Osirium Technologies PLC Trading Update (7776L)
January 15 2021 - 2:00AM
UK Regulatory
TIDMOSI
RNS Number : 7776L
Osirium Technologies PLC
15 January 2021
15 January 2021
Osirium Technologies plc
("Osirium" 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 2020, ahead of announcing
its audited final results.
The Board is pleased to confirm that it anticipates bookings for
the year to be at least GBP1.55 million, slightly ahead of current
consensus market expectations (as reported on 2 December 2020).
Revenue for the 12 months to 31 December 2020 is anticipated to be
at least GBP1.4 million, in line with market expectations, with
deferred revenue of circa GBP1.5 million giving strong visibility
into 2021 and beyond. Cash balances as at 31 December 2020 were
GBP1.4 million.
As previously reported, the Group delivered a record Q1 for
bookings and now expects to report a record Q4, with a slowdown in
Q2 and Q3 due to the delaying effect of the pandemic on customer
buying decisions.
While acknowledging the ongoing uncertainty and disruption
caused by COVID-19, the Board is optimistic the momentum seen in
the final quarter going into the new financial year will continue,
and that the Group will deliver another year of material progress
in 2021.
David Guyatt, Chief Executive Officer, said:
"2020 was another year of significant strategic progress. As
previously reported, the trading environment was challenging but,
regardless, we were able to secure a number of landmark deals,
continue to improve our product range, and lay the foundations for
future growth through the expansion of our international partner
network.
Our offering remains one of the most compelling available, as
evidenced over the year by a string of competitive pitch wins
against our largest competitors. The ease at which organisations
can deploy our software continues to be a key differentiator for
the Group.
As we enter 2021, I am encouraged by the strong pipeline of new
opportunities we have in both the private sector and increasingly
the public sector, and look forward to updating shareholders on
further progress."
- 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 / Richard Short
Alma Tel: +44 (0) 203 405 0205
(Financial PR)
David Ison / Josh Royston / Kieran
Breheny
Notes to Editors:
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTFLFIALFISLIL
(END) Dow Jones Newswires
January 15, 2021 02:00 ET (07:00 GMT)
Osirium Technologies (LSE:OSI)
Historical Stock Chart
From Apr 2024 to May 2024
Osirium Technologies (LSE:OSI)
Historical Stock Chart
From May 2023 to May 2024