(Alliance News) - WANdisco PLC on Thursday reported a narrowed annual loss as revenue rose, as it expects a "different" 2023.
The Sheffield, England-based data migration platform reported revenue of USD9.7 million for 2022, up 33% from USD7.3 million in 2021.
The firm said revenue from deals closed in the year was USD8.3 million, up from USD4.2 million in a year earlier.
Pretax loss narrowed to USD28.4 million from USD38.8 million, as gross profit rose to USD9.0 million from USD6.6 million a year earlier. The firm incurred a gain of USD11.3 million, which arose from the retranslation of intercompany balances at December 31, "reflecting the decrease in sterling against the US dollar", the company said. This was compared to just USD1.0 million in 2021.
Interim Chief Executive Officer Stephen Kelly said: "Having got off to a bad start, FY23 will be different. I am determined that it will serve as a real transition year towards a sustainable, growth-focused future for our business. We are building the platform for growth from FY24 and the classic ingredients for success are now in place. We have an attractive market and a good competitive position but need greater discipline and focus to capitalise on it."
Shares are suspended at 1,310.00 pence each.
In March, WANdisco suspended trading in its shares after uncovering signs of possible "sophisticated" fraudulent activity, just days after the company had announced it was exploring a potential US listing.
By Xindi Wei, Alliance News reporter
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