Darktrace PLC (LSE:DARK) said the independent review conducted by Ernst & Young (EY) should have no impact on its financial statements nor does it change its belief that last year’s statements fairly represent Darktrace’s financial position.
EY was granted unrestricted access to all information to conduct its review and pointed out several systems, processes and controls that Darktrace already knew could be improved, according to a statement.
“We have developments already underway, on our roadmap or under consideration across relevant areas of the business, including those covered in EY's review,” said CFO Cathy Graham.
“EY provided some valuable recommendations for how we could implement these planned improvements as we move through this journey."
In a separate statement, the group said it expects revenue in the year to 30 June to grow by at least 31%, to US$544.2mln with a 29% increase in annual recurring revenue, and an 18.3% increase in the number of customers.
The cyber security firm said it expects an adjusted underlying earnings (EBITDA) margin of at least 22%, ahead of previous guidance of around 19%.
Looking ahead, Darktrace said macro-uncertainty will continue to affect its customer acquisition but it remains positive it can stabilise in the first half before accelerating in the second half with there being early signs of recovery across the global market.
“Despite the macro-economic backdrop, Darktrace remains one of the fastest-growing companies listed on the London Stock Exchange, underpinned by our subscription-based business model, strength of our balance sheet, and product innovation,” said CEO Poppy Gustafsson.
“During the past year, we have launched new products like Prevent and upgraded Email Detect and Respond and invested significantly in our Go-To-Market organisation, including hiring experienced new leaders.
“We look forward to these investments paying off in a re-acceleration of sales in the second half of fiscal year 2024 as we continue to protect our growing customer base against these fast-evolving cyber threats."