience a business disruption, using our leading Self-Learning AI technology," Chief Financial Officer Cathy Graham said.
Looking ahead, Darktrace expects annual revenue growth of between 37% and 39%, up from the previously forecast 35% to 37%. In financial 2021, the firm posted revenue of USD281.3 million, up 41% from 2020's USD199.1 million.
The upgraded revenue estimates were due to a smaller-than-expected impact from foreign exchange headwinds in the first quarter.
Darktrace shares were up 1.7% to 854.00 pence each in London on Wednesday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Darktrace (DARK)