Trading Update

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™, 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
Vigo Communications	[phone]
Jeremy Garcia / Fiona Henson / Antonia Pollock www.vigocomms.com
Stifel (Joint Broker and Nomad)	[phone]
Fred Walsh / Neil Shah / Rajpal Padam
Peel Hunt (Joint Broker) Edward Knight / Euan Brown	[phone]

About WANdisco

WANdisco is the world leader in Active Data Replication™. 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.

 

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