The boss of technology company Cirata believes the firm will return to growth this year despite a 53% drop in sales in its most recent results.
The Yorkshire firm, which was renamed from WANDisco after a financial reporting crisis, has released a trading update in which total bookings in its second quarter fell to $800,000. It said sales would be weighted to the second half of its financial year.
The company revealed that it had disposed of its DevOps assets to software insights company BlueOptima for £3.5m. It added it had significantly reduced its cash burn as it looked to correct its finances.
Cirata chief executive Stephen Kelly said: “Sales execution in Q2 FY25 fell short of internal expectations, as several opportunities shifted into the second half of the year. However, actions taken earlier in the year to strengthen international sales began yielding results, as reflected in strong Q1 bookings.
“We flagged the poor sales execution in US sales at the Q1FY25 trading update and as we failed to see an improvement in performance in Q2 FY25, we have taken appropriate actions.
“In addition, with the appointment of our new Chief Revenue Officer, we have completed a challenging reorganization of our GTM function. I am confident that Dominic Arcari’s appointment will address the sales execution challenge and put the sales basics in place as a foundation for predictable growth.”
He added: "The outlook statement from March 2025 remains consistent and we anticipate sales will be back-end loaded for FY25. Cirata’s technology is solving some of the biggest data challenges for customers in their quest to move petabyte scale dynamic data safely and securely embracing open-table formats.
"The demand for Gen AI and analytic consumption means Cirata has a role to play at the heart of the data orchestration. We remain on course to exit FY25 on a growth trajectory.”
