Wandisco share price leaps after big data contract wins

Emma Haslett
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Shares in the company jumped on the news (Source: Getty)

Shares in big data company Wandisco jumped this morning, after it unveiled two "significant" new contracts with (unnamed) companies in the financial services and telecoms sectors.

Shares were nine per cent higher at 85p in early trading.

In a statement yesterday the company - one of the few listed companies able to boast headquarters in both California and Sheffield - said increasing regulatory requirements had driven demand from businesses in financial services and telecoms.

It added that operating costs in both its Application Lifestyle Management and Big Data businesses had fallen.

"Overheads in the third quarter [are] below those in the second quarter, continuing the reduction reported in the first half of the year," it said.

In March shares in the company fell more than 12 per cent after it posted results showing losses of $39m (£26m) in the year to the end of December 2014, despite a 40 per cent increase in revenue.

At the time, the company said the loss had resulted from significant expansion.

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