REG - Osirium Technologies - Full Year Trading Update

Osirium TechnologiesAnnouncement

09/01/2023 07:00

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RNS Number : 0007M  Osirium Technologies PLC  09 January 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 January 2023

 

Osirium Technolgies plc

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

 

 

Full Year Trading Update

 

Osirium Technologies plc (AIM: OSI), a leading vendor of cloud-based
cybersecurity software, today provides an update on the trading for the
financial year ended 31 December 2022 ahead of its audited final results.

 

The Board is pleased to announce that, subject to completion of the audit, it
expects to report bookings and revenue for the 12 months to 31 December 2022
of at least £3.0 million (2021: £1.6 million) and £1.9 million (2021: £1.4
million) respectively, in line with recently upgraded market expectations.

 

Osirium's annual recurring revenue ("ARR") for December 2022 was £1.8
million, an increase of 28% over the prior financial year (December 2021 ARR:
£1.4million), and deferred revenue at 31 December 2022 was £2.7 million,
providing the Group good visibility as it starts the new financial year.
Following the placing and subscription, announced on 22 November 2022, the
cash balance as at 31 December 2022 was £1.1 million.

 

Osirium has continued to maintain its rate of customer acquisition in 2022,
with new customers signed from an increasing range of sectors and geographies,
including a first contract signed in the US. Alongside this, the Group's
average initial contract value for new customers increased by 93% over the
course of the year, reflecting a recognition across the Group's target sectors
and geographies of the need to fortify their cybersecurity defences over the
long term.

 

In addition to its core Privileged Access Management ("PAM") product, there
has been a considerable growth in demand for Osirium's Privileged Process
Automation and Privileged Endpoint Management products in the year, both as
standalone products to new customers and as add-ons to PAM contracts. Looking
ahead to 2023, the Group continues to focus on growing the services it
delivers to its customers through cross-selling and upselling, while expanding
its customer base through new customer acquisition.

 

Stuart McGregor, Chief Executive Officer of Osirium, commented:

 

"2022 was another year of progress against our financial and strategic
objectives, in which we have succeeded in growing our average contract value
and securing more multi-year contracts, which provide a good visibility of
revenue for future years and a greater opportunity for up-selling and
cross-selling our products and services".

 

"Our momentum in customer acquisition has continued in the second half and our
sales pipeline underpins our confidence going into the new financial year. We
are confident we have the right teams in place across our direct sales channel
and our global channel partner network to continue to expand our presence
across new and existing sectors and geographies.

 

"As stated at the time of our fundraise in November, the Board's focus is on
reducing the timeframe to the Company becoming cash flow break-even through
revenue growth and tight cost control. With an expanded customer base, an
innovative product suite and healthy demand for privileged security, we
approach 2023 with confidence in the Group's growth prospects."

 

 

 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 (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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