Shares in Cirata made a slight recovery today after the cloud analytics firm said it had ‘moved from rescue to recovery’.
The Sheffield-based business posted a rise in revenues, a narrowing of losses and a forecast of further growth for the year ahead.
The stock rose as much as 9%, but remains down 70% over the past year.
The company underwent a rebrand last year after a major error in its financial statements sent the shares tumbling.
Cirata CEO Stephen Kelly said the firm’s 2023 financial year “was a rescue year for a broken company.”
“FY24 was a year of building foundations, regaining trust and confronting the legacy challenges that hampered Cirata’s potential. Rescuing and building a company back from FY23 from the ground up has been a demanding journey for the management team.
“We understand the sentiment of demoralised colleagues, customers, partners and investors who understandably felt extremely let down, given the $250m capital raised since the Company’s IPO.
“As we move into FY25, I am pleased to report that last year’s extensive restructuring, cultural renewal and operational focus are beginning to bear fruit. While we are only part way through our journey, we are no longer defined by past struggles but are shaped by future opportunities.”
Cirata posted revenues of $7.7m for 2024, a rise of 15% on the previous year, while losses were more than halved to $13.5m.
Major wins in the period included a $2.0m Live Data Migrator (LDM) contract with a top 3 US bank for a one-year term. The firm said it had also struck partnerships with IBM, Databricks and Oracle.
Cirata said it had a contingent liability related to an ongoing FCA investigation into its financial misstatement, but that no liability has been recorded so far “due to the uncertainty surrounding the investigation.”
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