RE: Expect a strong movement the next few weeks11 Dec 2023 03:56
Oct 18th RNS Trading update ....
The outlook for H2 bookings' performance remains unchanged.
· H2 2023 bookings are expected to be in the range of $4.3m to $6.0m.
· Relative to prior periods this would represent:
o Sequential progression on H1 2023, with 54% bookings growth at the low end and 114% at the high end
o 5% bookings growth relative to H2 2022 at the low end and 46% growth at the high end
o FY 2023 bookings performance in the range of $7.1m to $8.8m
· Forecast closing cash position as of 31 December 2023 of $16.0m to $16.5m
The pipeline has been appropriately cleansed and qualified, and management is confident that what remains is robust and of high quality. The Q4 activity started well as evidenced by the already announced contract expansion with NatWest and a material renewal from US insurer HCSC, with a combined total of $1.3m in bookings. The Q3 bookings reported plus the early Q4 bookings activity announced result in H2 bookings total to date of $3.0m.
Overall, Cirata's pipeline continues to be in the early stages of a rebuild and we are entirely focused on building a strong basis for growth in 2024 in line with the Company's Turnaround Plan. We continue to target cashflow break even as we exit 2024 and move into 2025.
Approach to Disclosure of New Contracts
During FY23, Cirata has communicated news of new contracts and renewals to investors which included smaller contracts to disclose the ongoing progress being made in re-engaging with current and prospective customers and the positioning of Cirata for growth and success.
Going forward intra-quarter, the Company will adopt a policy of only announcing material customer wins and renewals.
Summary data on all deals will be captured within quarterly trading updates.
Stephen Kelly, Chief Executive Officer, commented.
"Our turnaround plan is developing momentum, and our collective focus now is squarely on growth and tracking towards cash-flow breakeven. We are pleased with the level of engagement with both our partners and customers. It has been a period of "root and branch" positive changes with a new Board, new Management Team and new Company name and brand. These are early days in the Company's transition and although we can see the green shoots of progress as evidenced by recent contract announcements, we realize that our future success relies on a continued relentless focus on growth and execution."
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