Sheffield data firm WANdisco, soon to be known as Cirata, has announced unaudited interim revenues of $3m (£2.4m) in the half year to the end of June, compared to $5.8m for the same period last year.
The company also confirmed it would start rebranding to Cirata in early October following “significant, sophisticated and potentially fraudulent irregularities with regard to received purchase orders and related revenue and bookings, as represented by one senior sales employee,” with rebranding expected to be complete by the end of the year.
In July, the company completed a circa £24m fundraise to support its turnaround plans following the financial scandal that had gripped it for much of the year.
WANdisco announced bookings of $2.8m, down from $7.3m in the first half of 2022. Adjusted EBITDA losses stood at $14.8m in the first half, compared to $14.1m in 2022. It held $3.2m in cash at 20 June, compared to $19.1m in 2022.
The firm added it expects H2 2023 bookings between $4.3m and $6m, and predicted it would have $16m or more in cash by the end of the year.
The firm conceded that the irregularities in sales bookings had impacted its performance, but remained positive for the future.
Chief executive Stephen Kelly said in the firm’s statement to the LSE: “Sadly, very little from the past deserves preservation, except for the excellence of the technology, strong engineering, marquee customers and loyal committed colleagues. Nearly every other aspect of our business, especially Go-To-Market, is now in the process of necessary radical change as outlined in the previously announced Turnaround Plan. We are building from the ground up.”
Kelly added that customers are now beginning to re-engage: “We have important validation of the continuous use case opportunity, and we have a senior management team who understand that execution must improve on every measure,” he said.
