(Correcting headline to reflect that Windward is not targeting positive Ebitda in 2023.)

Windward Ltd on Thursday said revenue rose as it narrowed its loss in the first half of the year.

Windward shares rose 10.4% to 45.25 pence each on Thursday morning in London.

The Tel Aviv, Israel-based maritime predictive intelligence company said revenue increased 18% to $12.8 million in the first half of 2023, from $10.9 million a year ago. The company noted that its annual contract value - an indicator of revenue growth - jumped 23% to $27.6 million, compared with $22.5 million in the first half of 2022.

The firm said pretax loss narrowed to $5.7 million from $9.9 million the year prior.

Looking forward, Windward said it has seen strong trading momentum in the second half so far, and expects to meet market expectations, including reaching positive earnings before interest, tax, depreciation and amortisation run-rate through cost control and growth in its annual contract value.

‘With a clear path to achieving positive Ebitda, we continue to focus on the careful management of costs while continuing to deliver on our multiple strategic revenue opportunities,’ it said.

Chief Executive Ami Daniel said: ‘The first half of 2023 has been a transformative period for Windward. We emerged from 2022 with a global leading suite of solutions for the maritime industry, achieving record levels of new customer wins.

‘The backdrop of the war in Ukraine, increasing regulations and the market-wide drive for efficiencies and cost reductions continues to underline the need for Windward’s solution.’

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