By Jess Jones
British cyber security specialist Darktrace dimmed its outlook for 2024 causing shares to dip four per cent on Wednesday morning.
Darktrace, which recently cleared its name following allegations of bad books, posted a 31.3 per cent revenue growth in 2023 in its full year results.
However, it forecast earnings before interest, tax, depreciation and amortisation may only rise 17 to 19 per cent next year, down from a previous 22 per cent forecast in July. Darktrace also said it could take on more debt.
New customer additions have stuttered at a nearly 14 per cent slower rate in 2023 than the year before, due to pressure on business budgets.
“The macro-economic backdrop has been a headwind for many businesses over the past year, and we have not been immune from its impact,” said chief executive Poppy Gustafsson, who co-founded the company in 2013.
While businesses carefully watch where they put their precious cash, cyber attacks are increasing according to GCHQ’s National Cyber Security Centre, which predicts “unpredictable targeting or unintentional escalation”.
Darktrace uses AI in its cyber security services to help organisations identify and defend against attacks.
Gustafsson said it is a “watershed” moment for AI and it creates a “unique opportunity” for Darktrace.
“At Darktrace we are AI-native,” she added. “Our technology has been built from the ground up by AI experts over 10 years, with AI its core. Our AI is future-proofed, because it has been designed to identify novel threats, irrespective of how that threat emerged, or what latest capability fuelled it.”
