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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 $38.8 million from $35.8 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 $7.3 million from $10.5 million in 2020. Bookings, however, rose 17% to $11.9 million from $10.2 million. Overheads increased to $41.5 million from $36.9 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 $19.8 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.
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