Full Year Trading Update

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: [phone]
Stuart McGregor, Chief Executive Officer
Rupert Hutton, Chief Financial Officer
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
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 .

 

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