LONDON’s tech darling Darktrace maintained its full year expectations for revenue growth this morning despite showing anxiety about the ongoing strength of the dollar.
The cybersecurity company said it backed full year 2023 year-over-year revenue growth of between 30 per cent and 33 per cent, but would continue to monitor foreign exchange rates and “their potential impacts on revenue, for downside movement relative to rates at this reporting date”.
Darktrace added that whilst the volatility had a limited impact on the most recent quarter, it said headwinds were likely to have an increasing impact on future reporting periods as invoicing begins.
The pound hit a record low of $1.0327 at the end of last month, and although it has since rallied, it is still showing a nearly 19 per cent loss so far this year.
The Cambridge-based firm also revealed that its customer base grew by 320 new customers in the recent quarter to 7,757, a 29.1 per cent year-over-year increase.
CFO Cathy Graham said she expects a further boost in sales from customers as its new ‘PREVENT’ product rallies momentum.
Shares tanked as much as 35 per cent last month after the London-listed company revealed US private equity firm Thoma Bravo had backed out of a potential takeover.
Darktrace chief exec Poppy Gustafsson defended the company’s direction. “Being listed on the London Stock Exchange is exactly where we want to be right now,” she said.
Shares dipped nearly four per cent this afternoon, adding to its near 27 per cent tumble in the year to date.