Osirium Technologies PLC Trading Update (6673Z)
January 14 2020 - 2:00AM
UK Regulatory
TIDMOSI
RNS Number : 6673Z
Osirium Technologies PLC
14 January 2020
14 January 2020
Osirium Technologies plc
("Osirium", the "Company" or the "Group")
Trading Update
Osirium Technologies plc (AIM: OSI.L), a leading vendor of
cloud-based cybersecurity software, is pleased to provide an update
on trading for the year ended 31 December 2019, ahead of announcing
its audited Final Results.
The Board is pleased to confirm that trading has continued to
improve year on year and anticipates bookings for the year to be at
least GBP1.8 million, slightly ahead of market expectations and
materially ahead of the prior year. Revenue for the 12 months to 31
December 2019 is anticipated to be at least GBP1.1 million with
deferred revenue of circa. GBP1.3 million, giving greater
visibility of future revenues into 2020 and beyond. Cash balances
as at 31 December 2019 were GBP3.8 million.
Over the course of the year the Company continued to progress
its land and expand strategy and grow its business presence.
Further new accounts added in the last quarter of the year included
an NHS Trust, a central government department, and a fleet risk and
safety management business. As an important new step in the
Company's strategy, these new contracts include business being
delivered and managed by one of the UK's leading Managed Services
Providers with a substantial base of accounts in the public and
private sectors.
Investment in the business and strengthening of the Group's
market position continued through the final quarter of the year,
including: the launch of Privileged Endpoint Manager as the newest
addition to the Osirium portfolio, further strengthening our
position in privileged access and providing new cross-selling
opportunities; and a technology partnership with TSplus, a leading
supplier of Remote Access and Application Delivery solutions.
David Guyatt, Chief Executive Officer, said: "We are pleased to
conclude the financial year with strong growth in bookings, our key
financial measure, which is materially ahead of this time last
year. Our focus remains on growing our footprint and market
presence and this year we saw an evident step change in traction
for our specialist, new generation enterprise Privileged Access
Security range of solutions. We continue to invest in our
pioneering technology portfolio, which has recently been granted a
US and European patent, with several other patents still in the
pending process, further strengthening our position as a leading
innovator in the market.
"Our growing customer base furthermore provides strong
visibility as we enter the new financial year, with our SaaS model
meaning that the majority of new contract revenue will be
recognised in future periods. It also presents significant
cross-selling opportunities for our increased portfolio of
solutions. We are encouraged by the progress achieved and continue
to believe we have the right products and strategy in place for
sustained growth."
- Ends -
For further information:
Osirium Technologies plc Tel: +44 (0) 118 324 2444
David Guyatt, Chief Executive Officer
Rupert Hutton, Chief Financial
Officer
www.osirium.com
Stifel Nicolaus Europe Limited Tel: +44 (0) 20 7710 7600
(Nominated Adviser and Broker)
Fred Walsh / Neil Shah
Alma
(Financial PR)
Hilary Buchanan / Josh Royston Tel: +44 (0) 203 405 0205
/ Kieran Breheny
Notes to Editors:
About Osirium
Osirium Technologies plc (AIM: OSI) operates in one of the
fastest growing parts of the cybersecurity market and is a leading
vendor of Privileged Access Security solutions. Osirium's
cloud-based products protect critical IT assets, infrastructure and
devices by preventing targeted cyber-attacks from directly
accessing Privileged Accounts, removing unnecessary access and
powers of Privileged Account users, deterring legitimate Privileged
Account users from abusing their roles and containing the effects
of a breach if one does happen.
Osirium has defined and delivered what the Directors view as the
next generation Privileged Access Management solution. Osirium's
award-winning Privileged Task Management module further strengthens
Privileged Account Security by minimising the cyber-attack surface
and delivering an impressive return on investment benefits for
customers. Building on Osirium's Privileged Task Management module,
in May 2019 Osirium launched Privileged Process Automation,
providing a highly-flexible platform for automating essential IT
processes to set a new benchmark in IT Process Automation. This was
followed by the launch of Privileged Endpoint Manager in December
2019, bringing the total portfolio to three complementary
solutions.
Founded in 2008 and with its headquarters in Reading, UK, the
Group was admitted to AIM in April 2016. For further information
please visit www.osirium.com.
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END
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