Osirium Technologies - Q3 2022 trading update

Osirium Technologies

01/11/2022 07:00

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RNS Number : 8041E  Osirium Technologies PLC  01 November 2022

1 November 2022

 

Osirium Technologies plc

("Osirium" or the "Group")

 

Q3 2022 trading update

 

Continued positive bookings performance and customer expansion

 

Osirium Technologies plc (AIM: OSI.L), a leading vendor of cloud-based
cybersecurity and IT automation software, is pleased to announce an update on
the Group's trading performance for the third quarter of the financial year
ending 31 December 2022 ("Q3 FY 2022").

 

The Group is pleased to report continued increasing revenues, with bookings
for the nine months ended September 2022 of £2.52 million (FY 2021 bookings:
£1.60 million), representing the Company's best nine-month bookings
performance to date, and annual recurring revenue* ("ARR") of £1.74 million
for September 2022 (September 2021 ARR: £1.34 million). The cash balance as
at 30 September 2022 was £0.32 million and trade debtors were £0.50 million.

 

In Q3 FY 2022, Osirium has continued to grow its customer base alongside
expanding the products and services it delivers to existing customers.
Healthcare, financial services and higher education continue to represent key
growth drivers that support the Group's year-on-year growth. The Group
maintains a strong track-record in these sectors, alongside growing
opportunities in other verticals.

 

As previously reported, the Group is observing a greater awareness of the
benefits of privileged protection and, alongside this, privileged security is
fast becoming an essential product for cybersecurity insurance. These wider
market trends are helping to underpin demand for the Group's offering, and
continued investment into the Group's sales and marketing arm has enabled the
team to capitalise on the increased quantity and quality of sales
opportunities across a range of sectors.

 

Average contract values have also continued to grow during the period, as a
result of a greater preparedness and need on behalf of customers to spend on
cybersecurity for the long-term.

*ARR is calculated by annualising revenue recognised in a given month from all
clients on deployed subscription contracts

David Guyatt, Chief Executive Officer, commented:

 

"Our team continues to progress with great strides, in what has been another
strong quarter for Osirium. We have maintained our focus on attracting new
customers alongside expanding with existing customers, as evidenced by our
significant, multi-year contract renewals with customers in the financial
services and IT sectors previously announced in Q3.

 

"In line with the increasing recognition of privileged security as an
essential product for cybersecurity, we remain confident in our long-term
growth opportunities."

 

 

 Contacts:

 Osirium Technologies plc                                Tel: +44 (0)1183 242 444
 David Guyatt, CEO
 Rupert Hutton, CFO

 Allenby Capital Limited (Nominated adviser and broker)  Tel: +44 (0)20 3328 5656
 James Reeve / George Payne (Corporate Finance)
 Tony Quirke (Sales and Corporate Broking)

 Alma PR (Financial PR adviser)                          Tel: +44 (0)20 3405 0205
 Hilary Buchanan                                         osirium@almapr.co.uk
 Kieran Breheny
 William 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 3(rd) 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 (http://www.osirium.com/) .

 

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