25 September 2018WANdisco plc

(“WANdisco”, the “Company” or the “Group”)

Preliminary unaudited results for the six months ended 30 June 2018

- Increasing momentum in cloud, driven by Microsoft - Expanded IBM OEM agreement with improved Royalty profile

WANdisco (LSE: WAND), the LiveData company announces interim unaudited results for the six months ended 30 June 2018.

Financial highlights

Total bookings1 for the first half of 2018 of $9.0 million (H1 2017: $10.2 million)o Big Data and Cloud bookings1 $6.2 million (H1 2017: $7.0 million)o Source Code Management (“SCM”) bookings1 $2.8 million (H1 2017: $3.2 million)

Revenue for the period $5.7 milliono Under IAS2: $6.6 million revenue in H1 2018 compared with $9.7 million in H1 2017

Cash overheads3 of $14.6 million (H1 2017: $11.5 million) Adjusted EBITDA4 loss of $6.8 million

o Under IAS 182: $5.9 million loss in H1 2018 compared with $0.3 million profit in H1 2017 Statutory loss from operations $12.2 million Cash at 30 June 2018 of $18.0 million (31 December 2017: $27.4 million) Debt of $4.8 million (31 December 2017: $4.0 million) Robust and strengthening sales pipeline underpins the Board’s continued confidence in achieving full

year market expectations

Operational and strategic highlights

Significantly expanded relationship with IBMo OEM royalty percentage increases to 50% (previously 30%)o Guaranteed annual minimum royalty commitmento Deeper integration including joint engineering work to support IBM BigSQL and other products

significantly expanding the total addressable marketo New customers in the insurance, banking, telecommunications and US Government

Momentum in Cloud with Microsofto Gained Co-Sell Status allowing WANdisco Fusion® Live Data Platform to be sold as a standard

packaged offering with Microsoft Azure (Cloud)o Three strategic deals with high profile Microsoft customers in the banking, semiconductors and

retail sectors: Major bank introduces WANdisco Fusion to enable hybrid cloud Semiconductor company unlocks potential of cloud with WANdisco Fusion Major retailer migrates from Amazon Web Services to Microsoft Azure All of these deals have significant growth potential with annual recurring revenues

Began migration toward a revenue model based on annual recurring revenue from Cloud deals Announced OEM sales partnership with Alibaba Cloud and the first product is now integrated with its

cloud solution Filed new Blockchain Patent to potentially open a significant new market for WANdisco’s core

technology Dr. Sakthi Subramanian joins WANdisco as VP of Engineering

David Richards, Chief Executive Officer and Chairman of WANdisco, commented:

“In the first half of this year we have made significant improvements to our business model. We have broadened and deepened our relationship with IBM, increasing the royalty payable to WANdisco, and have begun joint development work to support IBM Big SQL, which should increase our opportunities in the IBM channel.

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We also have begun to see a significant structural shift in the composition of our revenue base, from large, difficult-to-forecast on premise transactions toward more predictable, annual recurring cloud revenues. We see significant opportunities to expand our TAM in Cloud and as annual recurring revenues increase over time, develop a smoother, increasing revenue profile for our firm.

We take confidence from the early traction we are seeing with Microsoft. To sign three strategic deals through this channel so early in our relationship underpins our belief that Fusion is the only solution capable of enabling organisations to seamlessly move large volumes of critical data to the cloud, without any downtime or service disruption. These deals are initially small in size relative to our on-premise, perpetual licence deals, as cloud customers buy for current capacity, knowing that they can scale up their usage easily as more data is migrated to the cloud. The revenue from cloud customers should not only be predictable and recurring but also grow significantly over time.”

The Company has a robust and strengthening sales pipeline which underpins the Board’s continued confidence in achieving full year market expectations.

A webcast of WANdisco’s results presentation will be available on the Company’s website later this morning: https://www.wandisco.com/investors

1 Bookings as defined in this press release represent the total value of all contracts received in the period including both new and renewal bookings.

2 Effective 1 January 2018, the company adopted a new revenue recognition standard ("IFRS 15 – Revenue from Contracts with Customers"), which impacted the company’s recognition of revenue from certain of its term licence agreements. The company adopted IFRS 15 using the cumulative effect method (without practical expedients), with the effect of initially applying this standard recognised at the date of initial application (i.e. 1 January 2018). Accordingly, the information presented for 2017 has not been restated – i.e. it is presented, as previously reported, under IAS 18, IAS 11 and related interpretations. In the interest of comparability during the transition year to IFRS 15, the company has provided revenue, Adjusted EBITDA and loss from operations information in accordance with both IFRS 15 and also under the previous revenue recognition standard in effect prior to the adoption of IFRS 15 (“IAS 18 - Revenue”). See Note 3 to the condensed consolidated interim financial statements for reconciliation.

3 Operating expenses adjusted for: depreciation, amortisation, capitalisation of development expenditure and equity-settled share-based payment. See Note 6 to the condensed consolidated interim financial statements for reconciliation.

4 Loss from operations adjusted for: depreciation, amortisation, capitalisation of development expenditure and equity-settled share-based payment. See Note 6 to the condensed consolidated interim financial statements for reconciliation.

For further information, please contact:

WANdisco plc via FTI ConsultingDavid Richards, Chief Executive Officer and ChairmanErik Miller, Chief Financial Officer

FTI Consulting +44 (0)20 3727 1137Matt Dixon / Harry Staight / Leah Dudley / Kwaku Aning

Stifel (Joint Broker and Nomad) +44 (0)20 7710 7600Fred Walsh / Neil Shah / Alex Price / Rajpal Padam

Peel Hunt (Joint Broker)Edward Knight / Nick Prowting +44 (0)20 7418 8900

WH Ireland Limited (Joint Broker)Adam Pollock / Tim Feather +44 (0)20 7220 1666

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About WANdiscoWANdisco is shaping the future of data infrastructure with its groundbreaking Live Data platform, enabling companies to put all their data to work for the business - all the time, at any scale.

WANdisco makes data always available, always accurate, and always protected, delivering hyperscale economics to support exponential data growth with the same IT budget. With significant OEM relationships with IBM and Dell EMC and go-to-market partnerships with Amazon Web Services, Cisco, Microsoft Azure, Google Cloud, Hewlett Packard Enterprise, Oracle and other industry titans - as well as hundreds of customers among the Global 2000 - WANdisco is igniting a Live Data movement worldwide.

BUSINESS REVIEW

In the first half of 2018, the Group significantly strengthened its relationship with IBM, increasing the royalty payable to the Group and expanding its footprint in the IBM channel with joint development efforts on IBM BigSQL. The Group also began an evolutionary transition toward predictable, annual recurring cloud revenue and away from large and difficult to predict on-premises transactions. We have made initial deployments with Microsoft which will allow their customers to migrate their data to Microsoft Azure, which was previously impossible to do without a prolonged outage. These initial deployments, along with many more in our pipeline are structured as annual recurring licence revenue, which should lend greater predictability to the business as they grow. Furthermore, as an additional proof point for the strategic importance of WANdisco Fusion to Cloud providers, we also signed an OEM agreement with Alibaba, and have completed the integration of WANdisco Fusion with Alibaba’s cloud solution.

Big Data and Cloud – WANdisco Fusion Our Big Data product, WANdisco Fusion has continued to secure prominent new customers, particularly within banking, insurance, telecommunications and US Government through our OEM with IBM. These customers are using Fusion on-premises for replication and disaster recovery. On-premise Hadoop implementations are an important part of our current business, with a significant, but smaller total addressable market than cloud computing – which is also growing faster. We have strengthened our relationship with our OEM partner IBM, which will allow us to efficiently and profitably service the on premise segment of our business.

We are very excited about our early strides in the Cloud Computing segment of our business, with significant, strategic partnerships being established in the period. In March 2018, we signed an OEM with the largest cloud provider in China and Asia, Alibaba, which will see our Fusion product launched as the Alibaba standard for replication to the Alibaba Cloud. This relationship is not yet revenue producing but will be in future periods as the product gains traction.

Also in March 2018, we became a major co-sell partner with Microsoft, whose Azure cloud service is the second largest cloud provider only behind Amazon Cloud Services. Microsoft has been very successful in transitioning their business model from on-premises applications to the cloud, and have made many of the business standard applications used worldwide available in the cloud. Like all cloud service providers, they have not been able to solve the problem of getting customers’ data at scale to the cloud without the customer experiencing a significant disruption to service. They have recognised that only WANdisco Fusion can solve this problem for them, and we already have seen significant early traction with their customers, with three strategic deals in the period in the banking, semiconductors and retail sectors.

Cloud deals have a different revenue and cash profile than our on-premises perpetual licence deals, with initially smaller deals that are structured as annual recurring billings, rather than a large upfront payment, with only future maintenance revenues. Cloud deals offer the customer the ability to start with a modest implementation, and then both expanding the size and extending the duration of the contract over time. This should build an annuity of revenue from each customer that is predictable and expanding on an annual basis, leading to a more predictable business model for WANdisco.

SCMIn the first half of 2018, we maintained our sales focus for our SCM products and we continue to see an opportunity in the segment of the SCM market that we focus on. This is evident as customers continue to move from legacy proprietary platforms to modern, agile, open source platforms. Software development continues to become more geographically and organisationally distributed, bringing greater challenges in control and efficiency, both amongst software publishers and in industry more generally, which drives the greater need for SCM products.

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Our sales and development expenditures are modest for our SCM products, and revenue consisted primarily of renewals from existing customers.

OutlookWe are seeing increasingly strong market traction for our products as the global demand for Big Data and Cloud migration unfolds. Our Fusion product sits at the heart of this evolution and when combined with our channel partners such as IBM, Microsoft, Alibaba and Amazon, we continue to see strong demand for our products. We have a strong pipeline of deals from both our channel partners and direct sales.

In addition, we continue to develop our partner network, to expand our total addressable market and ensure our go-to-market activities for Fusion are fully optimised. The Company has a robust and strengthening sales pipeline which underpins the Board’s continued confidence in achieving full year market expectations.

FINANCIAL REVIEW

Like all companies, as required by the International Accounting Standards Board “IASB” the Group has initially adopted IFRS 15 Revenue from Contracts with Customers effective 1 January 2018. The effect of initially applying IFRS 15 is mainly attributed to the following:

Earlier recognition of the licence element of revenue from subscription term licence agreements reducing deferred revenue

Recognition of an asset for the element of licence revenue recognised above relating to a future year payment instalment

Accrued commissions deferred over the period of the related revenue is recognised

IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognised. It replaced IAS 18 Revenue, the previous reporting standard. The Group has adopted IFRS 15 using the cumulative effect method (without practical expedients), with the effect of initially applying this standard recognised at the date of initial application (i.e. 1 January 2018). Accordingly, the information presented for 2017 has not been restated – i.e. it is presented, as previously reported, under IAS 18, IAS 11 and related interpretations.

Revenue for the period ended 30 June 2018 was $5.7 million. Under IAS 182 revenue for H1 2018 was $6.6 million compared with $9.7 million in H1 2017. The reduction was partly due to the move to the new revenue standard IFRS 15 (an impact of $0.9 million) and also a reduction in new sales bookings 1 to $9.0 million in the first half of 2018 (H1 2017: $10.2 million).

Deferred revenue from sales booked during the first half of 2018 and in previous years, and not yet recognised as revenue, is $4.6 million at 30 June 2018 (at 31 December 2017 this stood at $14.2 million, which was reduced to $5.6 million on a like-for-like basis post IFRS 15). Our deferred revenue represents future revenue from new and renewed contracts, many of them spanning multiple years.

Adjusted EBITDA loss4 was $6.8 million (H1 2017: $0.3 million profit), due primarily to the reduction in revenue from lower bookings and some investments in the business.

Big Data and Cloud – WANdisco FusionBig Data revenue was $2.4 million (H1 2017: $5.1 million), as some deals were delayed to future periods and a booking received late in the period from which no revenue was recognised in the period.

Contract wins continue to exhibit variability in the timing of their completion.

Source Code Management Source Code Management “SCM” revenue for the period was $3.3 million (H1 2017: $4.6 million). The adoption of IFRS 15 and its impact on deferred revenue at the beginning of the period negatively impacted SCM revenues.

The majority of revenues have come from contract renewals, and the SCM product line continued to generate positive margin contribution due to its product maturity, strong licence renewals from existing customers and the inherent operating leverage in the business.

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Operating costs Cash overheads increased in the period as we made investments in Channel Management and Engineering, rising to $14.6 million from $11.5 million in the first half of 2017.

Product development expenditure was $2.4 million in the period (H1 2017: $3.0 million). All of this expenditure was associated with new product features and was capitalised.

Our headcount was 138 as at 30 June 2018 (December 2017: 132, June 2017: 115). Headcount increases in the period were principally in Sales and Marketing and Engineering as we added capacity to service our new channel partners.

Profit and lossAdjusted EBITDA4 loss for the period was $6.8 million (H1 2017: $0.3 million profit).

The loss after tax for the period increased to $11.3 million (H1 2017: $6.3 million), as a result of the lower revenue and increased overheads. The exceptional finance gain of $1.2 million (H1 2017: $2.3 million loss) arose from the retranslation of intercompany balances at 30 June 2018, reflecting the reduction in Sterling against the US dollar. The impact of FX rates changes on the financial statements should be restricted to the retranslation of US dollar denominated intercompany loans, as opposed to the operating activities of the business. An equal and opposite translation gain on the net assets of overseas net assets in reserves result in no impact on the Group net assets.

Balance sheet and cash flowTrade and other receivables at 30 June 2018 were $5.4 million (31 December 2017: $6.0 million, which was increased to $7.2 million on a like for like basis post IFRS 15). This includes $1.2 million of trade receivables (31 December 2017: $2.1 million) and $4.2 million related to non-trade receivables (31 December 2017: $3.9 million, which was increased to $5.1 million on a like for like basis post IFRS 15).

Net consumption of cash was $10.5 million before financing (H1 2017: $1.0 million), resulting in a closing cash balance of $18.0 million at 30 June 2018. The consumption of cash was due primarily to lower revenues and a modest increase in Cash overheads. For the full year cash consumption will be a function of the level of revenues achieved and collection of customer receivables in the period. At 30 June 2018 we had drawings under our revolving credit facility with Silicon Valley Bank of $4.8 million.

Adoption of QCA CodeThe Directors recognise the importance of good corporate governance and have chosen to apply the Quoted Companies Alliance Corporate Governance Code (the ‘QCA Code’). The QCA Code was developed by the QCA in consultation with a number of significant institutional small company investors, as an alternative corporate governance code applicable to AIM companies. The underlying principle of the QCA Code is that “the purpose of good corporate governance is to ensure that the company is managed in an efficient, effective and entrepreneurial manner for the benefit of all shareholders over the longer term”. The QCA Code contains 10 separate principles of good corporate governance. WANdisco complies with all 10 principles, with the exception of Principle 5 where we comply with the spirit of the principle but because only one of our two Non-Executive Directors (NED) is independent, we do not strictly comply with the application of the Principle.  Our Nomination Committee regularly considers candidates for additional independent NEDs to add to the board, information about which, including the board committees, can be found here.  Further information on compliance with the QCA Code will be provided in our next annual report. 

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Condensed consolidated statement of profit and loss and other comprehensive incomeFor the six months ended 30 June 2018

Six months ended30 June 2018(Unaudited)

Six months ended30 June 2017(Unaudited)

Year ended31 December 2017

(Audited)

Pre-exceptional

ExceptionalItems5 Total

Pre-exceptional

ExceptionalItems5 Total

Pre-exceptional

ExceptionalItems5 Total

Continuing operations Notes $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

Revenue 4 5,728 - 5,728 9,660 - 9,660 19,637 - 19,637

Cost of sales (370) - (370) (934) - (934) (1,972) - (1,972)

Gross profit 5,358 - 5,358 8,726 - 8,726 17,665 - 17,665

Operating expenses 6 (17,593) - (17,593) (12,482) - (12,482) (27,360) - (27,360)

Loss from operations 6 (12,235) - (12,235) (3,756) - (3,756) (9,695) - (9,695)

Finance income 7 1,328 - 1,328 2 - 2 29 - 29

Finance costs 7 (1,536) 1,206 (330) (237) (2,297) (2,534) (344) (3,994) (4,338)

Net finance income/(costs) 7 (208) 1,206 998 (235) (2,297) (2,532) (315) (3,994) (4,309)

(Loss)/profit before tax (12,443) 1,206 (11,237) (3,991) (2,297) (6,288) (10,010) (3,994) (14,004)

Income tax 8 (39) - (39) (41) - (41) 489 - 489

(Loss)/profit for the period (12,482) 1,206 (11,276) (4,032) (2,297) (6,329) (9,521) (3,994) (13,515)

Other comprehensive incomeItems that are or may be reclassified to profit or loss:

Foreign operations – foreign currency translation differences (4) (1,206) (1,210) (52) 2,297 2,245 (184) 3,994 3,810

Other comprehensive income for the period, net of tax (4) (1,206) (1,210) (52) 2,297 2,245 (184) 3,994 3,810

Total comprehensive income for the period (12,486) - (12,486) (4,084) - (4,084) (9,705) - (9,705)

Loss per shareBasic and diluted 9 $0.27 $0.17 $0.36

The notes on pages 10 to 20 form an integral part of these condensed consolidated interim financial statements.

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Condensed consolidated balance sheetAs at 30 June 2018

30 June2018

(Unaudited)

30 June2017

(Unaudited)

31 December2017

(Audited)

Notes $’000 $’000 $’000

AssetsIntangible assets 10 6,223 6,056 7,081

Property, plant and equipment 809 497 556

Other assets 11 1,642 - 889

Non-current assets 8,674 6,553 8,526

Trade and other receivables 12 5,381 6,213 5,969

Cash and cash equivalents 18,029 9,925 27,396

Current assets 23,410 16,138 33,365

Total assets 32,084 22,691 41,891

LiabilitiesBorrowings – finance lease liabilities (98) (92) (95)

Borrowings – bank loan 13 (1,667) - (889)

Trade and other payables (3,936) (4,342) (5,953)

Deferred income 14 (3,315) (7,154) (7,102)

Deferred government grant - (6) (2)

Current tax liabilities (10) (12) (11)

Current liabilities (9,026) (11,606) (14,052)

Deferred income 14 (1,315) (7,320) (7,058)

Borrowings – finance lease liabilities (149) (247) (199)

Borrowings – bank loan 13 (3,084) (3,000) (3,111)

Deferred tax liabilities (4) (4) (4)

Non-current liabilities (4,552) (10,571) (10,372)

Total liabilities (13,578) (22,177) (24,424)

Net assets 18,506 514 17,467

EquityShare capital 6,274 5,715 6,156

Share premium 115,800 94,800 115,196

Translation reserve (5,684) (6,039) (4,474)

Merger reserve 1,247 1,247 1,247

Retained earnings (99,131) (95,209) (100,658)

Total equity 18,506 514 17,467

The notes on pages 10 to 20 form an integral part of these condensed consolidated interim financial statements.

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Condensed consolidated statement of changes in equity For the six months ended 30 June 2018

Sharecapital

Share premium

Translation reserve

Merger reserve

Retained earnings

Total equity

Six months ended 30 June 2018 (Unaudited) $’000 $’000 $’000 $’000 $’000 $’000

Balance at 1 January 2018 6,156 115,196 (4,474) 1,247 (100,658) 17,467Restatement following adoptions of IFRS 15 – see note 3 - - - - 10,896 10,896Restated balance at 1 January 2018 6,156 115,196 (4,474) 1,247 (89,762) 28,363

Total comprehensive income for the period Loss for the period - - - - (11,276) (11,276)Other comprehensive income - - (1,210) - - (1,210)

Total comprehensive income for the period - - (1,210) - (11,276) (12,486)

Transactions with owners of the Company Contributions and distributionsEquity-settled share-based payment - - - - 1,907 1,907Share options exercised 118 604 - - - 722Total transactions with owners of the Company 118 604 - - 1,907 2,629

Balance at 30 June 2018 6,274 115,800 (5,684) 1,247 (99,131) 18,506

Sharecapital

Share premium

Translation reserve

Merger reserve

Retained earnings

Total equity

Six months ended 30 June 2017 (Unaudited) $’000 $’000 $’000 $’000 $’000 $’000

Balance at 1 January 2017 5,638 94,526 (8,284) 1,247 (89,344) 3,783

Total comprehensive income for the period Loss for the period - - - - (6,329) (6,329)

Other comprehensive income - - 2,245 - - 2,245

Total comprehensive income for the period - - 2,245 - (6,329) (4,084)

Transactions with owners of the Company Contributions and distributionsEquity-settled share-based payment - - - - 464 464

Share options exercised 77 274 - - - 351

Total transactions with owners of the Company 77 274 - - 464 815

Balance at 30 June 2017 5,715 94,800 (6,039) 1,247 (95,209) 514

The notes on pages 10 to 20 form an integral part of these condensed consolidated interim financial statements.

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Condensed consolidated statement of cash flows For the six months ended 30 June 2018

Six months ended

30 June2018

(Unaudited)

Six months ended

30 June2017

(Unaudited)

Year ended 31 December

2017(Audited)

Notes $’000 $’000 $’000

Cash flows from operating activitiesLoss for the period (11,276) (6,329) (13,515)

Adjustments for:

- Depreciation of property, plant and equipment 185 105 215

- Amortisation of intangible assets 10 3,300 3,440 6,699

- Net finance costs 208 235 315

- Income tax 8 39 41 (489)

- Foreign exchange (1,052) 2,288 3,860

- Equity-settled share-based payment 15 1,907 464 2,201

(6,689) 244 (714)

Changes in:

- Trade and other receivables 2,136 (933) (1,618)

- Trade and other payables (1,963) 785 1,331

- Deferred income (918) 1,982 1,668

- Deferred government grant (2) (6) (11)

Net working capital change (747) 1,828 1,370

Cash (used in)/generated from operating activities (7,436) 2,072 656

Interest paid (278) (211) (286)

Income tax (paid)/received (27) 810 1,364

Net cash (used in)/generated from operating activities (7,741) 2,671 1,734

Cash flows from investing activitiesPurchase of property, plant and equipment (438) (110) (254)

Proceeds from sale of property, plant and equipment - - 1

Purchase of third party software 10 - (500) (500)

Development expenditure 10 (2,442) (3,019) (6,303)

Interest received 96 2 29

Net cash used in investing activities (2,784) (3,627) (7,027)

Cash flows from financing activitiesNet proceeds from share issues 722 351 21,188

Net draw down of bank loan 751 3,000 4,000

Payment of finance lease liabilities (47) (44) (89)

Net cash from financing activities 1,426 3,307 25,099

Net (decrease)/increase in cash and cash equivalents (9,099) 2,351 19,806

Cash and cash equivalents at the start of the period 27,396 7,558 7,558

Effect of movements in exchange rates on cash and cash equivalents (268) 16 32

Cash and cash equivalents at the end of the period 18,029 9,925 27,396

The notes on pages 10 to 20 form an integral part of these condensed consolidated interim financial statements.

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Notes to the condensed consolidated interim financial statementsFor the six months ended 30 June 2018

1. Reporting entityWANdisco plc (the “Company”) is a public limited company incorporated and domiciled in Jersey. The Company’s ordinary shares are traded on AIM. These condensed consolidated interim financial statements (“Interim financial statements”) as at and for the six months ended 30 June 2018 comprise the Company and its subsidiaries (together referred to as the “Group”). The Group is primarily involved in the development and provision of global collaboration software.

2. Basis of preparationa Basis of accountingThese interim financial statements have been prepared in accordance with IAS 34 “Interim Financial Reporting” and should be read in conjunction with the Group’s last annual consolidated financial statements as at and for the year ended 31 December 2017 (“last annual financial statements”). They do not include all of the information required for a complete set of IFRS financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual financial statements.

This is the first set of the Group’s financial statements where IFRS 15 “Revenue from Contracts with Customers” and IFRS 9 “Financial Instruments” have been applied. Changes to significant accounting policies are described in Note 3.

These interim financial statements were authorised for issue by the Company’s board of directors on 25 September 2018.

b Going concernAs at 30 June 2018 the Group had net assets of $18.5m (30 June 2017: $0.5m; 31 December 2017: $17.5m) as set out in the Condensed consolidated balance sheet above.

The Directors have prepared a detailed budget and forecasts of the Group’s expected performance over a period covering at least the next twelve months from the date of these interim financial statements. As well as modelling the realisation of the sales pipeline, these forecasts also cover a number of scenarios and sensitivities in order for the Board to satisfy itself that the Group remains within its current cash facilities.

Whilst the Directors are confident in the Group’s ability to grow bookings, the Board’s sensitivity modelling shows that the Group can remain within its facilities in the event that bookings growth is delayed (i.e. bookings do not increase from the level reported in 2017) for a period in excess of twelve months. The Directors’ financial forecasts and operational planning and modelling also include the actions that the Group could take to further significantly reduce the cost base during the coming year in the event that longer-term bookings were set to remain consistent with the level reported in 2017. On the basis of this financial and operational modelling, the Directors believe that the Group has the capability and the operational agility to react quickly, cut further costs from the business and ensure that the cost base of the business is aligned with its sales bookings, cash revenue and funding scale.

As a consequence, the Directors have a reasonable expectation that the Group can continue to operate and be able to meet its commitments and discharge its liabilities in the normal course of business for a period not less than twelve months from the date of these financial statements.

Accordingly, they continue to adopt the going concern basis in preparing the Group financial statements.

c Functional and presentational currencyThe interim consolidated financial statements are presented in US dollars, which is also the presentational currency of the Group, as the revenue for the Group is predominately derived in this currency. Billings to the Group’s customers during the year by WANdisco, Inc. were all in US dollars with certain costs being incurred by WANdisco International Limited in sterling and WANdisco, Pty Ltd in Australian dollars.

All financial information has been rounded to the nearest thousand US dollars unless otherwise stated.

d Alternative performance measuresThe Group uses a number of key performance measures (“KPIs”) which are non-IFRS measures to monitor the performance of its operations. The Group believes these KPIs provide useful historical financial information to help investors and other stakeholders evaluate the performance of the business and are measures commonly used by certain investors for evaluating the performance of the Group. In particular, the Group uses KPIs which reflect the underlying performance on the basis that this provides a more relevant focus on the core business performance of the Group. The Group has been using the following KPIs on a consistent basis and they are defined and reconciled as follows:

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2. Basis of preparation (continued)d Alternative performance measures (continued)

- New sales bookings: A new sales booking relates to agreement with the customer via a contract to purchase. Bookings can be to both new and existing customers.

- Cash overheads: Operating expenses adjusted for: depreciation, amortisation, capitalisation of development expenditure and equity-settled share-based payment. See Note 6 for reconciliation.

- Adjusted EBITDA: Loss from operations adjusted for: depreciation, amortisation, capitalisation of development expenditure and equity-settled share-based payment. See Note 6 for reconciliation.

e Use of judgements and estimatesIn preparing these interim financial statements, management has made judgements and estimates that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

The significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements, except for new significant judgements and key sources of estimation uncertainty related to the application of IFRS 15 and IFRS 9, which are described in Note 3.

3. Changes in significant accounting policies – Adoption of IFRS 15Except as described below, the accounting policies applied in these interim financial statements are the same as those applied in the Group’s consolidated financial statements as at and for the year ended 31 December 2017.

The changes in accounting policies are also expected to be reflected in the Group’s consolidated financial statements as at and for the year ending 31 December 2018.

The Group has initially adopted IFRS 15 “Revenue from Contracts with Customers”. A number of other new standards are effective from 1 January 2018 (including IFRS 9 “Financial Instruments”) but they do not have a material effect on the Group’s financial statements.

IFRS 16 “Leases” is effective for annual periods beginning on or after 1 January 2019. IFRS 16 introduces a single, on-balance sheet lease accounting model for lessees. The Group is performing a review of the new standard, and the most significant impact identified so far, is that the Group will recognise new assets and liabilities for its operating leases of properties and the expenses related to those leases will now change as IFRS 16 replaces the straight-line operating lease expense with a depreciation charge for right-of-use assets and interest expense on lease liabilities.

The effect of initially applying IFRS 15 is mainly attributed to the following: Earlier recognition of the licence element of revenue from subscription term licence agreements reducing deferred revenue. Recognition of an asset for the element of licence revenue recognised above relating to a future year payment instalment. Accrued sales commissions deferred over period of the related revenue is recognised.

IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognised. It replaced IAS 18 “Revenue”, IAS 11 “Construction Contracts” and related interpretations.

The Group has adopted IFRS 15 using the cumulative effect method (without practical expedients), with the effect of initially applying this standard recognised at the date of initial application (i.e. 1 January 2018). Accordingly, the information presented for 2017 has not been restated – i.e. it is presented, as previously reported, under IAS 18, IAS 11 and related interpretations.

The following table summarises the impact of transition to IFRS 15 on retained earnings at 1 January 2018.Impact of adopting

IFRS 15 at 1 January 2018

Retained earnings Notes $’000

Earlier recognition of licence from subscription term licence agreements a 8,612Recognition of asset for licence recognised from future period payment instalments b 1,630Accrued sales commissions deferred c 654

Impact at 1 January 2018 10,896

11

3. Changes in significant accounting policies – Adoption of IFRS 15 (continued)The following tables summarise the impacts of adopting IFRS 15 on the Group’s interim statement of profit or loss and other comprehensive income for the six months ended 30 June 2018 and the Group’s interim balance sheet for each of the line items affected. There was no material impact on the Group’s interim statement of cash flows for the six month period ended 30 June 2018.

Profit and loss account

Six months ended 30 June

2018 (Unaudited)

Six months ended 30 June

2017 (Unaudited)

As reported (IFRS 15) Adjustments

Amounts without

adoption of IFRS 15

Amounts without

adoption of IFRS 15

Continuing operations Notes $'000 $’000 $’000 $’000

Revenue a 5,728 864 6,592 9,660

Cost of sales c (370) 109 (261) (934)

Gross profit 5,358 973 6,331 8,726

Cash overheads (14,643) - (14,643) (11,492)

Adjusted EBITDA including development expenditure (9,285) 973 (8,312) (2,766)

Development expenditure capitalised 2,442 - 2,442 3,019

Adjusted EBITDA (6,843) 973 (5,870) 253

Amortisation and depreciation (3,485) - (3,485) (3,545)

Equity-settled share-based payment (1,907) - (1,907) (464)

Loss from operations (12,235) 973 (11,262) (3,756)

Net finance income/(costs) b 998 (26) 972 (2,532)

(Loss)/profit before tax (11,237) 947 (10,290) (6,288)

Income tax (39) - (39) (41)

(Loss)/profit for the period (11,276) 947 (10,329) (6,329)

Other comprehensive income for the period, net of tax (1,210) - (1,210) 2,245

Total comprehensive income for the period (12,486) 947 (11,539) (4,084)

Balance sheet30 June

2018 (Unaudited)

30 June 2017

(Unaudited)

31 December 2017

(Audited)

As reported (IFRS 15) Adjustments

Amounts without

adoption of IFRS 15

Amounts without adoption of

IFRS 15

Amounts without adoption of

IFRS 15

Notes $'000 $’000 $’000 $’000 $’000

Non-current assets b,c 8,674 (753) 7,921 6,553 8,526

Current assets b,c 23,410 (2,162) 21,248 16,138 33,365

Total assets 32,084 (2,915) 29,169 22,691 41,891

Current liabilities a (9,026) (2,899) (11,925) (11,606) (14,052)

Non-current liabilities a (4,552) (4,135) (8,687) (10,571) (10,372)

Total liabilities (13,578) (7,034) (20,612) (22,177) (24,424)

Net assets 18,506 (9,949) 8,557 514 17,467

Total equity 18,506 (9,949) 8,557 514 17,467

The principles in IFRS 15 must be applied using the following five step model:1. Identify the contract(s) with a customer.2. Identify the performance obligations in the contract.3. Determine the transaction price.4. Allocate the transaction price to the performance obligations in the contract.5. Recognise revenue when or as the entity satisfies its performance obligations.

12

3. Changes in significant accounting policies – Adoption of IFRS 15 (continued)Revenue is recognised either when the performance obligation in the contract has been performed (so “point in time” recognition) or “over time” as control of the performance obligation is transferred to the customer.The details of the new significant accounting policies and the nature of the changes to previous accounting policies in relation to the Group’s various products and services are set out below:

Type of product/service IFRS 15 treatmentNature of change in accounting policy and impacts

Software licences – perpetual licences

Under IFRS 15, revenue on perpetual licences is recognised in full once the licence has been granted and the customer has been provided with access to the software as it is considered that control has been passed at that point in time.

Under IAS 18 revenue was recognised as revenue in full on delivery, so there has been no impact for this type of arrangement.

Software subscriptions (which include both a term software licence and a maintenance and support contract)

Under IFRS 15 subscription arrangements have been split into two performance obligations which are both considered as distinct:- Term software licence- Maintenance and support

The allocation of transaction price between the two performance obligations is based on an adjusted market assessment approach.

Term software licences are treated like perpetual licences with revenue being recognised in full once the licence has been granted and the customer has been provided with access to the software as it is considered that control has been passed at that point in time.

The maintenance and support component is spread over the life of the contract as the performance obligation is satisfied over time matching the period of the contract.

Sales of software subscriptions which included both term software licence and maintenance and support under IAS 18 were previously recognised on a straight-line basis over the period of the contract, once the licence has been granted and the customer had been provided with access to the software.

Impacts from change:a This resulted in an acceleration of

the licence element of the subscription arrangement which had previously been spread over the period of the subscription agreement.

b On the occasions where there is a multi-period payment instalment plan, the element attributable to the licence which has been accelerated to revenue but has not yet been invoiced is recognised as an asset net of financing income, which is recognised when the future year instalments are invoiced.

Maintenance and support contracts Maintenance and support revenue is spread over time as the performance obligation is satisfied over the period of the contract.

There has been no change to this policy under IFRS 15 as the performance obligation is satisfied over the period of the contract.

Training, implementation and professional services

Sales of training, implementation and professional services are recognised on delivery of the services at a point in time.

There has been no change to this policy under IFRS 15, as the performance obligation is satisfied on delivery of these services.

Royalties Royalties are accounted for on an accruals basis. Under IFRS 15 the recognition of royalties is prohibited until the sale or usage occurs, even if the sale or usage is probable.

There has been no impact to revenue from royalties after implementing IFRS 15.

Sales commissions Under IFRS 15, the costs of obtaining a contract should be recognised as an asset and subsequently amortised if they are incremental and are expected to be recovered.

Amortisation is charged on a basis consistent with the transfer to the customer of the goods or services to which the capitalised costs relate.

Previously sales commissions were charged to the Profit and loss account when they were incurred.

Impact from change:c This resulted in the recognition of an

asset for deferred commissions and a reduction in the commission asset over the interim period.

13

4. Revenue and segmental analysisOperating segmentsThe Directors consider there to be one operating segment, being that of development and sale of licences for software and related maintenance.

Geographical segmentsThe Group recognises revenue in three geographical regions based on the location of customers, as set out in the following table:

Six months ended

30 June2018

(Unaudited)

Six months ended

30 June 2017

(Unaudited)

Year ended 31 December

2017(Audited)

Revenue $’000 $’000 $’000

North America 4,575 8,338 16,132

Europe 978 1,049 2,865

Rest of the world 175 273 640

5,728 9,660 19,637

Management makes no allocation of costs, assets or liabilities between these segments since all trading activities are operated as a single business unit.

Major productsThe Group’s core patented technology, Distributed Coordinated Engine “DConE”, enables the replication of data. The Group has developed software based on this technology which is applied into two key markets being the Big Data and Source Code Management markets:

Six months ended

30 June2018

(Unaudited)

Six months ended

30 June 2017

(Unaudited)

Year ended 31 December

2017(Audited)

Revenue $’000 $’000 $’000

Source Code Management 3,285 4,577 8,484

Big Data 2,443 5,083 11,153

5,728 9,660 19,637

Included in revenue from Big Data of $2,443,000 (Six months to 30 June 2017: $5,083,000, Year ended 31 December 2017: $11,153,000) are revenues of $1,450,000 (Six months to 30 June 2017: $3,952,000, Year ended 31 December 2017: $7,794,000) which arose from sales to the Group’s largest customer. No other single customers contributed 10% or more to the Group’s revenue (2017: nil).

Timing of revenue recognitionSix months

ended 30 June

2018(Unaudited)

Six months ended

30 June 2017

(Unaudited)

Year ended 31 December

2017(Audited)

Revenue $’000 $’000 $’000

Products transferred at a point in time 4,242 9,660 19,637

Products and services transferred over time 1,486 - -

5,728 9,660 19,637

The Group has initially applied IFRS 15 at 1 January 2018. Under the transition methods chosen, comparative information is not restated, see note 3.

Contract balancesThe following table provides information about receivables and contract assets from contracts with customers

30 June 2018

(Unaudited)

1 January 2018

(Unaudited)

$’000 $’000

Receivables, which are included in: Other non-current assets 1,401 1,615

Contract assets, which are included in: Other non-current assets 241 333

Receivables, which are included in: Trade and other receivables 1,231 2,115

Contract assets, which are included in: Trade and other receivables 304 321

14

Contract assets represent deferred sales commissions, see note 3.

15

5. Exceptional itemsSix months

ended 30 June

2018(Unaudited)

Six months ended

30 June 2017

(Unaudited)

Year ended 31 December

2017(Audited)

Notes $’000 $’000 $’000

Exchange gain/(loss) on intercompany balances 7 1,206 (2,297) (3,994)

The exceptional gain/(loss) arose on Sterling denominated intercompany balances. These balances were retranslated at the closing exchange rate at 30 June 2018 which was 1.32 (compared with 1.35 at the end of 31 December 2017). In the prior half year, rates increased to 1.30, a 6% increase compared with the rate of 1.23 at 31 December 2016. Due to the size and nature of the exchange gain in 2018 and loss in 2017, they have been included as exceptional items.

The exceptional gain/(loss) on intercompany balances in the Consolidated statement of profit and loss, is offset by an equivalent exceptional exchange(loss)/gain on the retranslation of the intercompany balances, which is included in the retranslation of net assets of foreign operations, included in the other comprehensive income.

6. Non-GAAP profit measures – Cash overheads and Adjusted EBITDA Six months

ended 30 June

2018(Unaudited)

Six months ended

30 June 2017

(Unaudited)

Year ended 31 December

2017(Audited)

Reconciliation of operating expenses to “Cash overheads”: Notes $’000 $’000 $’000

Operating expenses (17,593) (12,482) (27,360)

Remove:Amortisation and depreciation 3,485 3,545 6,914

Equity-settled share-based payment 15 1,907 464 2,201

Development expenditure capitalised 10 (2,442) (3,019) (6,303)

Cash overheads (14,643) (11,492) (24,548)

Six months ended

30 June2018

(Unaudited)

Six months ended

30 June 2017

(Unaudited)

Year ended 31 December

2017(Audited)

Reconciliation of loss from operations to “Adjusted EBITDA”: Notes $’000 $’000 $’000

Loss from operations (12,235) (3,756) (9,695)

Adjusted for:Amortisation and depreciation 3,485 3,545 6,914

Equity-settled share-based payment 15 1,907 464 2,201

Adjusted EBITDA (6,843) 253 (580)

Development expenditure capitalised 10 (2,442) (3,019) (6,303)

Adjusted EBITDA including development expenditure (9,285) (2,766) (6,883)

16

7. Net finance income/(costs)Six months

ended 30 June

2018(Unaudited)

Six months ended

30 June 2017

(Unaudited)

Year ended 31 December

2017(Audited)

Notes $’000 $’000 $’000

Interest receivable - bank 96 2 29

Interest receivable - non-current assets 26 - -

Exchange gain 5 1,206 - -

Finance income 1,328 2 29

Exchange loss 5 - (2,297) (3,994)

Interest payable on bank borrowings (215) (39) (167)

Finance charges (63) (172) (119)

Amortisation of loan costs (52) (26) (58)

Finance costs (330) (2,534) (4,338)

Net finance income/(costs) 998 (2,532) (4,309)

8. Income taxSix months

ended 30 June

2018(Unaudited)

Six months ended

30 June 2017

(Unaudited)

Year ended 31 December

2017(Audited)

$’000 $’000 $’000

Current tax expenseCurrent period - - 390

Adjustment for prior years (39) (41) 99

Income tax (39) (41) 489

17

9. Loss per shareBasic loss per shareBasic loss per share is calculated based on the loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding:

Six months ended

30 June2018

(Unaudited)

Six months ended

30 June 2017

(Unaudited)

Year ended 31 December

2017(Audited)

$’000 $’000 $’000

Loss for the period attributable to ordinary shareholders 11,276 6,329 13,515

Weighted average number of ordinary shares

Number of shares

‘000

Number of shares

‘000

Number of shares

‘000

At the start of the period 40,904 37,068 37,068

Effect of shares issued in the period 477 251 715

Weighted average number of ordinary shares during the period 41,381 37,319 37,783

Basic loss per share $0.27 $0.17 $0.36

Adjusted loss per shareAdjusted loss per share is calculated based on the loss attributable to ordinary shareholders before exceptional items, acquisition-related items and the cost of equity-settled share-based payment, and the weighted average number of ordinary shares outstanding:

Six months ended

30 June2018

(Unaudited)

Six months ended

30 June 2017

(Unaudited)

Year ended 31 December

2017(Audited)

Adjusted loss for the period: Notes $’000 $’000 $’000

Loss for the period attributable to ordinary shareholders 11,276 6,329 13,515

Add back:Exceptional items 5 1,206 (2,297) (3,994)

Equity-settled share-based payment 15 (1,907) (464) (2,201)

Adjusted basic loss for the period 10,575 3,568 7,320

Adjusted loss per share $0.26 $0.10 $0.19

Diluted loss per shareDue to the Group having losses in all periods presented, the fully diluted loss per share for disclosure purposes, as shown in the Condensed consolidated statement of profit and loss and other comprehensive income, is the same as for the basic loss per share.

18

10. Intangible assetsOther

intangibleassets

Developmentcosts

Computer software Total

At 30 June 2018 (Unaudited) $'000 $’000 $’000 $’000

CostAt 1 January 2018 3,154 43,319 1,689 48,162Additions – own work capitalised - 2,442 - 2,442

At 30 June 2018 3,154 45,761 1,689 50,604AmortisationAt 1 January 2018 (3,154) (37,405) (522) (41,081)Amortisation charge for the period - (2,925) (375) (3,300)

At 30 June 2018 (3,154) (40,330) (897) (44,381)

Net book value - At 30 June 2018 - 5,431 792 6,223

At 30 June 2017 (Unaudited)

CostAt 1 January 2017 3,154 37,016 189 40,359

Additions – 3rd party - - 500 500

Additions – own work capitalised - 3,019 - 3,019

At 30 June 2017 3,154 40,035 689 43,878

AmortisationAt 1 January 2017 (3,154) (31,039) (189) (34,382)

Amortisation charge for the period - (3,315) (125) (3,440)

At 30 June 2017 (3,154) (34,354) (314) (37,822)

Net book value - At 30 June 2017 - 5,681 375 6,056

The carrying amount of the intangible assets is allocated across cash-generating units (“CGUs”). A CGU is defined as the smallest group of assets that generate cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups thereof. The recoverable amount of the CGUs is determined using value in use (“VIU”) calculations. As at 30 June 2018, 30 June 2017 and 31 December 2017, the Group had one CGU, the DConE CGU, which represents the Group’s patented DConE replication technology, forming the basis of products for both the Source Code Management and Big Data markets, including the new Fusion platform that was launched in 2015.

Other intangible assets arose as part of the acquisitions of OhmData, Inc. in June 2014 and AltoStor, Inc. in November 2012. The intangibles arising as part of these acquisitions are allocated to the DConE CGU. The recoverable amount of the DConE CGU has been calculated on a VIU basis at 30 June 2018, 30 June 2017 and 31 December 2017. These calculations use cash flow projections based on financial forecasts, which anticipate growth in the Group’s installed base along with new customer growth, along with a stable cost base, and appropriate long-term growth rates. To prepare VIU calculations, the cash flow forecasts are discounted back to present value using a pre-tax discount rate of 10% (2017: 10%) and a terminal value growth rate of 2% from 2023. The Directors have reviewed the recoverable amount of the CGU and do not consider there to be any indication of impairment.

A sensitivity analysis was performed for the DConE CGU and management concluded that no reasonably possible change in any of the key assumptions would cause for the carrying value of the DConE CGU to exceed its recoverable amount.

Development costs are predominantly capitalised staff costs associated with new products and services. Development costs are allocated to the DConE CGU, the recoverable amount of which has been determined on a VIU basis as described above.

The amortisation charge on intangible assets is included in operating expenses in the Condensed consolidated statement of profit and loss and other comprehensive income.

19

11. Other non-current assets

30 June 2018

(Unaudited)

30 June 2017

(Unaudited)

31 December

2017 (Audited)

Due in more than a year: $’000 $’000 $’000

Other receivables 241 - -

Accrued income 1,401 - 889

Total other non-current assets 1,642 - 889

12. Trade and other receivables

30 June 2018

(Unaudited)

30 June 2017

(Unaudited)

31 December

2017 (Audited)

Due within a year: $’000 $’000 $’000

Trade receivables 1,231 4,814 2,115

Other receivables 684 287 466

Accrued income 2,110 - 2,350

Corporation tax 527 571 527

Prepayments 829 541 511

Total trade and other receivables 5,381 6,213 5,969

13. Borrowings

30 June 2018

(Unaudited)

30 June 2017

(Unaudited)

31 December

2017 (Audited)

Borrowings – bank loan $’000 $’000 $’000

Within a year 1,667 - 889

In more than a year 3,084 3,000 3,111

Total bank loan 4,751 3,000 4,000

At 30 June 2018, the $4.8m of borrowing represents term debt drawn down under a facility with Silicon Valley Bank which was announced on 26 June 2017. This facility is due to mature on 1 April 2021 and comprises up to $5.0m available as term debt, with an interest only period to 31 May 2018, followed by a 3-year maturity at a floating interest rate of prime + 1.5%. There is an additional $3.0m available through a revolving credit facility secured by qualifying accounts receivable.

14. Deferred incomeDeferred income represents contracted sales for which services to customers will be provided in future periods.

30 June 2018

(Unaudited)

30 June 2017

(Unaudited)

31 December

2017 (Audited)

Deferred income which falls due: $’000 $’000 $’000

Within a year 3,315 7,154 7,102

In more than a year 1,315 7,320 7,058

Total deferred income 4,630 14,474 14,160

20

15. Share-based payment WANdisco plc operates share option plans for qualifying employees of the Group. Options in the plans are settled in equity in the Company and are normally subject to a vesting schedule but not conditional on any performance criteria being achieved.

The terms and conditions of the share option grants are detailed in the Group annual financial statements for the year ended 31 December 2017.

Six months ended

30 June2018

(Unaudited)

Six months ended

30 June 2017

(Unaudited)

Year ended 31

December 2017

(Audited)

$’000 $’000 $’000

Total equity-settled share-based payment charge 1,907 464 2,201

Summary of share options outstandingSix months

ended 30 June

2018(Unaudited)

Six months ended

30 June 2017

(Unaudited)

Year ended 31 December

2017(Audited)

Number of share options outstanding: Number Number Number

Balance at the start of the period 4,901,699 4,318,899 4,318,899Granted 220,000 927,807 2,020,514Forfeited (187,841) (493,691) (572,483)Exercised (898,982) (593,521) (865,231)Balance at the end of the period 4,034,876 4,159,494 4,901,699Exercisable at the end of the period 1,877,947 2,291,115 2,073,904Vested at the end of the period 1,877,947 2,291,115 2,073,904

Weighted average exercise price for: $ $ $

Shares granted 1.80 4.88 5.50Shares forfeited 1.58 9.87 9.47Options exercised 0.70 0.58 0.76Exercise price in the range:From 0.13 0.13 0.13To 11.08 5.81 6.14

Years Years Years

Weighted average contractual life remaining 7.0 8.6 7.8

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:

Fair value assumptions:

Six months ended

30 June2018

(Unaudited)

Six months ended

30 June 2017

(Unaudited)

Year ended 31 December

2017(Audited)

Dividend yield 0.00% 0.00% 0.00%Risk-free interest rate 1.28% 0.85% 1.02%Stock price volatility 30% 30% 30%Expected life (years) 7 7.0 7.0Weighted average fair value of options granted during the period $8.08 $2.23 $4.24

- The dividend yield is based on the Company’s forecast dividend rate and the current market price of the underlying common stock at the date of grant.

- Expected life in years is determined from the average of the time between the date of grant and the date on which the options lapse.- Expected volatility is based on the historical volatility of shares of listed companies with a similar profile to the Company.- The risk-free interest rate is based on the treasury bond rates for the expected life of the option.

16. Contingent liabilitiesThe Group had no contingent liabilities at 30 June 2018 (30 June 2017: None, 31 December 2017: None).

17. Post-balance sheet eventsThere are no significant or disclosable post-balance sheet events.

21

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