Darktrace expecting 25.5 per cent growth thanks to growing cybersecurity demands | City & Business | Finance

At its third quarter trading update, Darktrace said that its revenues for the three months to the end of March had increased 26.5% to $176.1million (£140million), and that its profit margin was ahead of its previous forecast of 21%.

As a result, Darktrace now expects its full year revenues to be up by at least 25.5%, 0.5 percentage points higher than it previously said. It added that its profit margins are likely to be 23% for the 12 months to the end of June, compared to its prior forecast of 21%.

Chief financial officer Cathy Graham attributed Darktrace’s strong performance to changes it had made to its sales team’s strategy, targeting and remuneration, as well as the constantly evolving threat from cyber criminals. She said that the speed, sophistication and success rate of cyber-attacks is rising as criminals increasingly use artificial intelligence, automation and “cybercrime-as-a-service” to attack their targets.

Graham added: “We believe the markets in which we operate are emerging from a period of relative economic uncertainty and moving to an environment where organisations can prioritise proactive cyber defence.”