Cirata PLC on Wednesday said that its turnaround plan was ‘developing momentum’ as it expected a weaker performance due to disruption.
The Sheffield, England-based data analysis platform, formerly known as WANdisco said for 2023, it expects a bookings performance in the range of $7.1 million to $8.8 million, at least 23% lower than $11.5 million in 2022.
Cirata explained that disruption due to its transition was the main reason for the fall in bookings: ‘The disruption to the [first half] trading activity was significant, however, the transition of the company towards growth and the execution of the turnaround plan led by the new board and executive leadership team is showing early progress. In [the third quarter] we continued to focus on our go to market execution and we exit the quarter with new leadership in marketing.’
Early in October, the firm said it was focused on a growth strategy and creating ‘a sharper and more compelling vision for the company.’
Further, it anticipates a cash position of $16.0 million to $16.5 million at December 31, up from $8.1 million at the end of April.
Chief Executive Officer Stephen Kelly said: ‘Our turnaround plan is developing momentum, and our collective focus now is squarely on growth and tracking towards cash-flow breakeven. We are pleased with the level of engagement with both our partners and customers. It has been a period of ’root and branch‘ positive changes with a new board, new management team and new company name and brand.
Cirata shares fell 6.9% to 54.37 pence each on Wednesday morning in London.
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