Trading Update

RNS Number : 9280M

Osirium Technologies PLC

14 January 2019

 

14 January 2019

Osirium Technologies plc

("Osirium" or "Group")

Trading Update

Osirium Technologies plc (AIM: OSI.L), a leading vendor of cloud-based cybersecurity software, today provides the following trading update ahead of the Group's final results for the year ended 31 December 2018.

Trading has continued to improve year on year, as anticipated, and is in line with the Board's expectations with booking levels expected to be significantly ahead of the prior period.  Revenue for the 12 months to 31 December 2018 is anticipated to be at least £0.95 million with cash balances as at 31 December 2018 of £2.3 milion.  Both figures are subject to audit.

David Guyatt, Chief Executive Officer, commented: "We are pleased with the strong progress made during the period.  As well as winning new UK accounts in sectors such as financial services and retail, where we had an established presence, the Group also secured customers in the drinks manufacturing, energy and utilities sectors.

Outside the UK, we were awarded a contract with a significant provider of financial services in the Middle East, and were delighted that a major account in the same region underlined its commitment to Osirium with the renewal of its contract.

Our Proof of Concept (POC) programme continues to be a strong key performance indicator enabling us to better predict when our pipeline opportunities will close.  At the beginning of 2019, the Group has more POCs scheduled for the first quarter than occurred in the whole of 2018.  The POC rate of conversion to sale has likewise continued to increase.

Finally, in December we were delighted to be included in the Gartner Magic Quadrant for Privileged Access Management, and to be be positioned as the highest European vendor of PAM solutions in terms of completeness of both vision and execution.

The Group is confident that there will be further progress as new prospects are converted through our UK and international channel partners as the market for PAM becomes 'mainstream'.  In addition we expect to see further revenues from existing customers through the implementation of our 'land and expand' approach. 

The Board remains very confident in the Group's prospects.  We believe Osirium has a unique proposition and is well placed to prosper as cyber-security remains a key priority for corporates."

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For further information:

Osirium Technologies plc	Tel: [phone]
David Guyatt, Chief Executive Officer Rupert Hutton, Chief Financial Officer www.osirium.com
Stifel Nicolaus Europe Limited (Nominated Adviser and Broker)	Tel: [phone]
Fred Walsh / Neil Shah / Alex Price
Yellow Jersey PR (Financial PR) Sarah Hollins Henry Wlkinson	Tel: [phone] Tel: [phone]

Notes to Editors:

About Osirium

Osirium Technologies plc (AIM: OSI.L) operates in one of the fastest growing parts of the cybersecurity market and is a leading vendor of Privileged Access Management ("PAM") software. 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 PAM solution.  The team has developed the concept of a Virtual Air Gap to separate users from passwords.  Built on Robotic Automation technology, Osirium's 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.

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

 

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