FCA closes probe into Cirata

(Sharecast News) - Cirata said on Wednesday that the UK Financial Conduct Authority has closed its investigation into the company without taking any action, bringing an end to a probe focussed on whether regulatory announcements issued by the firm had materially mis-stated its financial position. The AIM-traded firm said the investigation, first disclosed in April 2023, covered the period from 1 May 2021 to 9 March 2023, during which Cirata was undergoing significant financial and operational difficulties.

It had since installed a new management team and overhauled its structure.

Chief executive Stephen Kelly said the conclusion of the probe drew a line under a difficult period for the business.

"The new management team tasked with rescuing the company from the brink after the dark days of March 2023, have worked tirelessly to build a company that the UK tech sector can be proud of," he said.

He added that Cirata was ending the year with "a new cost structure, the release of Cirata Symphony - a new Data Orchestration Platform - and a laser focus on growth," and that "the announcement today heralds one sad chapter closed and a new chapter beginning."

At 0820 GMT, shares in Cirata were up 1.78% at 20p.

Reporting by Josh White for Sharecast.com.