|
Cirata PLC on Thursday said it is on track to meet full-year targets for bookings and costs following a ‘strong’ start to the fourth quarter. The Sheffield, England-based software solutions provider said total data integration bookings rose 42% year-on-year to $3.4 million in the first nine months of financial 2025 from $2.4 million a year prior, though third-quarter bookings fell 79% to $300,000 from $1.4 million due to contract timing. Cirata highlighted a new $3.1 million, three-year deal with a leading US insurer signed in early October, its largest direct contract to date. The firm completed the divestment of its DevOps assets in August, receiving $2.5 million with up to $1 million more due in December, allowing it to focus on its core data integration business. Cirata reduced quarterly cash burn to $800,000 from $3.2 million a year earlier and ended September with $5.4 million in cash. ‘The combination of cost-saving actions, Data Integration growth and the recent DevOps divestment reaffirms management’s previously communicated expectation that no further working capital is required in FY25,’ the company said. Cirata shares fell 12% to 18.62 pence each on Thursday around midday in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
