The share price WANdisco (WAND) fell by 10 percent in early trading as the LiveData company failed to capitalise on the wider immediate demand for technology and IT infrastructure.
With revenues down from $6m to $3.6m for the half-year and its adjusted EBITDA loss soaring to $11.9m – the company confirmed that revenue for this financial year is expected to be below expectations.
However, it believes it has positioned itself for good growth during its next financial year, noting that it expects a minimum of $35m revenue as it becomes a beneficiary from cloud demand and enhanced partnerships it has created:
“In H1 we have continued to fortify our partnership with Microsoft through the creation of a new core service, the LiveData Platform for Azure. Deepening these relationships with cloud partners remains our primary strategic goal, positioning the Group for significant scalable growth. The Board expects the LiveData Platform to become publicly available as a metered service over the next few weeks.
“In the period the Group secured a significant reseller agreement with a large global systems integrator who has relationships with many Global 200 companies as a provider of cloud integration services. We have also signed significant initial contracts with a large media company and British supermarket chain.”David Richards, CEO of WANdisco
The share price of WAND is currently at 520p.