UK’s Darktrace ups 2022 growth forecast on strong cyber demand

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LONDON, Jan 11 (Reuters) – British cybersecurity company Darktrace (DARK.L) raised its full-year outlook for revenue guidance and earnings margin on Tuesday following strong customer growth and retention in the first half of the year.

The group which listed in April last year said it now expected its 2022 annual recurring revenue to rise by between 37 and 38.5%, up from previous guidance of 34 to 36%. It sees its earnings margin at between 3 to 6%, from previous guidance of 2 to 5%.

Darktrace, which uses artificial intelligence to detect attacks and vulnerabilities inside IT networks rather than building barriers at the perimeter, previously increased its outlook in September.

Its shares had jumped more than 150% in the months after it listed but spent the final quarter of the year on a downward trajectory, hit in November by a private equity firm selling shares after a post-flotation lock-up ended.

Darktrace said on Tuesday that in the first half it enjoyed year over year customer growth of 39.6% and it expects first-half revenue of at least $190 million, reflecting organic growth of at least 50%.

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Reporting by Kate Holton; editing by Guy Faulconbridge

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