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Cybersecurity firm Darktrace lifts annual profit forecast on customer growth

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(Reuters) -British cybersecurity firm Darktrace Plc said on Tuesday it raised its full-year profit margin forecast to about 19.5%, buoyed by steady customer growth.

A shift to remote working during the pandemic as well as the Russia-Ukraine conflict, has fuelled a spike in cyber attacks and bolstered demand for security software.

Darktrace, which uses artificial intelligence to detect attacks and vulnerabilities inside IT networks rather than building barriers at the perimeter, had earlier forecast adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) margins between 15% and 17% for the full-year ended June 30.

In the fourth quarter, the company that counts British supercar group McLaren and the brewing co Anheuser-Busch InBev among its clients, said it added more than 500 new customers, bringing its year-end customer base to more than 7,400.

Darktrace said it expected full-year revenue of at least $417 million, up 48% year-on-year. The company has raised its revenue outlook thrice in the last few months.

The company expects annualised recurring revenue to grow between 31% and 34% in constant currency for the upcoming financial year.

Shares of the company, which listed at 250 pence last April, are down 20.2% so far this year.

(Reporting by Eva Mathews in Bengaluru; Editing by Rashmi Aich)

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