WANdisco Narrows Loss In "Pivotal" 2017 As It Takes Record Bookings

7th Mar 2018 12:53

LONDON (Alliance News) - Live data firm WANdisco PLC said Wednesday it secured record bookings in 2017, as it posted strong revenue growth and a narrowed adjusted loss.

Bookings in 2017 totalled USD22.5 million, a 45% year-on-year increase from the USD15.5 million secured in 2016. WANdisco's revenue for 2017 was USD19.6 million, up 73% from the prior year's USD11.4 million.

The company's pretax loss widened to USD14.0 million from USD10.0 million in 2016. However, on an adjusted basis this figure actually narrowed to USD10.0 million from USD18.2 million.

WANdisco said 2017 was a pivotal year for the company, having turned around its finances in 2016. It shifted focus to growth in 2017, and the company said it delivered on all strategic priorities, including: capitalising on its Fusion product's growth opportunities; supporting its source code management product; and signing new sales partnerships during the year.

WANdisco Fusion replicates transactional data at the petabyte scale without downtime or disruption, it said.

The Source Code Management division's revenue rose to USD8.5 million from USD8.2 million, with Big Data revenue increasing to USD11.2 million from USD3.2 million.

Looking forward, WANdisco said it is well positioned to take advantage of opportunities that may come its way. It is planning to move its Fusion product into new sectors such as retail and healthcare, and the company said it has a strong new business pipeline overall in multiple sectors.

WANdisco also Wednesday announced a non-exclusive original equipment manufacturer sales agreement with Alibaba Group's cloud computing arm Alibaba Cloud.

Under the deal, Fusion will be sold as a standard component on Alibaba Cloud, "substantially" increasing WANdisco's addressable market.

Chief Executive David Richards commented: "This has been a pivotal year for WANdisco - following the transformation of our financial position during 2016, we have focused on building a commercial strategy which will deliver sustainable long-term growth. By expanding our partnership ecosystem we have significantly extended the reach of WANdisco Fusion, unlocking new sales opportunities in a cost effective manner."

"Our strategy is delivering clear results; we have increased revenue by 73% while maintaining control of our costs, bringing us significantly closer to our goal of cash flow breakeven. We have started 2018 with a strong new business pipeline and I am confident WANdisco is well positioned to take advantage of a wide range of sizeable growth opportunities."

Shares were up 2.7% on Wednesday at 775.00 pence each.

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