17th Mar 2015 08:44
LONDON (Alliance News) - Big data company WANdisco PLC saw its shares fall in early trade on Tuesday after the company said its pretax loss for 2044 doubled on the back of a big rise in operating costs, even as revenue for the year increased.
WANdisco said its pretax loss for the year was USD39.4 million, compared to a USD20 million loss a year earlier. The loss was driven by a rise in operating costs, which increased to USD49 million from USD25.7 million in 2013 on the back of investments made by the company in its high-growth markets.
Revenue increased to USD11.2 million from USD8 million, boosted by an 18% increase in sales bookings and contract wins secured over the year, including a big data platform deal with British Gas.
"As 2014 progressed we achieved a marked increase in momentum in our Big Data business, as successful production trials led into some significant contract wins. Alongside our new customer wins, our first contract expansion by an existing customer was particularly encouraging," said WANdisco Chief Executive David Richards.
"We began 2015 by winning one of the world's top ten banks as a Big Data customer and are addressing a number of exciting new sales opportunities, made more tangible by powerful references from 2014's new customers. We look forward to reporting more customer successes as the year progresses," Richards added.
WANdisco shares were down 13% to 310.00 pence in early trade, one of the worst performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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