WANdisco Plc Trading Update (1902U)

TIDMWAND

RNS Number : 1902U

WANdisco Plc

16 January 2017

16 January 2017

WANdisco plc

("WANdisco" or the "Company")

Trading Update

Total bookings up 72% year on year to $15.5 million

Big Data contract wins underpin significant business momentum

WANdisco (LSE: WAND), the leading provider of continuous availability software for global enterprises to meet the challenges of Big Data, provides an update for the fourth quarter together with second half and full year results to 31 December 2016.

Key financial highlights

   --      Record bookings secured in Q4 2016 up 97% to $6.1 million (Q4 2015: $3.1 million) 
   --      Bookings in H2 2016 up 109% to $9.6 million (H2 2015: $4.6 million) 
   --      Total bookings for the full year 2016 up 72% to $15.5 million (2015: $9.0 million) 
   --      Cash of $7.6 million at 31 December 2016 (30 June 2016 $1.1 million) 

-- Cash burn reduced to $200k in Q4 2016 (Q4 2015: $6.9 million) showing a significant reduction in overheads

-- No borrowings on the revolving credit facility ('RCF') as at 31 December 2016 (30 June 2016: borrowings on the RCF of $3.8 million)

Key operational highlights

   --     In Q2, signed IBM OEM agreement for WANdisco Fusion to be sold as IBM Big Replicate 
   --     In Q2, announced a major contract for WANdisco Fusion as part of Dubai's Smart City project 

-- In Q3, secured $1.5 million order for WANdisco Fusion from a major US Bank via an Oracle Reseller

-- In Q3, received $775k order for Subversion, our Application Lifecycle Management product, from a major European Bank

-- In Q4, announced significant contract win with IBM for a major automotive multinational worth approximately $1.0 million in royalties to WANdisco

-- In Q4, secured a contract for Amazon S3 Cloud solution with global online gaming company Playtika

   --     Strong order book and sales pipeline continues to underpin medium term growth expectations 

David Richards, Chief Executive Officer and Interim Chairman of WANdisco, commented:

"We are delighted to have achieved record bookings in the fourth quarter of $6 million and total bookings for the year up 72%. Additionally, operating at nearly cash flow break-even during the quarter reflects the significant action taken to reduce our operational cost base, which coupled with our improved booking performance has dramatically reduced our cash burn rate, ending the year with no net debt.

"The key focus for 2016 was to establish our partner network and during the year we successfully secured our IBM OEM agreement, as well as two significant channel partnerships with Oracle and Amazon. These partnerships are both strategically important to WANdisco as well as already significantly contributing to our bookings performance.

"We have begun 2017 with a strong new business pipeline and a significantly reduced cost base, which together, will further our progress towards profitability."

For further information, please contact:

 
 WANdisco plc                        via Vigo Communications 
 David Richards, Chief Executive 
  Officer and Interim Chairman 
 Erik Miller, Chief Financial 
  Officer 
 
                                     [phone] 
 Vigo Communications                  9707 
 Jeremy Garcia / Fiona Henson 
  / Antonia Pollock 
  www.vigocomms.com 
 
                                     [phone] 
 Stifel (Joint Broker and Nomad)      7600 
  Fred Walsh / Neil Shah / Rajpal 
   Padam 
 
 UBS (Joint Broker)                  [phone] 
  Rahul Luthra / Sandip Dhillon       8000 
 

About WANdisco

WANdisco (LSE: WAND) is the world leader in Active Transactional Data Replication(TM). Its patented technology provides continuous consistent access to changing data anytime and anywhere with no downtime and no disruption. WANdisco's patented technology serves crucial high availability (HA) requirements, including migration to cloud, Hadoop Big Data and Application Lifecycle Management (ALM), Subversion, Git and Gerrit.

WANdisco works directly with Fortune 1000 companies around the world and in all sectors to ensure their data, whether it is on-premise or in the cloud, gives them the real insight they need. WANdisco has an OEM with IBM and is also partnered with Amazon Web Services, Cisco, Google Cloud Platform, Hewlett Packard Enterprise, Microsoft Azure and Oracle to resell its patented technology. WANdisco is committed to the ODPi Interoperable Compliance Program to ensure its products are interoperable across a wider range of commercial Apache(TM) Hadoop(R) Platforms.

For additional information, please visit www.wandisco.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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January 16, 2017 02:00 ET (07:00 GMT)