WANdisco Plc Trading Update (9427L)
25 July 2017 - 4:00PM
UK Regulatory
TIDMWAND
RNS Number : 9427L
WANdisco Plc
25 July 2017
25 July 2017
WANdisco plc
("WANdisco," the "Company" or the "Group")
Trading Update
- Record H1 bookings of $10.2 million, up 73% vs H1 2016
- Momentum underpinned by strong traction with Fusion
WANdisco (LSE: WAND), the world leader in Active Data
Replication(TM), provides the following trading update for the six
months ended 30 June 2017.
Key financial highlights
-- Record total bookings secured in H1 2017, up 73% to $10.2 million (H1 2016: $5.9 million)
-- Big Data bookings secured for WANdisco Fusion ("Fusion") up
173% to $7.0 million (H1 2016: $2.6 million)
-- Source Code Management bookings of $3.2 million (H1 2016: $3.3 million)
-- Cash on balance sheet of $9.9 million, inclusive of $3.0
million from new growth capital facility
-- Cash burn (before borrowings on above-mentioned facility of
$3.0 million) reduced to $600k in H1 2017 (H1 2016: $5.3 million)
due to increased bookings and cash collections alongside
significant reduction in cash overheads
Key operational highlights
-- Launched WANdisco Fusion 2.10, extending capabilities to
Network File System ("NFS") devices which expands the Group's
addressable market by in excess of $1 billion per annum
-- Strong Fusion orders across multiple verticals and solid
sales pipeline continue to underpin medium term growth
expectations
-- Significant contract wins for Fusion in the period include:
o Record $4.1 million contract with a major financial services
multinational
o First contract in retail with $2.0 million order from major
retailer
o $650k order with US Healthcare corporation - Fusion's first
win in healthcare
-- Announced a new $5.0 million term loan facility with Silicon
Valley Bank, with an additional $3.0m revolving credit facility
-- Fusion has adopted Oracle's Maximum Availability
Architecture, increasing potential to add significant sales
momentum to the existing channel partnership
David Richards, Chief Executive Officer and Interim Chairman of
WANdisco, commented:
"The acceleration of bookings in the first half is a key
highlight for the Group. We have seen a significant increase in
demand for Fusion across a number of key verticals, further
demonstrating the broad appeal and requirement for our
applications. From financial services to automotive, and more
recently healthcare and retail, Fusion continues to establish
itself as the only solution capable of enabling organisations to
seamlessly move large volumes of critical data without any downtime
or service disruption.
"The combination of strong bookings, good cash collection and
tight cost controls delivered in the period significantly reduced
our cash burn to a modest $600k. This, combined with the new bank
facility now in place, means we have the capital available to fund
our future growth without further dilution, and the working capital
to fuel sales momentum.
"We continue to see significant traction with Fusion through our
OEM with IBM and channel partnerships with Oracle and Amazon, all
underpinning our confidence in the second half of 2017."
For further information, please contact:
WANdisco plc via Vigo Communications
David Richards, Chief Executive
Officer and Interim Chairman
Erik Miller, Chief Financial
Officer
+44 (0)207 830
Vigo Communications 9700
Jeremy Garcia / Fiona Henson
/ Antonia Pollock
www.vigocomms.com
+44 (0)207 710
Stifel (Joint Broker and Nomad) 7600
Fred Walsh / Neil Shah / Rajpal
Padam
Peel Hunt (Joint Broker) +44 (0)207 418
Edward Knight / Euan Brown 8900
About WANdisco
WANdisco is the world leader in Active Data Replication(TM). Its
patented WANdisco Fusion technology enables the replication of
continuously changing data to the cloud and on-premises data
centers with guaranteed consistency, no downtime and no business
disruption. It also allows distributed development teams to
collaborate as if they are all working in one location. WANdisco
has an OEM with IBM as well partnerships with Amazon Web Services,
Cisco, Google Cloud, Hewlett Packard Enterprise, Microsoft Azure,
and Oracle to resell its patented technology. WANdisco also works
directly with Fortune 1000 companies around the world to ensure
their data can give them the real insight they need.
For additional information, please visit wandisco.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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