WANdisco: Interim CEO describes 2022 as "wasted" as he reveals financial results

Shares in the data specialist were suspended in March following the launch of an investigation into its finances. It was later revealed that millions of pounds worth of false purchase orders were made by one of its senior sales employees.

The company has since reduced its headcount by 30 per cent.

WANdisco’s co-founder and chief executive David Richards, and Erik Miller, its chief financial officer, stepped down from the leadership team in April.

The company has now published its preliminary unaudited results for the financial year ended 31 December 2022, which had been delayed following the March announcement.

WANdisco reported an adjusted EBITDA loss of $30.3m (£24m) for the period, compared to $29.5m (£23.4m) in 2021.

Revenue was $9.7m (£7.7m) up from $7.3m (£5.8m) the previous year.

Mr Kelly said: "Joining the group after the conclusion of 2022 means there is little that I can say about 2022 itself.

"I am a shareholder in WANdisco so I share many of the same sentiments, surprise and disappointments as other shareholders. “What I can say is that 2022 in many respects turned out to be a wasted year.

"Having got off to a bad start, FY23 will be different. I am determined that it will serve as a real transition year towards a sustainable, growth-focused future for our business.”

He added: “We are building the platform for growth from FY24 and the classic ingredients for success are now in place. We have an attractive market and a good competitive position but need greater discipline and focus to capitalise on it. The early results of our turnaround plan show we can bring this focus to bear.

“Together, the new leadership team will provide the framework to drive value creation for all our stakeholders so that our partners, customers and colleagues share in the success of the new WANdisco as we drive growth in the economic value of the business and growth in the value for our shareholders."

The company said it expects to announce a $30m equity fundraise ‘shortly’ as it looks to resume trading on AIM.

WANdisco announced earlier this month that it planned to change its name.

It said: “The change to the company name is part of a broader update to the company's overall brand to best reflect the values and vision embodied in the turnaround plan, including but not limited to improvements in disclosure, governance, and the board's future ambitions for the company.”

This week it also announced that it is set to work with one of Australia’s leading banks in a deal worth $113,125. The firm will use its Data Migrator software to help the firm in a data modernisation programme.