Recovery and stabilisation efforts bear fruit at big data business
Sheffield-headquartered big data company, Cirata, says it has achieved tangible progress thanks to its efforts to restructure its operations and strengthen its governance.
Issuing its preliminary results today for the year ended 31 December 2024, the business records revenues of $7.7m/£6m (FY23: $6.7m/£5.2m) and a pre-tax loss of $13.5m/£10.4m (FY23: $36.5m/£28.2m). Cirata also reports bookings for the year of $7.1m/£5.5m (FY23: $7.2m/£5.6m).
Stephen Kelly, chief executive officer, said: “2024 was a transitional year for Cirata as we moved from ‘rescue’ to ‘recovery’, stabilising the business to prepare for growth.
“We have reduced our cost base by roughly two-thirds since the peak in early FY23.
“Our efforts in restructuring the organisation, strengthening governance and enhancing cultural accountability have delivered tangible results, including the largest LDM Original Equipment Manufacturer implementation in our history with our partner IBM.
“While challenges remain and stronger execution is required, the focus for FY25 is clearly on growth and a pivotal year for establishing Cirata as a consistent growth company.”
He said FY25 should see the firm work towards achieving a cash flow break-even position, while avoiding seeking further working capital.
Also today, Cirata has reported winning a $2m/£1.5m three-year contract with “a leading UK retailer.”
The client plans to leverage the power of hybrid cloud and deploy Cirata at scale as the standard to make data available for analytics and Generative AI. The licence agreement enables data automation at petabyte scale
Kelly added: “This enterprise-wide licence agreement with one of the world’s leading retailers is a strong endorsement of Cirata’s strategy.
“This customer is an innovator in data modernisation, and the contract recognizes Cirata as a strategic partner, driven by their strong alignment with our technology roadmap. Cirata provides a clear vision for data orchestration within the enterprise.
“As we signalled in January, FY25 represents a growth year built on solid foundations and this customer contract marks another step in the right direction.”
