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13 April, 2022 - 09:56 By Tony Quested

Darktrace shares take off after revenue growth forecast

Cambridge cyber security tech specialist Darktrace saw its UK stock rise 17.20p (almost four per cent) on early trading after raising its forecast for full-year revenues, It cited a surge in new global customers for the upbeat assessment. 

Darktrace now expects full-year recurring revenue to increase between 40 per cent and 41.5 per cent – as against its previous forecasts of 38.5 per cent to 40 per cent growth.

The welcome news for shareholders came in a trading update for Q3 and the full year up to March 31.

Darktrace says it added 359 new customers in the period, bringing the client base at quarter-end to 6,890.  

With new customer additions continuing as the primary driver of constant currency Annualised Recurring Revenue (ARR) measures, net ARR was $35.4 million for the third quarter and $105.3 million for the nine months year-to-date ended March 31. 

This represented 56.8 per cent and 51.3 per cent growth over the comparable prior year periods, respectively.

The net ARR added during the third quarter, on top of strong performance in recent periods, resulted in constant currency ARR at March 31 of $462.6m. This reflected growth of 46.3 per cent year-over-year, approximately 1.4 percentage points of which was related to the acquisition of Cybersprint.

Revenue for Q3 was $109.8m bringing revenue for the nine months year-to-date to $302.4m. This reflected year-over-year growth of 50.1 per cent and 51.5 per cent over the same quarter and nine-months of FY 2021, respectively. 

The group is expanding the size of certain of its international facilities as its global customer base continues to expand.

Darktrace CFO Cathy Graham said: “In our third quarter, we sustained strong growth trends across our customer base, ARR and revenue, as well as maintaining the gains in churn and net ARR retention rates we made in the first half of the financial year.

“Year-to-date results and a continuing positive operating outlook have led us to again increase our FY 2022 expectations across all financial and customer measures.

“As we pursue our goal of protecting organisations across the globe from cyber-attacks, we remain laser-focused on fulfilling our vision of delivering a continuous AI loop addressing today’s complex and constantly changing cyber challenges. 

“In March, we took a step closer to that goal when we completed our acquisition of Cybersprint and welcomed their outstanding attack surface management technology and talented team to Darktrace.

“Together, we are driven by innovation and committed to developing the world-class technologies, underpinned by our powerful Self-Learning AI, that are so critical to our customers remaining protected in a rapidly evolving threat landscape.”

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