Thursday 15 July 2021 7:54 am

Darktrace upgrades 2022 expectations after strong sales

Daily news reporter in City A.M.'s London newsroom

Darktrace, a cybersecurity AI firm that listed in April, today said it expects revenue for the last financial year to have grown 40 per cent to $278m (£201m), upgrading its guidance for 2022.

It now expects year over year revenue growth of between 29 per cent and 32 per cent (previously 27 per cent to 30 per cent).

Shares in the company jumped by over 13 per cent this morning, pushing the firm’s market capitalisation over £4.3bn.

Darktrace, founded in 2013, said its customer base at the end the last financial year had grown 42 per cent year-on-year, standing at 5,600 customers.

Poppy Gustafsson, CEO of Darktrace said: “We are pleased to report strong operating and financial performance for FY2021. Demand for our self-learning AI solutions is robust, as advanced cyber-attacks continue to outpace the human capability of security teams. 

“I would like to thank our shareholders for their interest and engagement: we have been delighted by the warm welcome we have received in the London market. I would also like to thank our customers and employees. We have executed well this past year, despite a challenging environment, and continue to invest in our business for the long-term success of all stakeholders.”

Darktrace said it plans to report results for the 2021 financial year in the week starting 13 September, with the specific date and conference call details to be made available soon.

The firm listed in April this year in an IPO that valued it at £1.7bn, with shares jumping 40 per cent on its debut.

The float was only around 10 per cent of the company, and existing shareholders were expected to cash in around £21m worth of stock.

Prior to the listing, the firm said its revenue had surged to almost $200m during the pandemic, profiting from higher demand for its services due to the shift to home working throughout the Covid crisis.