Darktrace reports profits boost as pandemic continues to suppress costs

Tech darling Darktrace lifted its forecasts yesterday after the cybersecurity firm saw revenue rocket 52.3 per cent compared to the same period in 2020.

Darktrace hiked its expectations from those laid out to the City in January, raising revenue growth guidance to between 38.5-40 per cent, up from 37-28.5 per cent.

The firm cited the addition of 1854 new customers, 926 of which were snapped up in the first six months of 2022, as a key driver of this success.

Shares in the firm surged as high as 14 per cent yesterday, but Peel Hunt issued a hold note to buyers, stating that the increase in revenues had been “somewhat anticipated”.

In a recent interview with City A.M. CTO Jack Stockdale said: “We’re proud to be a UK tech company that is still here and hasn’t been bought by an American company. We are listed in London, which is our natural home”.

However, he did state that London was “more used to classical companies”, and wasn’t always the most welcoming place for tech firms.