Darktrace cashes in on cyber security demand
SHARES in Darktrace rallied after the cyber security firm raised its forecasts for the third time this year and cut ties with a British tech tycoon who is facing fraud charges in the US.
The Cambridge company’s revenues rose 26.5pc to £140m in the three months to the end of March, and it now expects sales to increase at least 25.5pc for the year to the end of June.
That was more than its previous range of between 23.5pc and 25pc. Shares yesterday gained 6.3pc, or 27.2p, to 462.1p.
It is the third time Darktrace has hiked its forecasts this year and came as it said Mike Lynch, awaiting trial on fraud charges in the US, has lost the right to appoint a director to the board.
The charges relate to the £9bn sale of the software firm autonomy he set up and sold to the US giant hewlett Packard in 2011. his investment fund Invoke Capital was allowed to appoint a nonexecutive director as it held more than 10pc of shares when it floated in 2021.
But its shareholding has now fallen below the level required for a seat on the board.
The FTSE 100 fell 0.5pc, or 37.41 points, to 7923.80 and the FTSE
250 was down 0.1pc, or 14.88 points, to 19,786.87. higher gas prices sent Centrica shares up 2.9pc, or 3.7p, to 129.7p.
Kingfisher was also on the rise – up 2.4pc, or 5.9p, to 248p – after hSBC encouraged its clients to buy the retailer’s stock.
But Jupiter Fund dipped 3.1pc, or 2.8p, to 87.7p following a downgrade from Barclays.
Domino’s bought the remaining 85pc stake it did not own in the pizza firm’s largest franchise business based in the republic of Ireland and Northern Ireland. It paid around £62m to take full control of Shorecal Limited. Shares rose 0.2pc, or 0.6p, to 335.2p.
XPS Pensions, which manages retirement pots, expects revenues for the 12 months to March 31 to be 20pc higher than the year before and its full-year results to be above previously upgraded forecasts. XPS, which will also start working with John Lewis, climbed 10.7pc, or 25p, to 259p.
Money manager Polar Capital Holdings reported that its assets held rose 14pc to £21.9bn in the year to March 31 – and jumped 18pc, or 82.5p, to 540p.
Cybersecurity business Corero lifted 11.9pc, or 1.25p, to 11.75p after it signed a contract worth £1.4m over three years with a US IT provider.
energy firm Jadestone surged 17.9pc, or 4.25p, to 28p after its stock, suspended since mid-February, returned to trading after a reverse takeover collapsed.
Great Portland Estates said it signed £22.5m worth of leases in the year to the end of March, lifting shares 1.6pc, or 6p, to 378.5p.
housing services provider Mears Group’s revenues rose 14pc to £1.1bn in 2023 while profits soared 34pc to £46.9m. It rose 3.3pc, or 12p, to 373p.
energy firm Petrotal, the largest crude producer in Peru, said it had enjoyed its best start to a financial year in its history – and climbed 2.6pc, or 1.25p, to 48.75p.