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Tech star Darktrace soars despite losses soaring to over £100m

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Cyber-attacks give Darktrace a sales boost: UK tech star continues to rise despite mounting losses










Shares in Darktrace skyrocketed even as the British tech star’s annual losses soared to over £100 million.

The cybersecurity firm was traded in April at a value of £1.7bn, or 250p per share.

But yesterday the stock closed 14.5 per cent higher at 731p – valued at £4.5 billion – despite losses rising from £19.5 million to £106.7 million, partly due to costs related to the flotation.

Rising Star: Cybersecurity firm Darktrace was listed in April at a value of £1.7 billion, or 250 pence per share. But yesterday, the stock closed 14.5 percent higher at 731p

But investors paid more attention to the sale, which rose from £143.9 million to £203.4 million in the year to June 30. And it predicted it could climb to a whopping £278.7 million this year.

Cybersecurity services have exploded during the pandemic as companies are committed to better antivirus and antimalware software to protect staff working remotely.

Ransomware cyber-attacks, which take control of computers until users pay criminals a fee, are on the rise.

Cambridge-based Darktrace specializes in software to monitor computer networks, using artificial intelligence (AI).

Poppy Gustafsson, the boss of Darktrace, said: “As the adoption of machine learning AI accelerates worldwide, we are excited to continuously push the boundaries of innovation.”

The CEO owns 0.4 percent of the company, or 2.77 million shares, meaning her stake has increased from £6.9 million to £19.2 million in value.

The biggest factor in the loss was the £77 million cost associated with the property overhaul. Another £11 million went to accountants, lawyers and bankers.

Ties with Autonomy tycoon Mike Lynch, whose Invoke Capital was a major investor, have clouded amid concerns over a forced sale of his stake.

He is accused of fraud in the US and denies the allegations. He resists attempts to extradite him.

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