Windward Ltd on Thursday said it expects its 2023 results to be ‘comfortably ahead’ of market forecasts.

Shares in Windward jumped 19% to 105.49 pence each in London on Thursday morning.

The Tel Aviv, Israel-based maritime predictive intelligence company said it expects revenue of $28.3 million, surpassing market consensus of $26.6 million. This would also be a 31% increase from $21.6 million in 2022.

Windward also expects its adjusted loss before interest, tax, depreciation and amortisation to narrow to $5.1 million from $12.1 million a year ago. Market expectations for its adjusted Ebitda loss were $7.0 million.

The company cited strong growth in customer numbers, which exceeded 200 at December 31, compared to 132 in 2022. As a result, Windward’s annual contract value at the end of 2023 totalled $34.5 million, up 35% year-on-year.

Co-founder and Chief Executive Officer Ami Daniel said: ‘2023 has been a record year for Windward, winning multiple new customers while expanding our offering. We have delivered strongly on our execution and believe Windward’s opportunity set has expanded. As the evolving events in the Russia-Ukraine conflict and the security situation in the Red Sea demonstrate, the need for visibility and actionable insight across all facets of the maritime industry continues to grow, driving adoption of our maritime AI platform. We are committed to providing our customers with the insight they require to trade with confidence and have begun 2024 with continued good momentum.’

Windward will publish its 2023 financial results in late March.

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