Darktrace shares rallied after the cybersecurity firm raised its forecasts for the third time this year and cut ties with a British tech tycoon facing fraud charges in the United States.
The Cambridge company’s revenue rose 26.5 per cent to £140m in the three months to the end of March, and it now expects sales to rise by at least 25.5 per cent for the year to the end of June.
That was up from its previous range of between 23.5 percent and 25 percent. Yesterday the shares gained 6.3 per cent, or 27.2 pence, to 462.1 pence.
It is the third time Darktrace has raised its forecasts this year and came as it said Mike Lynch, awaiting trial on fraud charges in the US, lost the right to appoint a director to the board.
The charges relate to the £9bn sale of software firm Autonomy which it set up and sold to US giant Hewlett Packard in 2011.
In demand: Darktrace’s revenue rose 26.5% to £140m in the three months to the end of March, and it now expects sales to rise by at least 25.5% for the year to the end of June.
His investment fund Invoke Capital was allowed to appoint a non-executive director as it owned more than 10 percent of the shares when it went public in 2021.
But his shareholding has now fallen below the level required for a board seat.
The FTSE 100 fell 0.5 per cent, or 37.41 points, to 7,923.80 and the FTSE 250 fell 0.1 per cent, or 14.88 points, to 19,786.87.
Higher gas prices sent Centrica shares up 2.9 per cent, or 3.7p, to 129.7p.
Kingfisher also rose (up 2.4 per cent, or 5.9 pence, to 248 pence) after HSBC encouraged its customers to buy shares in the retailer.
But the Jupiter Fund fell 3.1 per cent, or 2.8 pence, to 87.7 pence following a downgrade by Barclays.
Stock Watch –
North Sea producer Longboat Energy fell 22.2 per cent, or 5p, to 17.5p as it warned about its future. Losses increased from £2.6 million in 2022 to £9.3 million last year.
Its cash fell to £3.7m, down from £12.1m.
It will have “limited liquidity” in the second half of 2024 and will need to raise funds, a requirement that represents “a material uncertainty that may cast significant doubt on the group’s ability to continue as a going concern”, it said.
Domino’s bought the remaining 85 percent stake it did not own in the largest pizza franchise based in the Republic of Ireland and Northern Ireland.
It paid around £62 million to take full control of Shorecal Limited. The shares rose 0.2 per cent, or 0.6p, to 335.2p.
XPS Pensions, which manages the retirement funds, expects earnings for the 12 months to March 31 to be 20 per cent higher than a year ago and its full-year results to be above previously updated forecasts . XPS, which will also start working with John Lewis, rose 10.7 per cent, or 25p, to 259p.
Money manager Polar Capital Holdings reported its assets rose 14 per cent to £21.9bn in the year to March 31, and jumped 18 per cent, or 82.5p, to 540p .
Cybersecurity business Corero rose 11.9 per cent, or 1.25p, to 11.75p after signing a deal worth £1.4m over three years with a US IT provider.
Energy firm Jadestone rose 17.9 per cent, or 4.25p, to 28p after its shares, suspended since mid-February, returned to trading following the collapse of a reverse takeover.
Great Portland Estates said it signed leases worth £22.5m in the year to the end of March, lifting the shares 1.6 per cent, or 6p, to 378.5p.
Revenue at housing services provider Mears Group rose 14 per cent to £1.1bn in 2023, while profits soared 34 per cent to £46.9m. It rose 3.3 per cent, or 12p, to 373p.
Energy company Petrotal, Peru’s biggest crude producer, said it had enjoyed the best start to the financial year in its history and rose 2.6 percent, or 1.25 pence, to 48.75 pence.