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Osirium Technologies (OSI)

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Friday 15 January, 2021

Osirium Technologies

Trading Update

RNS Number : 7776L
Osirium Technologies PLC
15 January 2021
 

15 January 2021

Osirium Technologies plc

("Osirium" or "the Group")

 

Trading update

 

Osirium Technologies plc (AIM: OSI.L), a leading vendor of cloud-based cybersecurity software, is pleased to provide an update on trading for the year ended 31 December 2020, ahead of announcing its audited final results.

The Board is pleased to confirm that it anticipates bookings for the year to be at least £1.55 million, slightly ahead of current consensus market expectations (as reported on 2 December 2020). Revenue for the 12 months to 31 December 2020 is anticipated to be at least £1.4 million, in line with market expectations, with deferred revenue of circa £1.5 million giving strong visibility into 2021 and beyond. Cash balances as at 31 December 2020 were £1.4 million.

As previously reported, the Group delivered a record Q1 for bookings and now expects to report a record Q4, with a slowdown in Q2 and Q3 due to the delaying effect of the pandemic on customer buying decisions.

While acknowledging the ongoing uncertainty and disruption caused by COVID-19, the Board is optimistic the momentum seen in the final quarter going into the new financial year will continue, and that the Group will deliver another year of material progress in 2021.

David Guyatt, Chief Executive Officer, said:

"2020 was another year of significant strategic progress. As previously reported, the trading environment was challenging but, regardless, we were able to secure a number of landmark deals, continue to improve our product range, and lay the foundations for future growth through the expansion of our international partner network.

Our offering remains one of the most compelling available, as evidenced over the year by a string of competitive pitch wins against our largest competitors. The ease at which organisations can deploy our software continues to be a key differentiator for the Group.

As we enter 2021, I am encouraged by the strong pipeline of new opportunities we have in both the private sector and increasingly the public sector, and look forward to updating shareholders on further progress."

 

 

Ends -

For further information:

Osirium Technologies plc

Tel: +44 (0) 118 324 2444

David Guyatt, Chief Executive Officer

Rupert Hutton, Chief Financial Officer

www.osirium.com

 

 

Stifel Nicolaus Europe Limited

(Nominated Adviser and Broker)

Tel: +44 (0) 20 7710 7600

Fred Walsh / Richard Short

 

 

Alma

(Financial PR)

David Ison / Josh Royston / Kieran Breheny

 

 

Tel: +44 (0) 203 405 0205

 

 

Notes to Editors:

 

Osirium Technologies plc (AIM: OSI) operates in one of the fastest growing parts of the cybersecurity market and is a leading vendor of Privileged Access Security solutions. 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 Privileged Access Management solution. Osirium's award-winning 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. Building on Osirium's Privileged Task Management module, in May 2019 Osirium launched Privileged Process Automation, providing a highly-flexible platform for automating essential IT processes to set a new benchmark in IT Process Automation. This was followed by the launch of Privileged Endpoint Manager in December 2019, bringing the total portfolio to three complementary solutions.

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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