Share price surges at Wandisco
Cloud company Wandisco’s share price jumped 22% yesterday after it announced that bookings were up 72% for the year.
The Sheffield company’s share price closed on 274p yesterday following a trading update in which chief executive and interim chairman David Richards said he expected that the company would continue to move toward profitability in 2017.
Total bookings for the full year 2016 up 72% to $15.5m (£12.9m) according to the company yesterday, promoting a surge in investor confidence in the firm.
Boardroom chaos hit the company just three months ago when Mr Richards, who founded the company 11 years ago, was ousted from the board, making a shock return via a shareholder revolt which saw the departure of chairman Paul Walker and non-executive director Ian Duncan.
Mr Richards took over the chairman position in the interim and made several appointments following the initial upheaval to solidify his position. CFO Erik Miller left along with the chairman and senior executive but made a return himself three days later.
Wandisco, which has a market capitalisation of £96.5m, is based in Sheffield and also has offices in the US. Its technologies allow companies to store and manage large quantities of data.
