Osirium Technologies plc (AIM: OSI.L), a leading vendor of cloud-based cybersecurity software, today announces its final results for the 12 months ended 31 December 2019.
· Total bookings, the Group’s primary KPI, increased 54% to £1.82 million (2018: £1.18 million)
· Total recognised revenue increased by 22% to £1.17 million (2018: £0.96 million)
· Deferred revenue increased by 89% to £1.37 million (2018: £0.72 million), providing enhanced visibility
· Operating loss of £3.40 million (2018: £2.67 million), in line with expectations
· Cash balances at 31 December 2019 of £3.85 million (31 December 2018: £2.39 million)
· Clear illustrations of successful “land and expand” strategy with strong expansion and on-sell contracts
o New customers added in established sectors such as finance and the NHS, as well as securing new accounts in fleet management services and central government
· Maintained 100% renewals with existing customers
· Continued investment in the business resulting in significantly enhanced infrastructure
o Launched two new products in the year, growing addressable market and value proposition
o Grew and strengthened teams in engineering, sales, support, marketing
o Successful £4.78 million fundraise in October 2019
· Secured first sale of Privileged Process Automation product, launched in the period, demonstrating value of targeted R&D programme
· In a direct response to the COVID-19 pandemic the Group has taken a number of actions to ensure that all staff are healthy, safe and working from home. This has allowed Osirium to continue supporting our customers with no compromise on service levels or delivery
· Enter new year with strongest pipeline to date
o Continued business momentum and further sales including in the NHS and Ambulance Services
o Competitive wins, demonstrating our increasing reputation as a solution provider with a clear understanding of the challenges facing this sector
o Additional sales in North America
· Established presence in Benelux and started sales and marketing initiatives in that region and the Nordics
David Guyatt, Chief Executive Officer, commented: “2019 was a year of substantial progress for the Group, both operationally and in terms of new business momentum. During 2019, we added new customers and grew our engagement with the existing client base, which saw 100% retention, contributing to a 54% increase in bookings. Furthermore, we expanded our network of channel partners and successfully brought two new solutions to market, substantially enhancing the Group’s value proposition.
The requirement for securing, controlling and auditing critical IT assets continues to be a prime concern for all organisations. We help our customers substantially improve operations, reduced time and costs, with extensively reduced risk of security breaches.
We cannot ignore the increasing impact on our business of the Coronavirus pandemic. To the best of our ability we have factored this into our planning. The safety and health of our employees, partners and customers is paramount, and we have taken decisive steps to move fully to remote working, with an online engineering, sales, marketing and support model for engaging with our customers. The Board remains cautious and vigilant in the very short-term as the full impact of COVID-19 on the general economy is not yet known, however we have contingency plans in place and factored these into our planning and are limiting the cash outflows out of the business as best as we can.
Despite the significant challenge COVID-19 presents we are moving forward this year with continued business momentum. Our focus on growing our market presence and customer-centric approach, coupled with our expanded offering and a solid foundation of visible revenue, gives the Board confidence in the Group’s long-term prospects.”