Business
Preliminary results
Preliminary results.
About this update from Cirata Plc
[{"type":"text","content":"\n \nRNS Number : 8715W WANdisco Plc 24 April 2019 \n\n24 April 2019\nWANdisco plc\n(\"WANdisco\", the \"Company\" or the \"Group\")\n \nPreliminary results for the year ended 31 December 2018\n \n- Increased quality of earnings derived from substantial annual recurring cloud contract wins\n- Addressable market growth driven by expanding Microsoft and IBM partnerships and Multicloud product\n \nWANdisco (LSE: WAND), the LiveData company announces results for the year ended 31 December 2018.\n \nFinancial highlights\n \n· Revenue for the year of $17.0 million (2017: $19.6 million) with H2 revenue increasing 13% to $11.3m\n· Cash overheads3 of $29.8 million (2017: $24.5 million)\n· Adjusted EBITDA4 loss of $9.4 million (2017: $0.6 million) \n· Operating loss for the year $22.1 million (2017: $9.7 million)\n· Cash at 31 December 2018 of $10.8 million (2017: $27.4 million)\n· Debt of $3.9 million (2017: $4.0 million) \nPost period-end performance\n \n· Strong Q1 2019 progress with revenue of $4.0 million, up 38% year-on-year \n· Successfully closed a fundraise raising gross proceeds of $17.5 million on 14 February 2019 \n· Cash balance on 12 April 2019 of $24.4 million\n· Strong pipeline underpins the Boards confidence in the outlook for the full year\n \nOperational and strategic highlights\n \n· Shift towards recurring revenue model based on annual recurring revenue from cloud contracts \no $3 million US health insurance subscription contract through Microsoft co-sell status\no $1 million partially recurring Source Code Management contract with ICT provider in China\no $200k recurring automotive contract expected to expand substantially\n \n· Deepening our key strategic partnerships \no Microsoft Azure co-sell status delivering strategic deals with high profile customers through the world's second largest cloud\n§ New customers include a major bank, semiconductor company and major retailer\no ...