(Alliance News) - Data-management software company WANdisco PLC on Thursday said its annual revenue fell and loss widened, as it unveiled plans to raise USD25 million in a placing.
Revenue in 2019 fell 5.0% to USD16.2 million from USD17.0 million and its pretax loss widened to USD29.1 million from USD20.5 million.
Operating expenses were 8.9% higher at USD42.1 million and finance costs surged to USD2.6 million from USD514,000.
Chief Executive Officer David Richards said: "In 2019 we delivered on our primary strategic goal of cementing our partnership with Microsoft to embed Fusion into Azure which positions the group for significant scalable growth. With the Microsoft Azure LiveData Platform becoming publicly available post period end as a paid service within Azure, we expect to facilitate a greater volume and velocity of deals.
"In 2020, the business is focused upon capitalising on growing opportunities as our relationship with Microsoft and other Tier 1 partners continue to expand. With the backdrop of the Covid-19 pandemic, business is increasingly based in the cloud and the board remains confident that our product direction and strategic progress provides a strong platform to deliver growth in 2020."
The company also added that it plans to raise USD25 million through a placing.
WANdisco will place about 3.0 million shares at 650 pence each.
Its shares closed 1.1% higher at 740.00p each in London on Thursday.
"In order to capitalise on this strong operational momentum and further accelerate its growth ambitions, the company is seeking to raise additional equity capital. The net proceeds from the placing will be used to strengthen the group's balance sheet and to provide further working capital alongside the optionality to accelerate the company's growth ambitions and to pursue near term opportunities with channel partners," WANdisco explained.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
