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 2019, ahead of announcing its audited Final Results.
The Board is pleased to confirm that trading has continued to improve year on year and anticipates bookings for the year to be at least £1.8 million, slightly ahead of market expectations and materially ahead of the prior year. Revenue for the 12 months to 31 December 2019 is anticipated to be at least £1.1 million with deferred revenue of circa. £1.3 million, giving greater visibility of future revenues into 2020 and beyond. Cash balances as at 31 December 2019 were £3.8 million.
Over the course of the year the Company continued to progress its land and expand strategy and grow its business presence. Further new accounts added in the last quarter of the year included an NHS Trust, a central government department, and a fleet risk and safety management business. As an important new step in the Company’s strategy, these new contracts include business being delivered and managed by one of the UK’s leading Managed Services Providers with a substantial base of accounts in the public and private sectors.
Investment in the business and strengthening of the Group’s market position continued through the final quarter of the year, including: the launch of Privileged Endpoint Manager as the newest addition to the Osirium portfolio, further strengthening our position in privileged access and providing new cross-selling opportunities; and a technology partnership with TSplus, a leading supplier of Remote Access and Application Delivery solutions.
David Guyatt, Chief Executive Officer, said: “We are pleased to conclude the financial year with strong growth in bookings, our key financial measure, which is materially ahead of this time last year. Our focus remains on growing our footprint and market presence and this year we saw an evident step change in traction for our specialist, new generation enterprise Privileged Access Security range of solutions. We continue to invest in our pioneering technology portfolio, which has recently been granted a US and European patent, with several other patents still in the pending process, further strengthening our position as a leading innovator in the market.
“Our growing customer base furthermore provides strong visibility as we enter the new financial year, with our SaaS model meaning that the majority of new contract revenue will be recognised in future periods. It also presents significant cross-selling opportunities for our increased portfolio of solutions. We are encouraged by the progress achieved and continue to believe we have the right products and strategy in place for sustained growth.”