(Alliance News) - Darktrace PLC on Thursday said it swung to an annual profit and saw strong revenue growth across all geographies, leading the cybersecurity firm to confirm its expectations for the coming financial year.
However, Darktrace also announced the termination of takeover talks with Thoma Bravo LLC.
Shares were down 31% at 350.20 pence each on Thursday morning in London, making it the worst FTSE-250 performer.
In the financial year that ended on June 30, the Cambridge-based company swung to a pretax profit of USD5.3 million from a loss of USD143.9 million the previous year.
Revenue jumped by 46% to USD415.5 million from USD285.1 million. Darktrace said scale efficiencies created by its multi-year contract model were the main driver behind the improved revenue.
Earnings before interest, tax, depreciation and amortisation surged to USD63.8 million from just GBP6.6 million the year before.
As a result, the company expects revenue growth between 30% and 33%, up from previous expectations of between 29% and 32%, for the new financial year.
Darktrace confirmed its financial 2023 guidance, saying it is "confident" in the company's future prospects.
Darktrace said discussions about a takeover offer from Thoma Bravo have been terminated, after Thoma Bravo said it doesn't intend to make an offer.
In early August, Darktrace announced it was in early stages of discussions with the Chicago, Illinois-based private equity firm on a possible cash offer.
Thoma Bravo had until Monday next week to make a firm offer for Darktrace, or state that it will not be making an offer.
By Xindi Wei; xindiwei@alliancenews.com
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Darktrace (DARK)