WanDisco's share price fell more than 10 per cent in early trading as the software group revealed yet more losses this morning.
The Aim-listed firm's overall loss for the first half of the year narrowed from $18.5m (£12.1m) 12 months ago to $17.1m, but the pace of change appears to be slower than investors would have liked, with the results triggering a further drop in its share price this morning.
Revenue rose 13 per cent from $5m to $5.7m in the six months to June 30, while deferred revenue from booked sales was also up 16 per cent to $18m.
But the Yorkshire-based company suffered a slump in sales bookings at its application lifecycle management arm, which synchronises projects across different software platforms, from $7.1m to $3m.
Reasons for cheer came from the group's big data business, which continued to grow in the period. Revenue rose by $700,000 to $800,000 as sales bookings jumped from $300,000 to $1.4m.
Why it's interesting
Shares in WanDisco have fallen by almost 90 per cent since hitting a peak in November 2013, giving it a current market value of just £46.8m.
The company's stock has struggled under the weight of its own ambitious expansion plans - particularly in the big data marketplace.
However Fusion, the firm's latest product, was granted two new US patents, which has helped it secure eight new customers in the second quarter alone from the Americas, Asia-Pacific as well as the Middle East and Europe.
What WanDisco said
Our penetration of the big data market has taken a big step forward in the first half of this year. We added eight new customers in the second quarter alone and the first three big data customers went into live production with our new WanDisco Fusion product.With a compelling new big data product, increasing engagement of high-quality partners and a well-established ALM product, we expect to build momentum through the rest of this year.
WanDisco continues to grow, but may be trimming losses slower than investors would like.