Darktrace sees 31% growth in FY revenue; EY concludes review

by | Jul 18, 2023

(Sharecast News) – Darktrace said on Tuesday that EY had concluded its independent review of the cyber security firm and that it did not flag any issues not already known to the company, as it updated on trading.
The company said EY reported “a number of areas already known to Darktrace where systems, processes or controls could be improved”.

Earlier this year, short seller Quintessential Capital Management accused the group of irregular accounting practices.

Darktrace insisted that the review would have no impact on previously-filed public company financial statements or “change their belief that those financial statements fairly represent Darktrace’s financial position and results”.

The company also provided an update on trading for the fourth quarter and year to the end of June. Darktrace said it expects year-over-year revenue growth of at least 31% for FY23, and 29.2% at constant currency. It also expects 18.3% growth in customer numbers and an adjusted EBITDA margin of at least 22%.

For FY24, it expects annual recurring revenue growth of between 21% and 23%. Darktrace said it was expecting 2024 to be a “tale of two halves”, with around 45% of net annualised recurring revenue to be added in the first half, and the rest in the second.

“It remains clear that macro-economic uncertainty is continuing to affect new customer acquisitions and some existing customer behaviour,” it said.

“However, with early signs of recovery across the global economy, and with the opportunity to benefit from the recent and ongoing investments in its Go-To-Market strategy and wider organisation, Darktrace is framing its FY 2024 in terms of first half stabilisation and second half re-acceleration.”

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