Break even point nears for software company WANdisco
DISTRIBUTED computing and software company WANdisco is planning on breaking even after major progress this year.
The listed Sheffield and San Francisco-headquartered firm has been working on cloud solutions for data issues it said in its half year results.
For the six months to 30 June 2016, the company returned revenues of $5.6m, steady on last year’s $5.7m.
WANdisco said that these results do not yet reflect the improvement in sales it has seen in recent months, and expects turnover to be much higher in the second half of the year when it expects to break even.
Losses after tax narrowed from $17.8m in the same period in 2015 to $5.4m – including a $4.4m currency gain.
During the period, WANdisco set about raising £10.3m through a share placing on the London Stock Exchange. IBM has launched its first embedded Wandisco product during the year.
It has historically been a loss-making company, but has been working on its profit margins over the past year.
The company said the cost of operations had been “significantly” reduced and that it was “important to continue to invest in the business in order to stimulate further enterprise adoption of WANdisco’s technology.”
David Richards, WANdisco chief executive, said: “Our product has evolved to enable data in the cloud, and we have seen increasing evidence of our strategic opportunity, with a range of partners, to be a key part of the infrastructure powering cloud and hybrid cloud data platforms.
“We have continued to deploy our Fusion Big Data product with large and sophisticated customers. We have seen growth in our customer base, accelerating go-lives and more customers scaling up.
“In our ALM business, I am pleased that the increase in sales bookings in the second half of last year have been maintained into this year, although I see room for improvement.
“With reduced costs and new equity funding secured, we expect during the second half of this year to accelerate our progress towards cash flow break-even.”
