Windward warns of 'slightly higher' than expected FY underlying losses

Maritime analytics firm Windward warned on Friday that it was suffering the effect of salary inflation pressures and, as a result, full-year underlying losses were now expected to be "slightly higher than expectations".

Windward stated annual contract values increased 7% quarter-on-quarter and 38% year-on-year to $21.1m, demonstrating continued strong sales momentum.

Windward stated customer numbers increased "significantly" in 2021, hitting over 80 by year-end from 45 at the beginning and said it now expects to report full-year 2021 revenue growth of approximately 18% to roughly $17.3m.

The AIM-listed firm said it was "encouraged" by the momentum seen across the business, leading it to increase its investment into headcount during the fourth quarter and into the new year, ahead of an expected acceleration in new business and revenue growth in 2022.

However, Windward warned that salary cost pressures were expected to continue in the current year and would weigh on its overall full-year result.

Chief executive Ami Daniel said: "2021 was a milestone year, delivering record growth in our revenue metrics, nearly doubling our customer base and culminating in our AIM IPO - providing us with the capital to execute on our growth strategy. We expect growing demand in 2022 and see significant opportunity ahead."

As of 0855 GMT, Windward shares were down 5.56% at 170.0p.