(Alliance News) - WANdisco PLC on Wednesday reported a widened annual loss as its revenue fell and overheads rose, but the company remained confident in its pipeline moving forward.
In 2021, the Sheffield-based data-management software company widened its pretax loss to USD38.8 million from USD35.8 million it posted in 2020. WANdisco said the higher loss was a result of lower revenue and increased overheads during the year.
Revenue fell 30% to USD7.3 million from USD10.5 million in 2020. Bookings, however, rose 17% to USD11.9 million from USD10.2 million. Overheads increased to USD41.5 million from USD36.9 million.
In addition, the company explained it shifted to a consumption-based revenue model from a subscription-based one. This shift to a consumption model meant that revenue is recognised over time rather than upfront. It said that this would result in more "predictable" revenue moving forward.
Chief Executive David Richards said: "We made significant strategic progress in financial year 2021 reorganising our go-to-market operation and cost structure. This has provided us greater revenue visibility, accountability and efficiencies to drive our business forward, and I am confident that we will continue to convert on our strong pipeline of cloud migration opportunities in 2022."
Meanwhile, WANdisco on Wednesday announced it raised about USD19.8 million via issuing 5.9 million subscription shares at 270 pence each, a premium of 5.5% to its closing price of 255p on Tuesday. It expects admission coming Monday. The newly issued shares represent about 9.8% of the entire issued share capital, the company added.
Shares in WANdisco were up 1.2% at 258.00 pence on Wednesday in London.
By Heather Rydings; heatherrydings@alliancenews.com
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