Cirata PLC on Wednesday said it will retain its booking guidance for the 2024 financial year, as it expects sales activity to improve.

Cirata is a software solutions provider based on the island of Jersey.

Cirata said full-year booking guidance remains between $13 million to $15 million.

The firm reported that bookings for the quarter ended September 30 were $1.7 million, unchanged from a year before.

Cirata noted that it signed 16 new contracts during the period and also renewed existing ones. This included the renewal of a Data Integration contract for a global insurer valued at $983,010.

Looking ahead, Cirata remains positive as it expects improved sales activity in the final quarter of the year.

Chief Executive Officer Stephen Kelly commented: ‘We are making good progress, but this is not represented in the headline numbers. The quarter was very much as expected and the deals we are tracking in our pipeline remain in play and are aligned to customer timelines and consistent with our financial year 2024 bookings guidance.’

Cirata also noted that it amended its original equipment manufacturer sales agreement with IBM Corp in October. As part of the amendment the parties agreed to retire the remaining $1.7 million prepay early.

The firm said IBM intends to sell Cirata’s live data migrator.

Cirata shares were down 4.1% to 27.50 pence in London on Wednesday afternoon.

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