Osirium Technologies PLC – OSI – Trading Update

Osirium Technologies PLC – OSI – 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."

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