LONDON (ShareCast) - (Sharecast News) - Cyber security business Darktrace shares surged on Thursday as the group detailed a "strong 1H financial performance".
Darktrace said revenues had improved 27.4% to $330,303 in the six months ended 31 December, pushing adjusted underlying earnings up by 87% to $84,518. Net profits shot up by 8,939.2% to $52,518, reflecting in part the move to monthly commission payments for FY24 onwards, from quarterly commission payments in prior periods.

Gross margins remained broadly unchanged at 89.3%.

Regarding more recent trading, Darktrace said results for January and February were "largely in line" with recently upgraded expectations, telling investors it now expects FY24 revenue growth of between 23.5% and 25.0%, reflecting continued strong annual recurring revenue to revenue conversion and "a relatively stable" exchange rate environment.

Darktrace said: "Darktrace's performance track in the first half of FY 2024 supports what it believes is a change in trajectory following a period of transformation and stabilisation, moving to Net constant currency ARR added growth in its second half.

"Further, with sales performance for the first two months of 2H FY 2024 being as expected, Darktrace is reiterating the FY 2024 guidance for ARR and Net ARR added provided in its 11 January 2024 1H FY 2024 trading update. Darktrace is also increasing its expectations for Revenue and Adjusted EBITDA margin, reflecting realised and expected improvements to its FY 2024 financial and operating profile."

As of 0930 GMT, Darktrace shares had shot up 12.67% at 396.60p.







Reporting by Iain Gilbert at Sharecast.com

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