Darktrace PLC (LSE:DARK) has raised its guidance for the current year after a strong end to the first half and what it said was a change in trajectory for annualised revenues.
The cyber security specialist now expects revenues to rise by between 23-24.5% in fiscal year 2024, up from a previous expectation of 22-23.4%, while margins are also forecast to be around 1% better.
Revenues for the six months to 31 December rose by 27% year on year to US$329.6 million, with margins at the top end of guidance at 19%.
Darktrace added that its recurring revenues had also seen a big pick up during the second quarter following changes to its 'Go-to-Market' strategy.
"Today's results, along with a continued acceleration in top and mid-funnel prospect engagement across our key partner and large strategic customer segments, support our belief that we are seeing a return to positive and sustainable growth and reinforce our view of first-half stabilisation and second half re-acceleration,” said CFO Cathy Graham.
He said Darktrace is "well-placed to capitalise on the large market opportunity for our AI-powered cyber security products as attackers capitalise on the availability of increasingly sophisticated tools and tactics, including generative AI".