Osirium Technologies PLC Trading update (7054E)
July 08 2019 - 1:00AM
UK Regulatory
TIDMOSI
RNS Number : 7054E
Osirium Technologies PLC
08 July 2019
8 July 2019
Osirium Technologies plc
("Osirium" or "Group")
Trading update
Osirium Technologies plc (AIM: OSI), a leading vendor of
cloud-based cybersecurity software, today provides the following
trading update ahead of the Group's interim results for the six
months ended 30 June 2019, which are expected to be released in
September 2019.
-- Bookings are significantly ahead of the prior period at
GBP1.03 million (H1 2018: GBP0.61 million), an increase of 70%. The
Board anticipates that this growth trend will continue and expects
bookings at the year end to be in the region of GBP1.60
million.
-- Revenue for the six months to 30 June 2019 is anticipated to
be GBP0.52 million (H1 2018: GBP0.46 million) with a strong level
of deferred revenues at GBP1.24 million (H1 2018: GBP0.73 million),
of which GBP0.46 million are expected to be released in H2
2019.
-- Cash and cash equivalents as at 30 June 2019 amounted to
GBP0.89 million (H1 2018: GBP3.30 million) with 31 December 2018
cash balances being GBP2.40 million. The cash balance as at 30 June
2019 excludes the 2018 Research and Development tax credit of
GBP0.47 million, which is expected to be received in July 2019.
David Guyatt, Chief Executive Officer, commented:
"We continue to see increasing demand for our PxM product, as
demonstrated by the 70% bookings growth and the strong pick-up in
sales momentum, with bookings converting to revenues over the life
of the contract.
"Our Proof of Concept (POC) programme continues to be a key
performance indicator (KPI) and we have seen the conversion rate of
POCs to sales increase over the period, with more POCs having taken
place in H1 2019 than in the whole of 2018.
"Furthermore, there has been a very positive reaction to
Osirium's new OPUS security automation product, recently launched
at InfoSec. We have already identified a sales pipeline of projects
and these discussions convince us that we will be closing our first
customers in H2.
"Our innovation continues with the release of our Privileged
Endpoint Management (PEM) product, which manages privileges for
applications running on laptops and workstations. We plan to launch
mid-Q3, with early customer orders expected by late H2 2019.
"The Group believes these three complementary PAM solutions
provide a compelling proposition for new and existing customers, as
the PAM market becomes increasingly 'mainstream' and a 'must have'
for organisations and managed service providers.
"The Board looks forward to updating shareholders on our
progress as we continue to build momentum and expand market
share."
This announcement contains inside information. The person
responsible for arranging the release of this announcement on
behalf of the Company is Rupert Hutton, CFO.
- 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
Henry Wlkinson Tel: +44 (0)7951 402 336
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. Building on Osirium's
Privileged Task Management module, in May 2019 Osirium launched
"Opus", providing a highly-flexible platform for automating
essential IT processes to set a new benchmark in Privileged IT
Process Automation.
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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END
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