Q3 2022 trading update

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: [phone]
David Guyatt, CEO
Rupert Hutton, CFO
Allenby Capital Limited (Nominated adviser and broker)	Tel: [phone]
James Reeve / George Payne (Corporate Finance)
Tony Quirke (Sales and Corporate Broking)
Alma PR (Financial PR adviser)	Tel: [phone]
Hilary Buchanan	[e-mail]
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 .

 

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