Shares in technology company WANdisco (WAND) have soared since last June's Aim flotation at 180p - that oversubscribed IPO raised $26m (£16.8m).
The group's prospects certainly do look impressive. That's because the software that has been developed and patented by WANdisco helps databases located at different sites around the globe to remain synchronised and demand for these products looks robust. Indeed, new customers include such big names as Apple, Capgemini, Huawei and Cisco - to name but a few. While, since the period ended, WANdisco has announced a first tier UK telecoms provider as a customer for its new big data solutions products. Moreover, first-quarter cash bookings rose 96 per cent year on year to £3.035m and clients are staying, too - the annualised subscription renewal rate was 134 per cent.
Still, such expenses as IPO-related costs, investment spend and a growing sales team did push operating costs up from $4.6m in 2011 to $14.1m in 2012. So, despite the rapid growth in revenues, WANdisco remains heavily lossmaking and broker Panmure Gordon expects the pre-tax loss to rise to $8.27m for 2013, with an adjusted loss per share of 21.43¢.
WANDISCO (WAND) | ||||
|---|---|---|---|---|
| ORD PRICE: | 803p | MARKET VALUE: | £172m | |
| TOUCH: | 790-815p | 12-MONTH HIGH: | 835p | LOW: 180p |
| DIVIDEND YIELD: | NIL | PE RATIO: | NA | |
| NET ASSET VALUE: | 57¢* | NET CASH: | $14.5m | |
| Year to 31 Dec | Turnover ($m) | Pre-tax profit ($m) | Earnings per share (¢) | Dividend per share (¢) |
|---|---|---|---|---|
| 2009 | 2.48 | -2.25 | -49.0 | nil |
| 2010 | 2.98 | -1.96 | -42.0 | nil |
| 2011 | 3.88 | -1.23 | -26.0 | nil |
| 2012 | 6.03 | -7.98 | -49.0 | nil |
| % change | +55 | - | - | - |
*Includes intangible assets of £5.5m, or 26¢ a share £1=$1.55 | ||||
