24th Apr 2019 11:02
LONDON (Alliance News) - WANdisco PLC on Wednesday reported a widened annual loss, on lower revenue and increased expenses, but noted it has made a "strong" start to 2019 with a sharp jump in revenue.
WANdisco is a data-management software company whose platform, Fusion, ensures the consistency of data across different cloud systems, keeping it available and accurate from any location at anytime.
In 2018, the company's pretax loss widened to USD19.4 million from USD14.0 million in 2017. Revenue decreased 13% to USD17.0 million from USD19.6 million the year before.
Operating expenses increased 37% in 2018 to USD37.6 million from USD27.4 million the year before. WANdisco's finance costs were almost wiped out, however, decreasing to USD514,000 from USD4.3 million the year before.
"This has been an important year for WANdisco, with substantial progress in both partnerships and product to unlock the significant potential in cloud computing. We have significantly extended our relationship with Microsoft, gaining co-sell status that allows our WANdisco Fusion platform to be sold as a standard offering with Microsoft's Cloud Solution, Azure. Throughout the year we have continued to build on this foundation and have closed a number of strategic deals with high profile Microsoft customers," said Chief Executive David Richards.
The company said it has made a "strong" start to 2019 with revenue of USD4.0 million, a 38% year-on-year increase.
"We are seeing increasingly strong market traction for our products as the global demand for Big Data and cloud migration unfolds. We have a strong pipeline of deals from both our channel partners and direct sales," added Richards. "The company has a robust and strengthening sales pipeline which underpins the board's continued confidence in achieving forecast expectations."
Shares in WANdisco were down 3.4% Wednesday at 570.00 pence each.
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