REG - Osirium Technologies - AGM Statement and Q1 trading update

Osirium TechnologiesAnnouncement

09/05/2023 07:15

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RNS Number : 6484Y  Osirium Technologies PLC  09 May 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.

 

 

9 May 2023

 

Osirium Technologies plc

("Osirium", the "Group" or the "Company")

 

AGM Statement and Q1 trading update

 

The Annual General Meeting ("AGM") of Osirium Technologies plc (AIM: OSI), a
leading vendor of cloud-based cybersecurity software, will be held today at
11:00am at the Company's offices at Theale Court, 11-13 High Street, Theale,
RG7 5AH. At the AGM, Osirium's Executive Chairman, David Guyatt, will provide
the following update on the Company's trading for the first quarter of the
2023 financial year ("Q1 2023").

 

The Company is pleased to announce continued positive trading through Q1 2023,
with annual recurring revenue* ("ARR") for March 2023 of £2.04 million, an
increase of 31% over the past 12 months (March 2022 ARR: £1.56 million) and
10% for the quarter (December 2022 ARR: £1.86 million).

 

The Group's cash balance and debtor position as at 31 March 2023 was £690k.
Based on prior years, the Company expects to receive an R&D tax credit of
not less than £600k before the end of H1.

 

The positive momentum into the new year is a result of new customer wins in
sectors such as utilities, chemicals and the public sector as well as license
upsells and expansions within existing customers. We continue to see a growing
awareness of the requirement for privileged security products across
industries, underpinned by regulatory drivers, security best practice and
insurance prerequisites.

 

The Group's 'channel-first' approach is progressing well, delivering new
opportunities which have been successfully converted during Q1 2023.

 

The Group has seen a healthy return to large-scale trade events, which attract
a range of delegates from Osirium's primary audiences. Recent events attended
by the Group include the BETT Education Technology Show, CyberWeek, and the
National Cyber Security Show.

 

Looking ahead, our healthy increase in ARR in the first quarter of the year
reflects the ongoing demand we are seeing for our offering, underpinned by a
substantial market opportunity.

 

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

 

 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 (mailto: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 (http://www.osirium.com/) .

 

 

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