Cirata plc (CRTA) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

I'm joined today by Stephen Kelly, the Chief Executive Officer of Serata. Stephen, it's great to have you with us. It's great to be here. Now, Stephen, there's been a lot of disclosures over the last several days. Q2 trading update, as well as the launch and successful completion of an equity placing. Let's start with the placing. Why now? I think good question. And I think we thought very carefully about the right timing. But essentially what I'd like to do first of all is thank all the investors who back the management and back the company and are with us on the journey. What we did was raise just over $7 million to really make sure we have a robust balance sheet. And I think that's important for all sorts of stakeholders, obviously customers and colleagues. And as we set this path to break even as we exit the year, I think this really underpins a moment in time where it's another stage on the journey of progress. We inherited a company that was broken and much troubled. And in the last year, we've moved from firefighting to really building the company and building the company for growth and sustainability. So establishing where we are on the journey, I think it's the case with the cost base being significantly reduced from $45 million a year to $20 million. That gives us a platform for operational leverage going forwards. So you've also released details of your Q2. Now it's clear there's still a problem with slippage. Why is deal slippage still a feature? Yeah, first thing to say is in terms of we want to do quarterly updates and that's good for transparency and disclosure. But it only presents a snapshot of where we are on the journey. And I'm really delighted with the recent fund ways about long term investors coming with us for the whole journey. But if we get ...