Cirata points to signs of recovery as turnaround frustrated by deal slippage
Deal delays have obscured evidence of a turnaround under way at Sheffield data firm Cirata as boss Stephen Kelly says rebuilding from the wreckage of WANdisco has been demanding.
New interim results for the tech firm, which also has offices in Newcastle, Belfast, California, China and Japan, show growth in revenues and curtailed losses as its team has fought to dramatically cut costs. Despite $3.4m (£2.5m) of revenue over the six months to the end of June, up from $3m (£2.2m) in the same period last year, and statutory losses falling from $14.8m (£11.2m) to $8.6m (£6.5m), Mr Kelly said Cirata was "yet to see the fruits of our labour" and that senior leadership was "laser focussed" on preventing deal slippage which has hampered overall improvements.
Investors were told there was a renewed effort under way to reduce annual costs of $23m (£17.5m) to $20m (£15.2m) as the firm finishes its 2024 financial year. Substantial progress has already been made with costs slashed from $45m (£34.3m) at the end of March last year.
Read more: Sheffield BID moves into new offices in city centre
Read more: Next Page
