TIDMOSI
RNS Number : 2822G
Osirium Technologies PLC
18 July 2023
The information contained within this announcement is deemed by
the Company to constitute inside information pursuant to Article 7
of EU Regulation 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 as amended.
18 July 2023
Osirium Technologies plc
("Osirium" or the "Group")
Half Year Trading Update
Strong ARR growth reflecting customer demand
Osirium Technologies plc (AIM: OSI), a leading vendor of
cloud-based cybersecurity and IT automation software, announces an
update on trading for the six months ended 30 June 2023.
Trading
The Board is pleased to report that Osirium's annual recurring
revenue ("ARR") has increased by 34% over the 12 months to 30 June
2023 to GBP2.16 million (30 June 2022 ARR: GBP1.61 million) and by
20% since the start of the year (December 2022 ARR: GBP1.8
million).
Bookings for the period are expected to be at least GBP1.22
million (H1 2022: GBP1.18 million) and revenue is expected to be no
less than GBP1.1 million (H1 2022: GBP0.9 million), representing a
4% and 18% increase on H1 2022 respectively. Deferred revenue at 30
June 2023 was GBP2.9 million (30 June 2022: GBP1.9 million).
Osirium has continued to grow within its target sectors in the
first half, with over 20 new customers signed so far in the year.
This includes several contract wins in the UK healthcare sector,
where the Group has established a reputation as a key provider of
privileged security. This reputation contributes to Osirium's
pipeline via referrals to prospective customers and direct
approaches from resellers.
ARR growth was driven by new customer wins and a high rate of
renewals. A significant proportion of Osirium's customer base
increased their license capacity or expanded their range of
products during the period, underlining the strength of the Group's
land and expand strategy.
Following receipt of the Group's research and development tax
credit, as announced on 13 June 2023, the Company's cash balance as
at 30 June 2023 was GBP0.22 million, with short-term debtors of
GBP0.40 million. The previously announced cost savings measures
identified by the Group in Q4 FY22 have been fully implemented
during the period, and the Board continues to keep all costs under
review with a view to reducing the timeframe by which the Group
will become cash flow break-even.
The strength of Osirium's offering is reflected in its speed and
simplicity of implementation and tailored user experience.
Reflecting this, the Group is pleased to announce it has recently
been named by independent researchers, SoftwareReviews, as a
'flagship leader' in Privileged Access Management. The report
ranked Osirium number one for vendor support, while also being 'top
rated' in 14 other categories including usability and
intuitiveness, ease of implementation, and ease of customisation.
The report, assessing 14 PAM providers, awarded Osirium a Gold
Medal for its overall score of 8.7/10, outperforming other major
players within privileged security(1) .
Outlook
The Group is pleased to report a strong start to H2 2023, with a
healthy pipeline underlined by a growing pool of prospective new
customers, as well as expected customer renewals, and contract
expansions and upsells which are expected to contribute to an
increase in ARR at FY23.
Notwithstanding the positive trading momentum in the first half
of the year, the Directors anticipate that the Company will be
required to raise additional capital before the end of the year and
are exploring all options in this regard. The Company has also
identified additional cost saving measures which are being
implemented.
The Group expects to announce its interim results in September
2023.
(1) https://www.softwarereviews.com/products/osirium-pam
Stuart McGregor, Chief Executive Officer of Osirium,
commented:
"We are pleased to deliver a period of significant annual
recurring revenue growth, reflecting the sizeable market demand for
privileged security and the effectiveness our land and expand
strategy.
"Enabled by our channel partner network, we are seeing our
positive reputation and strong industry relationships unlocking new
opportunities throughout the half. On this note, I'm delighted to
see our status as an agile, easy to deploy provider recognised by
SoftwareReviews.
"The momentum seen in H1 has continued to date and, with a
healthy pipeline of opportunities ahead, we look forward to the
second half with confidence."
Contacts:
Osirium Technologies plc Tel: +44 (0)1183 242 444
Stuart McGregor, Chief Executive Officer
Rupert Hutton, Chief Financial Officer
Allenby Capital Limited (Nominated adviser and broker) Tel: +44 (0)20 3328 5656
James Reeve / George Payne (Corporate Finance)
Tony Quirke / Stefano Aquilino (Sales and Corporate Broking)
Alma PR (Financial PR adviser) Tel: +44 (0)20 3405 0205
Hilary Buchanan osirium@almapr.co.uk
Kieran Breheny
Will Ellis Hancock
About Osirium Technologies Plc
Osirium Technologies plc (AIM: OSI) is a leading UK-based
cybersecurity software vendor delivering Privileged Access
Management (PAM), Privileged Endpoint Management (PEM) and Osirium
Automation solutions that are uniquely simple to deploy and
maintain.
With privileged credentials involved in over 80% of security
breaches, customers rely on Osirium PAM's innovative technology to
secure their critical infrastructure by controlling 3rd party
access, protecting against insider threats, and demonstrating
rigorous compliance. Osirium Automation delivers time and cost
savings by automating complex, multi-system processes securely,
allowing them to be delegated to Help Desk engineers or end-users
and to free up specialist IT resources. The Osirium PEM solution
balances security and productivity by removing risky local
administrator rights from users, while at the same time allowing
escalated privileges for specific applications.
Founded in 2008 and with its headquarters in Reading, UK, the
Group was admitted to trading on AIM in April 2016. For further
information please visit www.osirium.com .
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