WANdisco, the Sheffield-based firm that specialises in big data products for businesses, saw its shares tumble 5.1 per cent yesterday after reporting its losses had more than doubled during the first half of the year.
While revenues rose 43 per cent to $5m (£3m), losses increased from $7.5m to $18.5m as the firm invested $4.2m on new products in the six months to 30 June.
Looking to the second half of the year WANdisco boss David Richards said: “Having made investments in people and in infrastructure, as well as realising some engineering cost efficiencies, we enter the remainder of the year with a more efficient organisation set up to take advantage of the opportunities which we see ahead of us in a big and rapidly-evolving marketplace.”
Despite the disappointment in the market yesterday, Investec analyst Roger Phillips remained optimistic on the results: “With an action packed end to the year in store, we expect a significant rebound in the shares.”
WANdisco’s shares closed down at 367.5p on the news.