‘Explosion’ in Internet-of-things opportunities drives revenues at live data firm
Sheffield-based live data business, WANdisco, has reported a 74% revenue rise in its interim unaudited results for the six months ended 30 June 2022.
The company’s revenues have climbed to $5.8m/£5m (H1 2021: $3.4m/£2.9m) and it has also achieved record bookings of $27.3m/£23.6m (H1 2021: $2.1m/£1.8m).
WANdisco recorded a pre-tax loss of $5m/£4.3m (H1 2021: $20.3m/£17.5m loss).
David Richards, CEO and chairman, said: “The enhanced trust and comfort potential customers now feel they can have in our capabilities has unlocked all manner of use case experimentations and – as our financial metrics show – meaningful commercial commitments.
“In the period we saw the results of our restructuring efforts begun in Q4FY21, with significant increases in bookings, RPO and a 74% increase in revenue, against a reduced cost base, yielding a reduction in our EBITDA loss of $2.5m.
“Looking ahead, the key tasks for us are to remain focused on converting our robust pipeline of opportunities, whilst continuing to improve our operating leverage from our commit to consume sales model.
“Many of these opportunities are being driven by the explosion in IoT use cases, and we remain confident in our ability to deliver continued strong trading through 2022 and beyond.”
Over the six-month period, the business managed significant Live Data Migrator wins in the Internet of Things (IoT) space, including $14.3m/£12.4m worth of contracts signed with a large telecom provider to support its smart meter operations.
It also won a $5m/£4.3m contract with a major automotive component supplier for sensor analytics.
The company notes that it is in line with market expectations for the full year of 2022 and remains well placed to capture significant market opportunities in IoT-driven deals.
