Russia’s war is driving demand for Darktrace’s cyber skills, boss says
DARKTRACE’S boss said it was ‘no surprise’ demand for its services was booming given geopolitical turbulence around the world.
Poppy Gustafsson, chief executive of the cybersecurity business, said the Russian invasion of Ukraine and the shift to working from home during the pandemic has boosted demand for security software as users and companies look for ways to protect themselves from cyberattacks.
The FTSE 250 group uses artificial intelligence to detect attacks and weak points in computer systems rather than simply creating barriers at entry points like traditional cybersecurity software. Hinting at bumper revenues and profits for the 12 months to the end of June, Gustafsson said the group expected momentum to continue into the new financial year.
She said given the ‘turbulent geopolitical background’ it was ‘no surprise’ cyber risk was an ‘even higher priority’ for company executives. Shares rose 4.8pc, or 16.2p, to 351.5p.
The company said it expected profit margins for the year to the end of June to be at least 19.5pc, up from previous estimates of between 15pc and 17pc.
Revenues, meanwhile, were forecast to have risen 48pc yearon-year to £347m.