31st Mar 2025 14:41
(Alliance News) - Cirata PLC on Monday said it signed a three-year contract with a "leading" UK retailer, as it announced a narrower loss for 2024.
Cirata shares rose 9.2% to 19.50 pence each on Monday afternoon in London, giving it a market capitalisation of GBP24.7 million.
The Jersey-based software solutions provider said pretax loss narrowed to USD13.5 million in 2024 from USD36.5 million in 2023.
Revenue climbed 15% to USD7.7 million from USD6.7 million.
Operating costs reduced by 42% to USD21.8 million from USD37.6 million, while finance costs came down sharply to just USD76,000 in 2024 from USD4.2 million in 2023.
For 2025, the company targets "continued high growth in Data Integration" and an improvement in the quality of business mix and revenue towards Data Integration.
Cirata said: "Management expects improvements in the levels of sales activity and execution, both directly and through its partners, as well as via improved visibility and predictability. For example, elements of the GTM 'Land & Expand' strategy continue to yield growth from existing customers. Management, however, expects the acquisition of new customers to be an improving source of future growth as we move through FY25."
Chief Executive Officer Stephen Kelly added: "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. The foundations we have put in place and the progress we have made, affirm Cirata's potential as a leader in enterprise data solutions."
Separately, Cirata announced a USD2 million three-year long contract with a "leading" UK retailer.
It is an enterprise-wide licence agreement "with one of the world's leading retailers," CEO Kelly said.
Cirata said: "For this innovative customer, Cirata will support the implementation of open table formats [such as Apache Iceberg] to enable platform interoperability and avoid vendor lock-in. Apache Iceberg has emerged as a leading standard for an "open table format," offering a streamlined and scalable framework for organizing data and metadata. This structure enhances data interoperability across computing platforms."
By Tom Budszus, Alliance News slot editor
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