Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. WANdisco reports modest Tesco contract renewal
WANdisco [LON:WAND] has this morning advised that Tesco will extend its software support contract with the company for a further two years. However it’s worth noting that the value of this deal is set at $200,000 for the duration, covering support and maintenance of the grocer’s use of WANdisco’s proprietary platform. The note adds that the company will continue to engage with shareholders to update them of all new contracts and renewals as it attempts to regain investor support after issues at the start of the year.
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#2. ITM to open in Germany
ITM Power [LON:ITM] has this morning advised that its German arm will officially open in October, providing after sales support in the heart of the EU market, whilst also acting as a home for various business functions to accelerate the company’s growth. Management note that as they scale operations, this is a major step up. Shareholders may applaud the move, but UK policymakers probably need to take note of more GreenTech innovation slipping offshore.
#3. On The Market profit for FY23 posted
Property portal On The Market [LON:OTM] has issued full year results to 31st January. Revenues are up 14%, adjusted EBITDA is up 38% and the company reversed last year’s £1.2m pre tax loss into a £0.2m profit. The group notes a positive start to trade in FY24 as had been expected, but there are concerns over the macroeconomic environment and its impact on the property market. However the company’s operations beyond the core property portal have the ability to offer some slight diversification when it comes to revenue streams.