Darktrace hikes revenue forecasts after punchy start to listed life September 15, 2021 Cybersecurity firm Darktrace this morning hiked its revenue forecasts for 2022 as it made a strong start to life as a listed company. The company said that it expected revenue growth of 35 to 37 per cent next financial year, the second time in recent months that it has upped its predictions. The confident outlook [...]
Morrisons added to FTSE 100, Just Eat booted from blue-chip index September 2, 2021 British supermarket chain Morrisons is joining London’s premier FTSE 100 index, while takeaway delivery service company Just Eat Takeaway.com has been booted from the benchmark of blue-chip stocks. Engineer Weir Group will also leave the FTSE 100, while defence technology company Meggitt will be added. Meanwhile, on the index of mid-cap companies, the FTSE 250, [...]
Just Eat and ITV set to be booted from FTSE 100, while Morrisons and Meggitt could be added August 25, 2021 Takeaway delivery service company Just Eat Takeaway.com is set to be booted from the FTSE 100 after the index’s watchdog ruled it was a Dutch rather than a British company. FTSE Russell, the global index provider that recommends which listed companies should join or be removed from London’s premier index, ruled that Just Eat should [...]
Strict new cybersecurity requirements could burst China’s tech bubble July 30, 2021 Covid has driven ubiquitous growth in digital services in nations as geographically far apart as the UK and China. London has seen massive tech IPOs this year with listings of Deliveroo, Alphawave and Wise. However, the sharp rise in digitalisation has brought an inevitable need for businesses to protect their networks, as vast swathes of [...]
Autonomy founder and billionaire Mike Lynch can be extradited to the US, court rules July 22, 2021 British tech billionaire and Autonomy founder Mike Lynch has lost an attempt to block extradition to the US on fraud charges, a court ruled today. Lynch faces decades in prison if found guilty over the £7.1bn sale of his software company Autonomy to Hewlett-Packard in 2011 and will go to California to answer criminal charges. [...]
Darktrace upgrades 2022 expectations after strong sales July 15, 2021 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 [...]
London IPOs record best start in seven years July 2, 2021 Floatations and fundraisings in the City recorded their best start in seven years, according to figures published today. Total equity raised in London topped £27bn in the first six months of this year, driven by strong investor appetite for high-profile listings such as software firm Darktrace. 49 IPOs raised over £9bn in the first six months [...]
Victorian Plumbing shares surge in biggest ever float on London’s junior market June 22, 2021 Online bathroom retailer Victorian Plumbing has seen shares surge higher as it began life as a listed company in the biggest ever float on London’s junior market. The group launched on to the Alternative Investment Market (Aim) with shares priced at 262p, giving it an initial valuation of around £850m, before the stock quickly jumped [...]
Old guard of the Square Mile must change their attitude towards loss-making, high-growth tech companies June 21, 2021 Towards the tail end of 2020, investors were gleefully rubbing their hands looking ahead to a year like no other for London’s public markets. Rumours of multi-billion pound tech floats from the likes of Deliveroo, Darktrace and Wise began to swirl around the City. By late March this year, the hotly anticipated Deliveroo IPO led [...]
Unicorn nest: UK hits milestone of 100 $1bn tech companies, more than rest of Europe combined June 20, 2021 The UK tech sector has now 100 UK tech companies valued at $1bn or more, according to new data from Dealroom and Tech Nation, shared with City A.M. this weekend. The UK’s 100th tech unicorn, Tractable, an AI startup building computer vision tools, announced a $60m Series D raise, which takes the company’s valuation to [...]