Troubled technology company WANdisco has reported growing losses but vowed that efforts to turn around its fortunes after a potential fraud are working.
The Sheffield firm is cutting around a third of its global staff after the discovery of significant “irregularities” surrounding one senior salesperson and their received purchase orders, related revenue and bookings. The issue is thought to total around £12m.
Announcing preliminary unaudited results for 2022, interim chief executive Stephen Kelly - the former boss of technology giant Sage - said the period had been a “wasted year” and he shared shareholders’ frustrations. The company announced revenue for the year of $9.7m, up from $7.3m a year earlier, and an adjusted Ebitda loss of $30.3m, an increase of $1.3m.
