TIDMOSI
RNS Number : 7705B
Osirium Technologies PLC
25 September 2018
25 September 2018
Osirium Technologies plc
("Osirium" or "Group")
Interim results
Osirium Technologies plc (AIM: OSI.L), a leading vendor of
cloud-based cybersecurity software,
today announces its unaudited interim results for the six months
ended 30 June 2018.
Financial highlights
-- Total revenue of GBP466,333 (H1'2017: GBP261,600) up 78% YoY, comprising:
o SaaS revenue of GBP387,441 (H1'2017: GBP207,433) an increase
of 87%
o Professional Services revenue of GBP78,892 (H1'2017:
GBP54,167), up 46%
-- Record total bookings of GBP608,227 (H1'2017: GBP445,169) increase of 37%
-- Operating loss stable and in line with managements'
expectations at GBP1,363,731 (H1'2017: GBP1,184,282) despite
increased investment in sales and marketing as well as additional
headcount in the R&D and Customer Support teams
-- Successful placing raising GBP4.2 million in March 2018, with existing and new shareholders
-- Cash and cash equivalents at 30 June 2018 of GBP3,337,242 (H1' 2017: GBP2,015,948)
Operational highlights
-- Continued strong performance with:
o Contract wins with a global online fashion retailer and post
period end, a major UK high street retailer
o Accelerating traction within the NHS: two new contract wins
with the Norfolk and Norwich NHS and Great Western NHS and a
growing pipeline of similar NHS prospects
o Renewal of largest customer, a leading global asset management
company, for a further 12 months. Additional device licenses and
professional services sales projected for H2
o Largest international contract renewal to date with one of the
leading telecommunications companies in the Middle East. Additional
device licence deployments scheduled in H2
o Thirteen POCs confirmed in H1, largely driven by the launch of
the new free PxM Express offering
-- Continued investment in the business:
o Release of PxM Platform for Microsoft Azure and Amazon Web
Services
o Investment in Established Strategic Technology Partnership
with RazorSecure to deliver cybersecurity solutions for the
Critical Infrastructure, Transport and Industrial IOT markets (post
period end)
o Doubled the number of UK partners signed up to the Partner
Programme to twelve, adding new partners including Avari, Smart
Solutions, Threat Protect and Sep2
o Executed training and joint marketing exercises beyond the UK
with Adyton (Germany, Austria and Switzerland) and Spectrami
(Middle East) to boost local lead generation for H2
o Senior management team strengthened with appointment of Chris
Heslop as Marketing Director
David Guyatt, Chief Executive Officer, commented:
"We are pleased with the Group's progress, both operationally
and financially during the period as demonstrated by our new
customer wins and renewal contracts. Osirium has a unique
proposition and is building an increasingly strong pipeline of
opportunities across a broad range of corporate sectors. The funds
raised in March 2018 enables the Group to invest further in our
sales, marketing, R&D and engineering teams to ensure Osirium's
leadership momentum continues and we are beginning to see the first
fruits of this investment come through.
The consolidation we are seeing in the market, with the
acquisition by cybersecurity vendors of complementary technology
businesses, illustrates increasing awareness of PAM and the market
opportunity. In turn, this is underlined by the focus given by many
organisations to GDPR and Gartner's recognition of PAM - both with
its listing of PAM as the number one priority security project for
2018 and the launch of a PAM-specific Magic Quadrant survey.
The Group already has an exceptional reputation with its
existing customers, which include small and medium-sized
enterprises, as well as an increasing number of blue-chip
enterprises in defence, telecommunications, retail and the
financial services sector, and Osirium plans to continue expanding
into new high growth sectors.
Trading since the period end has continued to be encouraging and
we are confident that Osirium will continue to build momentum and
deliver significant future 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 Tel: +44 (0) 20 7710 7600
(Nominated Adviser and Broker)
Fred Walsh / Neil Shah / Alex Price
Yellow Jersey PR
(Financial PR)
Sarah Hollins Tel: +44 (0)7764 947 137
Abena Affum Tel: +44 (0)7555 159 808
Photography:
Photography is available, please contact Abena Affum at
abena@yellowjerseypr.com
Notes to Editors:
About Osirium
Osirium Technologies plc (AIM: OSI.L) operates in one of the
fastest growing parts of the cybersecurity market and is a leading
vendor of Privileged Access Management ("PAM") software. 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 PAM solution. The team has developed the concept of
a Virtual Air Gap to separate users from passwords. Built on
Robotic Automation technology, Osirium's 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.
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
Chief Executive's review
Introduction
We have continued to take the business forward during the first
half of 2018 as the Group builds sales momentum. In the period
under review, revenue was up 78% YoY from GBP261,600 to GBP466,333,
while bookings were up 37% to GBP608,227 for the six months to 30
June 2018, compared with GBP445,169 for the same period in
2017.
The quality and visibility of the Group's pipeline continues to
increase driven by new customer wins and significant upsells and
renewals during the period. A contract win was secured with a major
online retailer, with a further order confirmed since the period
end with one of the UK's largest clothing and homeware retailers.
Building on earlier wins in the healthcare sector, the Group was
awarded further contracts at Norfolk and Norwich NHS and Great
Western NHS. Osirium's largest customer, a leading global asset
management company, renewed for a further 12 months, as did the
Group's largest international customer to date, one of the leading
telecommunications companies headquartered in the Middle East.
Osirium has established itself further with its unique
proposition and is building an increasingly strong pipeline of
opportunities across a broad range of corporate sectors. In
parallel, the Group has grown the number of POCs, a critical KPI,
to a record number of thirteen by the mid-year. The funds raised in
March 2018 have provided the Group with capital to invest further
in our sales, marketing, R&D and engineering teams to ensure
Osirium's momentum continues and we have seen the first fruits of
this investment in recent contract wins.
Demand for the Osirium solution is being fuelled by a number of
factors. Awareness of GDPR, the EU NIS Directive, and the need to
demonstrate rigorous compliance has continued to grow. This has
been matched by an increased recognition of the need to address PAM
as an increasingly prominent and fast-growing element of
cybersecurity. In combination these phenomena are providing fertile
ground on which the Group can engage with new prospects, bring on
board additional reseller partners, and carry out new product
releases with additional functionality.
As the Group continues to innovate around the areas where we
differentiate, the combined team at Osirium of employees,
Non-Executive Directors and key associates is now nearing the fifty
mark, providing strong operational and technical expertise to
underpin our future growth.
Financial summary
Revenue was GBP466,333 compared with GBP261,600 in the same
period of 2017. Bookings were up 37% to GBP608,227 for the six
months to 30 June 2018 from GBP445,169 for the same period in
2017.
Osirium's loss before tax for the six months to 30 June 2018 was
GBP1,363,163, compared with a loss of GBP1,181,897 for the six
months to 30 June 2017.
As at 30 June 2018, the Group had cash balances of GBP3,337,242
(30 June 2017: GBP2,015,948).
The Group continued to increase its investment in research and
development during the period, with GBP588,794 capitalised in the
six month period to 30 June 2018 (six month period to 30 June 2017:
GBP545,208), an increase of 8%, demonstrating consistent
investment, which has been focussed on refining and further
developing our next generation PAM proposition and working to meet
new and prospective clients' expectations. The Group expects SaaS
revenues to increase further during the remainder of 2018 and, with
the addition of extra consultancy resource, increased service
revenues are also being targeted.
Business review
Strategy and market
In the first half of this year the Group has seen increasing
active signs of market consolidation as security vendors recognize
PAM as a critical part of enterprise security. The nature and
frequency of this consolidation (examples include Francisco
Partners acquiring Bomgar, Bomgar acquiring Avecto, Lieberman and
BeyondTrust, One Identity acquiring Balabit, Okta acquiring
ScaleFT) underline both the significance of Privileged Accounts in
an overall customer security strategy and the importance of the
role played by PAM solution suppliers.
This has been given further market validation by Gartner,
initially by its listing PAM as the number one consideration in a
priority top ten list of security projects for 2018, and then
additionally by launching a Gartner Magic Quadrant programme for
the second half of 2018.
Both the consolidation of security vendors and the raised
profile of PAM has helped drive a more exact understanding of the
complementary nature of Identity Access Management (IAM) offerings
and PAM solutions.
To maximise the resulting opportunities, Osirium has continued
to expand its operational sales, marketing and support capabilities
while maintaining its focus on innovation and development. In line
with the market's increasing recognition of PAM as core to a
comprehensive security strategy, the Group has been developing a
sales and marketing model that enables Osirium to rapidly qualify
and progress sales opportunities through a parallel direct
sales-led approach and a partner-led model.
Customers and marketing
Regional partnerships are now in place with trusted distribution
partners including Progress Distribution in the UK with a view to
extending reach in the UK with the appointment of a complementary
distribution partnership. With Spectrami covering the Middle East
and Adyton establishing a 'bridge-head' into Germany, Austria and
Switzerland, the Group has doubled the number of UK partners signed
up to the Partner programme to twelve with additions including
Avari, Smart Solutions, Threat Protect and Sep2.
Osirium's distribution and growing reseller community are
looking for technologies to drive new revenue opportunities within
their businesses, and the Group expects these resellers to refer
their clients to Osirium's PAM solution in response.
At the same time, the Group has developed its ability to engage
with, retain and expand our business with existing customers as
part of Osirium's 'Land and Expand' strategy. The fortnightly
internal Technical Stakeholder Meetings, where Consultants, Product
Management and Engineering review feedback, requests and ideas from
customers for new functionality, provides a forum to understand in
detail the value customers uniquely derive from Osirium, as well as
providing opportunities to expand our sales to these accounts.
Osirium has also strengthened its senior management team with
the addition of Chris Heslop as an experienced Marketing Director.
Chris previously held senior management positions in information
security with the MIMEsweeper business and PolicyMatter at key
stages in their growth, driving effective programmes for
international customer acquisition, channel expansion, technology
partnerships and brand development. More recently he held senior
positions in Field Marketing for the supply chain software
solutions business of Vocollect Inc. and Honeywell Inc.
Working in close alignment with Sales, the Marketing team is now
engaged in a series of lead generation and awareness building
programmes, including participation at the forthcoming IP Expo and
e-crime events in the UK, and targeted telemarketing campaigns in
Germany and the Middle East.
Looking ahead, Osirium sees scope to strengthen its market
position through technology partnerships. For some time the Group
has run a 'Works Well With' programme that lists and details the
innovations from complementary technologies that we integrate with.
Osirium now plans to take this to the next level with effective
joint marketing exercises with technology partners that present
powerful propositions addressing customer challenges and feature
Osirium at their core. As an example, we have recently announced a
Strategic Technology Partnership with RazorSecure, whereby for
Critical Infrastructure, Transport and Industrial IOT markets the
two vendors provide complementary parts of the security story.
RazorSecure monitors what is happening at the process level, while
Osirium defines who can access what, when and where at the login
and task level.
Research and development
In the first half of the year the engineering team continued the
Group's strategy of issuing product releases with new or enhanced
functionality that further add value to customer Privileged Access
and Privileged Task Automation deployments.
Recent releases include enhancements allowing customers to map
Two Factor Authentication onto devices that do not have or cannot
support this capability. The Group released improvements enabling
us to support a wider range of legacy applications, which has
particular value for IOT or CNI (Critical National Infrastructure)
environments. Additional capabilities allow customers to benefit
from more secure encryption and enable them to carry out predictive
system and human behaviour risk analytics.
During the period under review Osirium progressed the Group's
three PAM-related patents and started on a further two. A key focus
of the Group's longer-term research has centred on our expertise in
Privileged Task Automation. Having seen the need for securing the
inherently insecure world of DevOps, the Group's OPUS R&D
project is designed to deliver our next generation Robotic Process
Automation engine and address the evolving needs of DevSecOps,
including the ability to cope with multiple devices and tasks that
need to ask questions and make decisions 'in-flight'.
Summary and outlook
We are pleased with the Group's progress, both operationally and
financially during the period as demonstrated by our new customer
wins and renewal contracts. Osirium has a unique proposition and is
building an increasingly strong pipeline of opportunities across a
broad range of corporate sectors. The funds raised in March 2018
enables the Group to invest further in our sales, marketing,
R&D and engineering teams to ensure Osirium's leadership
momentum continues and we are beginning to see the first fruits of
this investment come through.
The consolidation we are seeing in the market, with the
acquisition by cybersecurity vendors of complementary technology
businesses, illustrates increasing awareness of PAM and the market
opportunity. In turn, this is underlined by the focus given by many
organisations to GDPR and Gartner's recognition of PAM - both with
its listing of PAM as the number one priority security project for
2018 and the launch of a PAM-specific Magic Quadrant survey.
The Group already has an exceptional reputation with its
existing customers, which include small and medium-sized
enterprises, as well as an increasing number of blue-chip
enterprises in defence, telecommunications, retail and the
financial services sector, and Osirium plans to continue expanding
into new high growth sectors.
Trading since the period end has continued to be encouraging and
we are confident that Osirium will continue to build momentum and
deliver significant future progress.
David Guyatt
Chief Executive Officer
25 September 2018
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months 6 months Year to
to to
30-Jun-18 30-Jun-17 31-Dec-17
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
CONTINUING OPERATIONS
Revenue 466,333 261,600 647,580
Administrative expenses (1,830,064) (1,445,882) (2,944,394)
------------ ------------ ------------
OPERATING LOSS (1,363,731) (1,184,282) (2,296,814)
Finance costs (280) (225) -
Finance income 848 2,610 4,190
------------ ------------ ------------
LOSS BEFORE
TAX (1,363,163) (1,181,897) (2,292,624)
Income tax
credit 205,000 175,000 409,421
------------ ------------ ------------
LOSS FOR THE PERIOD ATTRIBUTABLE
TO
THE OWNERS OF OSIRIUM TECHNOLOGIES
PLC (1,158,163) (1,006,897) (1,883,203)
============ ============ ============
Loss per share from continuing
operations: 9p 11p 18p
Basic and diluted loss per
share
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30-Jun-18 30-Jun-17 31-Dec-17
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
ASSETS
NON-CURRENT ASSETS
Intangible
assets 1,967,522 1,415,299 1,731,856
Property, plant &
equipment 71,080 81,972 80,168
------------ ------------ ------------
CURRENT ASSETS
Trade and other receivables 1,186,613 772,489 622,618
Cash and cash equivalents 3,337,242 2,015,948 1,023,811
------------ ------------ ------------
4,523,855 2,788,437 1,646,429
------------ ------------ ------------
TOTAL ASSETS 6,562,457 4,285,708 3,458,453
============ ============ ============
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 1,128,369 808,683 857,734
------------ ------------ ------------
1,128,369 808,683 857,734
------------ ------------ ------------
TOTAL LIABILITIES 1,128,369 808,683 857,734
============ ============ ============
EQUITY
SHAREHOLDERS EQUITY
Called up share capital 135,542 103,944 103,944
Share premium 8,968,553 5,008,619 5,008,619
Share option reserve 337,559 337,559 337,559
Merger reserve 4,008,592 4,008,592 4,008,592
Retained earnings (8,016,158) (5,981,689) (6,857,995)
------------ ------------ ------------
TOTAL EQUITY ATTRIBUTABLE
TO THE
OWNERS OF OSRIRIUM TECHNOLOGIES
PLC 5,434,088 3,477,025 2,600,719
------------ ------------ ------------
TOTAL EQUITY AND LIABILITIES 6,562,457 4,285,708 3,458,453
============ ============ ============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
attributable to the owners of Osirium Technologies plc
Called Share
up
share Retained Share Merger option Total
capital earnings premium reserve reserve equity
GBP GBP GBP GBP GBP GBP
Balance at 1 January
2017 103,944 (4,974,792) 5,008,619 4,008,592 337,559 4,483,922
Changes in
equity
Total comprehensive
loss - (1,006,897) - - - (1,006,897)
-------- ------------ ---------- ---------- -------- ------------
Balance at 30 June
2017 (unaudited) 103,944 (5,981,689) 5,008,619 4,008,592 337,559 3,477,025
======== ============ ========== ========== ======== ============
Balance at 1 January
2017 103,944 (4,974,792) 5,008,619 4,008,592 337,559 4,483,922
Total comprehensive
loss - (1,883,203) - - - (1,883,203)
-------- ------------ ---------- ---------- -------- ------------
Balance at 31 December
2017 (audited) 103,944 (6,857,995) 5,008,619 4,008,592 337,559 2,600,719
======== ============ ========== ========== ======== ============
Balance at 1 January
2018 103,944 (6,857,995) 5,008,619 4,008,592 337,559 2,600,719
Changes in
equity
Total comprehensive
loss - (1,158,163) - - - (1,158,163)
Issue of share capital 31,598 - 4,202,609 - - 4,234,207
Issue costs - - (242,675) - - (242,675)
-------- ------------ ---------- ---------- -------- ------------
Balance at 30 June
2018 (unaudited) 135,542 (8,016,158) 8,968,553 4,008,592 337,559 5,434,088
======== ============ ========== ========== ======== ============
CONSOLIDATED STATEMENT OF CASHFLOWS
6 months 6 months Year
ended ended Ended
30-Jun-18 30-Jun-17 31-Dec-17
(unaudited) (unaudited) (audited)
GBP GBP GBP
Cashflows from operating
activities
Cash used in operations (1,078,837) (963,346) (1,523,979)
Interest paid (280) (225) -
Tax received - - 291,421
------------ ------------ ------------
Net cash used in operating
activities (1,079,117) (963,571) (1,232,558)
------------ ------------ ------------
Cash flows from investing
activities
Purchase of intangible fixed
assets (588,794) (545,208) (1,254,268)
Purchase of tangible fixed
assets (11,038) (50,677) (66,347)
Interest received 848 2,610 4,190
------------ ------------ ------------
Net cash used in investing
activities (598,984) (593,275) (1,316,425)
------------ ------------ ------------
Cashflows from financing
activities
Share issue (net of issue
costs) 3,991,532 - -
------------ ------------ ------------
Net cash from financing
activities 3,991,532 - -
------------ ------------ ------------
Increase/(decrease) in cash and
cash equivalents 2,313,431 (1,556,846) (2,548,983)
Cash and cash equivalents at beginning
of period 1,023,811 3,572,794 3,572,794
------------ ------------ ------------
Cash and cash equivalents at end
of period 3,337,242 2,015,948 1,023,811
============ ============ ============
GENERAL INFORMATION
Osirium Technologies PLC was incorporated on 3 November 2015,
and registered and domiciled in England and Wales with its
registered office located at One Central Square, Cardiff CF10
1FS.
The principal activity of the Group in the periods under review
was that of the development of security software.
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation
The Group financial information is presented in pounds sterling
which is the Group's presentational currency and all values are
rounded to the nearest whole pound.
The financial information does not comprise statutory accounts
within the meaning of section 435 of the Companies Act 2006. The
financial information together with the comparative information for
the six months ended 30 June 2017 are unaudited with the audited
information included for the 12 month period ended 31 December
2017. The audited information received an audit report which was
unqualified and did not include a statement under section 498(2) or
section 498(3) of the Companies Act 2006.
The financial information was approved by the Board of Directors
on 24 September 2018 and authorised for issue on 25 September
2018.
Accounting Policies
The accounting policies used in the preparation of the financial
information for the six months ended 30 June 2018 are in accordance
with the recognition and measurement criteria of the International
Financial Reporting Standards as adopted by the European Union
('IFRS') and are consistent with those which will be adopted in the
annual financial statements for year ending 31 December 2018.
These Interim Financial Statements have been prepared in
accordance with the accounting policies, methods of computation and
presentation adopted in the financial statements for the year ended
31 December 2017, except for; IFRS 9 'Financial instruments' and
IFRS 15 'Revenue from contracts with customers', effective 1
January 2018.
The Directors have considered all new, revised or amended
standards and interpretations which are mandatory for the first
time for the financial year ending 31 December 2018, and concluded
that none have had any significant impact on these interim
financial statements. New, revised or amended standards and
interpretations that are not yet effective have not been adopted
early.
Going concern
As part of their going concern review the Directors have
followed the guidelines published by the Financial Reporting
Council entitled "Guidance on the Going Concern Basis of Accounting
and Reporting on Solvency and Liquidity Risks (2016)".
The Directors have prepared detailed financial forecasts and
cash flows looking beyond 12 months from the date of the Interim
Statement. In developing these forecasts the Directors have made
assumptions based upon their view of the current and future
economic conditions that will prevail over the forecast period.
On the basis of the above projections, the Directors are
confident that the Group has sufficient working capital to honour
all of its obligations to creditors as and when they fall due.
Accordingly, the Directors continue to adopt the going concern
basis in preparing the Interim Statement.
Intangible Assets
An internally-generated, development intangible asset arising
from Osirium's product development is recognised if, and only if,
Osirium can demonstrate all of the following:
-- The technical feasibility of completing the intangible asset
so that it will be available for use of sale.
-- Its intention to complete the intangible asset and use or sell it.
-- Its ability to use or sell the intangible asset.
-- How the intangible asset will generate probable future economic benefits.
-- The availability of adequate technical, financial and other
resources to complete the development and to use or sell the
intangible asset.
-- Its ability to measure reliably the expenditure attributable
to the intangible asset during its development.
Internally-generated development intangible assets are amortised
on a straight-line basis over their useful lives. Amortisation
commences in the financial year of capitalisation. Where no
internally-generated intangible asset can be recognised,
development expenditure is recognised as an expense in the period
in which it is incurred.
Development costs 20% per annum, straight line.
Share based payments
Osirium issues equity-settled share-based payments to certain
employees and others under which Osirium receives services as
consideration for equity instruments (options) in Osirium.
Equity-settled share-based payments are measured at fair value at
the date of grant by reference to the fair value of the equity
instruments granted. The fair value determined at the grant date of
equity-settled share-based payments is recognised as an expense in
Osirium's Statement of Comprehensive Income over the vesting period
on a straight-line basis, based on Osirium's estimate of the number
of instruments that will eventually vest with a corresponding
adjustment to equity. The expected life used in the valuation is
adjusted, based on management's best estimate, for the effect of
non-transferability, exercise restrictions, and behavioural
considerations.
Non-vesting and market vesting conditions are taken into account
when estimating the fair value of the options at grant date.
Service and non-market vesting conditions are taken into account by
adjusting the number of options expected to vest at each reporting
date. When the options are exercised Osirium issues new shares. The
proceeds received net of any directly attributable transaction
costs are credited to share capital (nominal value) and share
premium.
INTANGIBLE FIXED ASSETS
Development
Costs
GBP
Cost
At 1 January
2017 3,226,047
Additions to 30 June
2017 545,208
------------
Cost c/f as at 30
June 2017 3,771,255
============
At 1 January
2017 3,226,047
Additions to 31 December
2017 1,254,268
------------
Cost c/f as at 31 December
2017 4,480,315
============
At 1 January
2018 4,480,315
Additions to 30 June
2018 588,797
------------
Cost c/f as at 30
June 2018 5,069,112
============
Amortisation
At 1 January
2017 2,091,597
Charge to 30 June
2017 264,359
------------
Amortisation c/f as at 30
June 2017 2,355,956
============
At 1 January
2017 2,091,597
Charge to 31 December
2017 656,862
------------
Amortisation c/f as at 31
December 2017 2,748,459
============
At January
2018 2,748,459
Charge to 30 June
2018 353,131
------------
Amortisation as at 30 June
2018 3,101,590
============
Carrying Amount:
At 30 June 2017 (unaudited) 1,415,299
============
At 31 December 2017 (audited) 1,731,856
============
At 30 June 2018 (unaudited) 1,967,522
============
All development costs are amortised over their estimated useful
lives, which is on average 5 years.
Amortisation is charged in full in the financial year of
capitalisation.
All amortisation has been charged to the administrative expenses
in the statement of comprehensive income and total comprehensive
loss.
RECONCILIATION OF LOSS BEFORE ANY INCOME TAX TO CASH GENERATED
FROM OPERATIONS
6 months 6 months Year
Ended ended ended
30-Jun-18 30-Jun-17 31/12/17
(unaudited) (unaudited) (audited)
GBP GBP GBP
Loss before income
tax (1,363,163) (1,181,897) (2,292,624)
Depreciation charges 20,068 13,019 30,494
Amortisation charges 353,131 264,361 656,862
Finance costs 280 225 -
Finance income (848) (2,610) (4,190)
------------- ------------- ------------
(990,532) (906,902) (1,609,458)
Increase in trade and other
receivables (358,994) (216,597) (123,725)
Increase in trade and other
payables 270,689 160,153 209,204
------------- ------------- ------------
Cash used in operations (1,078,837) (963,346) (1,523,979)
============= ============= ============
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END
IR QZLFLVKFLBBD
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