WANdisco announces interim half-year results

WANdisco has announced unaudited interim revenues of $3m (£2.4m) in the six months to the end of June, compared to half-year results of $5.8 for the samer period last year.

It also confirmed it would start its rebranding to Cirata in early October, with rebranding complete by the end of the year.

In what the data activation platform calls a “transitional year stablishing a sustainable growth platform”, it announced bookings of $2.8m (£2.2m), down from $7.3m in the first half of 2022. Adjusted EBITDA losses improved slightly,  with a loss of $14.8m (£11.8m) in the first half compared to $14.1m in 2022. It held $3.2m (£2.6m) in cash at 20 June, compared to $19.1m in 2022.

The firm told the London Stock Exchange it expects second-half bookings between $4.3m and $6m (£3.4m-£4.8m), and forecast it would have $16m (£12.8m) in cash by the end of December, or slightly higher.

The firm said the discovery of irregularities in sales bookings listed in the 2022 accounts had a significant impact on prospective customers, partners, its pipeline and overall business, but it was confident what remains is robust and of high quality. but the pipeline remains in the early stages of a rebuild.

Chief executive Stephen Kelly said the firm had conducted a root-and-branch review of everything needed to create a world-class company, with governance being the first priority.

“Sadly, very little from the past deserves preservation, except for the excellence of the technology, strong engineering, marquee customers and loyal committed colleagues, he said in a statement to the LSE. “Nearly every other aspect of our business, especially Go-To-Market, is now in the process of necessary radical change as outlined in the previously announced Turnaround Plan. We are building from the ground up.”

He added, “Our partners and customers are re-engaging. We have important validation of the continuous use case opportunity, and we have a senior Management team who understand that execution must improve on every measure.”