TIDMOSI
RNS Number : 6285L
Osirium Technologies PLC
07 September 2023
The information contained within this announcement is deemed by
Osirium to constitute inside information pursuant to Article 7 of
EU Regulation 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 as amended.
7 September 2023
Osirium Technologies plc
("Osirium" or the "Group")
Half Year Results and Bridge Finance Facility
Osirium Technologies plc (AIM: OSI), a leading vendor of
cloud-based cybersecurity and IT automation software, announces its
unaudited interim results for the six months ended 30 June
2023.
Financial highlights
-- Annualised recurring revenue ("ARR") for June 2023 of
GBP2.16 million, an increase of 34% from June 2022 (ARR:
GBP1.61 million)
-- Total bookings increased to GBP1.22 million (H1 2022:
GBP1.18 million)
-- Deferred revenue increased 50% to GBP2.87 million (H1
2022: GBP1.91 million)
-- Operating loss reduced to GBP1.24 million (H1 2022: GBP1.63
million)
-- Cash balance at 30 June 2023 of GBP0.22 million (30 June
2022: GBP0.27 million), and debtors at 30 June 2023 of
GBP0.40 million (30 June 2022: GBP0.33 million)
Operational highlights
-- Maintained average contract values
-- New partner-first strategy underpinned customer acquisition,
with 22 customers signed during the six-month period
-- All three products successfully serving as first points
of entry for new customers
-- Significant number of expansions and renewals
-- Core focus on customer success validated by Software Reviews:
"Gold Medal" rating and number one ranking in vendor support
received
Post period highlights
-- As announced on 30 August 2023, agreement was reached
with SailPoint Technologies UK Ltd for the recommended
cash acquisition of the entire issued, and to be issued,
ordinary share capital of Osirium
-- GBP200,000 Bridge Finance Facility put in place with SailPoint
Technologies UK Ltd to fund operating costs during the
offer period of the acquisition
-- The Group's network and strong reputation supporting further
renewals and customer wins in H2 2023
Contacts:
Osirium Technologies plc Tel: +44 (0)1183 242 444
Stuart McGregor, Chief Executive Officer
Rupert Hutton, Chief Financial Officer
Allenby Capital Limited (Nominated adviser and broker) Tel: +44 (0)20 3328 5656
James Reeve / George Payne (Corporate Finance)
Tony Quirke / Stefano Aquilino (Sales and Corporate Broking)
Alma PR (Financial PR adviser) Tel: +44 (0)20 3405 0205
Hilary Buchanan osirium@almapr.co.uk
Kieran Breheny
Will Ellis Hancock
About Osirium Technologies Plc
Osirium Technologies plc (AIM: OSI) is a leading UK-based
cybersecurity software vendor delivering Privileged Access
Management (PAM), Privileged Endpoint Management (PEM) and Osirium
Automation solutions that are uniquely simple to deploy and
maintain.
With privileged credentials involved in over 80% of security
breaches, customers rely on Osirium PAM's innovative technology to
secure their critical infrastructure by controlling 3rd party
access, protecting against insider threats, and demonstrating
rigorous compliance. Osirium Automation delivers time and cost
savings by automating complex, multi-system processes securely,
allowing them to be delegated to Help Desk engineers or end-users
and to free up specialist IT resources. The Osirium PEM solution
balances security and productivity by removing risky local
administrator rights from users, while at the same time allowing
escalated privileges for specific applications.
Founded in 2008 and with its headquarters in Reading, UK, the
Group was admitted to trading on AIM in April 2016. For further
information please visit www.osirium.com .
Chief Executive Officer's Review
Proposed Acquisition of Osirium
As reported on 30 August 2023, the Board is pleased to announce
an agreement with the Board of Directors of SailPoint Technologies
UK Ltd ("BidCo"), which is indirectly owned by SailPoint Parent,
L.P., for the recommended cash acquisition of the entire issued,
and to be issued, ordinary share capital of Osirium (the
"Acquisition"). Under the terms of the Acquisition, each Osirium
Shareholder will be entitled to receive 2.35 pence in cash for each
Osirium Share. The Acquisition values Osirium's entire issued, and
to be issued, ordinary share capital at approximately GBP3.11
million on a fully diluted basis and implies an enterprise value of
approximately GBP6.56 million.
The Board believes the Acquisition will provide the scale,
recognition and resources that will enable the full potential of
Osirium's PAM, EPM and PPA solutions.
Further, we believe that the Acquisition fairly recognises the
medium-term prospects and growth potential of Osirium as a
standalone business and provides Osirium Shareholders with an
immediate and certain value in cash.
The proposed Acquisition is subject to shareholder approval at a
court meeting and at a general meeting, the dates of which will be
announced in due course.
HY23 performance
Overview
The Group is pleased to report a period of continued trading
momentum, in which it has strengthened its presence in the public
and private sectors alongside ensuring its offering remains a
compelling option for customers through enhancements to its
privileged security solutions. Alongside this trading performance,
the Group has maintained a focus on managing its cost base, with
material cost savings initially identified in Q4 2022 having been
achieved in the business.
The Group's ARR increased by 34% over the 12 months to 30 June
2023 to GBP2.16 million (30 June 2022 ARR: GBP1.61 million) and by
16% since the start of the year (December 2022 ARR: GBP1.86
million). ARR growth has been driven by a combination of new
customer wins and renewals from existing customers.
Bookings for the period were GBP1.22 million (H1 2022: GBP1.18
million) and revenue was GBP1.07 million (H1 2022: GBP0.91
million), representing a 3% and 18% increase on H1 2022
respectively. Deferred revenue at 30 June 2023 was GBP2.87 million
(30 June 2022: GBP1.91 million).
The Group maintained its average contract value on the last
financial year, with its partner-first sales strategy and
delivering a healthy pipeline of opportunities across its
Privileged Access Management ("PAM"), Privileged Process Automation
("PPA") and Endpoint Privileged Management ("EPM") solutions. All
three products represent attractive standalone options to
prospective customers, and have contributed meaningfully to the
Group's bookings and ARR.
Capturing new business
Osirium continued its new business momentum in the new year,
with 22 new customers signed by 30 June 2023.
The Group's sales functions consist of a channel partner network
alongside a direct sales model. The Group's channel partner network
consists of over 50 active resellers and vendors across five
continents.
In 2023, the Group has transitioned to a partner first model,
with a greater emphasis placed on winning customers via the broad
channel partner network. This transition positions the Group for
further growth, enabling a swifter pace of customer acquisition and
providing an entry point into new sectors and geographies where the
Group's direct sales team is limited. A significant majority of the
Group's new wins have been achieved through this model during the
period alongside traditional sales and marketing such as
appearances at a number of key trade shows, which raise the Group's
profile among its core audiences.
While maintaining an emphasis on expansion within all the
markets its partners operate, the Group has seen particular
traction within its UK markets on account of its strong reputation
and the requirements for this level of protection. New customers
signed during the half include Northern Ireland Water, Quaker
House, De La Rue and Telehouse.
Healthcare represents a core market for the Group, with Osirium
counting approximately a quarter of all NHS Trusts as customers.
The Group's reputation in this sector has actively contributed to
the pipeline via referrals to prospective customers and direct
approaches from resellers, supporting new business acquisition.
Customer renewals, license expansions and cross-selling
Alongside new customer wins, a core focus of Osirium's strategy
is to achieve significant renewals, license expansions and
cross-selling following an initial sale.
A significant number of customers bought more products or
increased their license capacity during the period, aided by the
continued maturation of the Group's PPA and EPM products. The Group
has achieved a number of cross-sells from initial contracts,
including the purchase of EPM from an initial contract, leading to
the addition of the Group's PAM product. As at 30 June 2023, over
25% of active customers have been issued with licenses for more
than one product.
In addition, supported by our customer focus and continued
product enhancements, our strong rate of customer renewals has been
maintained, currently at 98%.
Market
The market for privileged security has continued to grow in line
with the increasing awareness of and requirement for these services
globally, supporting the Group's customer acquisition.
Key regulatory drivers, directives and hybrid working trends
continue to underpin the demand for privileged security,
particularly in Europe and North America. In particular, the
requirements for organisations to obtain privileged security for
cyber insurance policies mean our solutions continue to be one of
the factors at the top of the priority list for IT
professionals.
Within the UK, these directives have also been issued in the
Group's target sectors such as healthcare. The National Health
Service's recent cyber security strategy outlines the role PAM
products can play in preventing the insider threat and limiting
security risks around privileged access more generally.
Ransomware continues to represent the core threat to IT
departments, with a number of significant attacks observed during
the year and reported across mainstream media. Compounded by
geopolitical instability, these attacks highlight the need for
privileged security in businesses and organisations of all
sizes.
Current trading and outlook
The Group has made a positive start to the second half to date,
with a number of further customer renewals. In addition, the Group
has continued to see a growing pool of prospective new customers
driven by the Group's partner network and strong reputation within
its markets. Osirium's cash balance at 31 August 2023 was GBP89k
with debtors of GBP242k.
Bridge Finance Facility
On 6 September 2023, Bidco (as the lender), Osirium Limited (as
borrower) and the Group (as guarantor) entered into a bridge
finance facility agreement (the "Bridge Finance Facility
Agreement"). Pursuant to the Bridge Finance Facility Agreement,
Bidco agreed to make available to Osirium Limited, as the operating
subsidiary of the Group, a loan facility in an aggregate amount of
up to GBP200,000 (the "Bridge Finance Facility"). Multiple loans
may be drawn under the Bridge Finance Facility.
The Bridge Finance Facility is being made available to fund the
working capital needs of the Group. Any drawdown is subject to the
consent of Bidco, which may be granted in its sole discretion.
The Bridge Finance Facility will terminate on the earlier of:
(i) 31 December 2023; (ii) the date falling ten Business Days (as
defined in the Bridge Finance Facility Agreement, being "Bridge
Finance Facility Business Days") after the date on which Bidco
announces, with the consent of the Panel on Takeovers and Mergers
(the "Panel"), that it does not intend to make or proceed with the
Acquisition and no new, revised or replacement offer or scheme is
announced in accordance with Rule 2.7 of the Takeover Code at the
same time; (iii) the date falling ten Bridge Finance Facility
Business Days after the date on which the Scheme is withdrawn or
lapses for the purposes of the Takeover Code (save where Bidco has
exercised its right to switch from the Scheme to a takeover offer
prior to such withdrawal or lapse); (iv) the date falling ten
Bridge Finance Facility Business Days after the date on which a
third party (other than Bidco or any person acting in concert with
Bidco) announces a firm intention to make an offer for shares in
Osirium pursuant to Rule 2.7 of the Takeover Code, whether or not
recommended, at an offer price greater than 2.35p per share; and
(v) where Bidco has exercised its right to switch from the Scheme
to a takeover offer, if: (a) subject to Panel consent, the offer
document has not been published by 11:59 p.m. on the 28th calendar
day following the announcement of such exercise of the right to
switch (or such later time or date as agreed between Bidco and
Osirium, with the approval of the Panel if required); or (b) such
Offer lapses for the purposes of the Takeover Code, in each case on
the date falling ten Bridge Finance Facility Business Days after
such date.
Interest on each loan under the Bridge Finance Facility will
accrue at a rate of 10 per cent. per annum until the date of
termination of the Bridge Finance Facility Agreement. Any voluntary
prepayment by Osirium Limited is without penalty or fee (apart from
breakage costs and accrued interest).
The Bridge Finance Facility Agreement includes customary
representations and undertakings and financial information rights
for a facility of this kind. The Bridge Finance Facility Agreement
is unsecured.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months 6 months Year
to to to
30-Jun-23 30-Jun-22 31-Dec-22
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
CONTINUING OPERATIONS
Revenue 1,072,987 909,577 1,922,860
Other operating income 42 2 2
Administrative expenses (2,311,136) (2,535,240) (5,279,002)
------------ ------------
OPERATING LOSS (1,238,109) (1,625,661) (3,356,140)
Finance costs (120,067) (107,395) (229,701)
Finance income 3 - -
------------ ------------
LOSS BEFORE TAX (1,358,173) (1,733,056) (3,585,841)
Income tax credit 228,062 315,774 640,860
------------ ------------
LOSS FOR THE PERIOD ATTRIBUTABLE
TO
THE OWNERS OF OSIRIUM TECHNOLOGIES
PLC (1,130,111) (1,417,282) (2,944,981)
============ ============ ============
Loss per share from continuing
operations:
Basic and diluted loss per
share 1p 5p 6p
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30-Jun-23 30-Jun-22 31-Dec-22
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
ASSETS
NON-CURRENT ASSETS
Intangible assets 3,781,195 3,721,569 3,752,102
Property, plant & equipment 41,348 68,790 54,848
Right-of-use asset 175,927 211,598 199,384
------------- -------------
3,998,470 4,011,957 4,006,334
CURRENT ASSETS
Trade and other receivables 811,823 1,236,390 906,698
Cash and cash equivalents 220,443 273,218 1,081,135
------------- -------------
1,032,266 1,509,608 1,987,833
------------- ------------- -------------
TOTAL ASSETS 5,030,736 5,511,565 5,994,167
============= ============= =============
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 3,379,088 2,786,811 3,307,313
Lease liability 54,609 19,125 45,216
------------- -------------
3,433,697 2,805,936 3,352,529
============= ============= =============
NON-CURRENT LIABILITIES
Lease liability 167,050 212,084 194,660
Convertible loan notes 3,032,262 2,816,678 2,926,134
------------- -------------
3,199,312 3,028,762 3,120,794
------------- ------------- -------------
TOTAL LIABILITIES 6,633,009 5,834,698 6,473,323
============= ============= =============
EQUITY
SHAREHOLDERS EQUITY
Called up share capital 1,225,487 604,377 1,225,487
Share premium 13,750,312 13,006,740 13,750,312
Share option reserve 386,517 372,529 379,523
Convertible note reserve 394,830 394,830 4,008,592
Merger reserve 4,008,592 4,008,592 394,830
Retained earnings (21,368,011) (18,710,201) (20,237,900)
------------- -------------
TOTAL EQUITY ATTRIBUTABLE
TO THE
OWNERS OF OSRIRIUM TECHNOLOGIES
PLC (1,602,273) (323,133) (479,156)
------------- ------------- -------------
TOTAL EQUITY AND LIABILITIES 5,030,736 5,511,565 5,994,167
============= ============= =============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Called Share Merger Share Convertible Retained Total
up option note
Share premium reserve reserve reserve earnings equity
Capital
GBP GBP GBP GBP GBP GBP GBP
Balance at 1
January 2022 293,820 12,462,319 4,008,592 365,535 394,830 (17,292,919) 232,176
Changes in
equity
Total
comprehensive
loss - - - - - (1,417,282) (1,417,282)
Issue of share
capital 310,557 689,443 - - - - 1,000,000
Issue costs - (145,021) - - - - (145,021)
Share option
charge - - - 6,994 - - 6,994
---------- ----------- ---------- -------- ------------ ------------- ------------
Balance at 30
June 2022
(unaudited) 604,377 13,006,741 4,008,592 372,529 394,830 (18,710,201) (323,132)
========== =========== ========== ======== ============ ============= ============
Balance at 1
January 2022 293,820 12,462,319 4,008,592 365,535 394,830 (17,292,919) 232,177
Changes in
equity
Total
comprehensive
loss - - - - - (2,944,981) (2,944,981)
Issue of share
capital 931,667 1,599,833 - - - - 2,531,500
Issue costs - (311,840) - - - - (311,840)
Share option
charge - - - 13,988 - - 13,988
---------- ----------- ---------- -------- ------------ ------------- ------------
Balance at 31
December
2022 (audited) 1,225,487 13,750,312 4,008,592 379,523 394,830 (20,237,900) (479,156)
========== =========== ========== ======== ============ ============= ============
Balance at 1
January 2023 1,225,487 13,750,312 4,008,592 379,523 394,830 (20,237,900) (479,157)
Changes in
equity
Total
comprehensive
loss - - - - - (1,130,111) (1,130,111)
Share option
charge - - - 6,994 - - 6,994
---------- ----------- ---------- -------- ------------ ------------- ------------
Balance at 30
June 2023
(unaudited) 1,225,487 13,750,312 4,008,592 386,517 394,830 (21,368,011) (1,602,273)
========== =========== ========== ======== ============ ============= ============
CONSOLIDATED STATEMENT OF CASHFLOW
6 months 6 months Year
ended ended ended
30-Jun-23 30-Jun-22 31-Dec-22
(unaudited) (unaudited) (audited)
GBP GBP GBP
Cashflows from operating
activities
Cash used in operations (629,067) (602,944) (138,715)
Tax received 640,556 603,232 603,232
------------ ------------ ------------
Net cash from operating activities 11,489 288 464,517
------------ ------------ ------------
Cash flows from investing
activities
Purchase of intangible fixed
assets (853,601) (945,808) (1,960,912)
Purchase of tangible fixed
assets (583) (10,524) (15,338)
Sale of tangible fixed assets 42 - -
Interest received 3 2 -
------------ ------------ ------------
Net cash used in investing
activities (854,139) (956,330) (1,976,250)
------------ ------------ ------------
Cashflows from financing
activities
Share issue - 1,000,000 2,531,500
Share issue costs - (145,021) (311,840)
Lease payment (25,416) (16,947) (25,392)
Allocation of professional
fees on loan notes 7,374 7,374 14,746
------------ ------------ ------------
Net cash (used in)/from financing
activities (18,042) 845,406 2,209,014
------------ ------------ ------------
Increase/(decrease) in cash
and cash equivalents (860,692) (110,636) 697,281
Cash and cash equivalents
at beginning of period 1,081,135 383,854 383,854
------------ ------------ ------------
Cash and cash equivalents
at end of period 220,443 273,218 1,081,135
============ ============ ============
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, sale and licensing 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 2022 are unaudited with the audited
information included for the 12-month period ended 31 December
2022. 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 but did contain a material
uncertainty paragraph on going concern.
The financial information was approved by the Board of Directors
on 6 September 2023 and authorised for issue on 7 September
2023.
Accounting Policies
The accounting policies used in the preparation of the financial
information for the six months ended 30 June 2023 are in accordance
with the recognition and measurement criteria of UK-adopted
international accounting standards and are consistent with those
which will be adopted in the annual financial statements for year
ended 31 December 2023.
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 2022. As permitted, the Group has chosen not to adopt
IAS 34 'Interim Financial Reporting' in preparing these Interim
Financial Statements.
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 2023, 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.
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
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 2022 11,349,999
Additions to 30 June 2022 945,808
------------
Cost c/f as at 30 June 2022 12,295,807
============
At 1 January 2022 11,349,999
Additions to 31 December
2022 1,960,912
------------
Cost c/f as at 31 December
2022 13,310,911
============
At 1 January 2023 13,310,911
Additions to 30 June 2023 853,601
------------
Cost c/f as at 30 June 2023 14,164,512
============
Amortisation
At 1 January 2022 7,792,689
Charge to 30 June 2022 781,549
------------
Amortisation c/f as at 30
June 2022 8,574,238
============
At 1 January 2022 7,792,689
Charge to 31 December 2022 1,766,120
------------
Amortisation c/f as at 31
December 2022 9,558,809
============
At 1 January 2023 9,558,809
Charge to 30 June 2023 824,508
------------
Amortisation c/f as at 30
June 2023 10,383,317
============
Carrying Amount:
At 30 June 2022 (unaudited) 3,721,569
============
At 31 December 2022 (unaudited) 3,752,102
============
At 30 June 2023 (unaudited) 3,781,195
============
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 administrative expenses in
the statement of comprehensive income.
RIGHT OF USE ASSETS
Leases
& Buildings
GBP
Cost
At 31 December 2021 159,455
Additions 234,569
Disposals (159,455)
-------------
At 31 December 2022 234,569
Additions -
At 30 June 2023 234,569
Depreciation
At 31 December 2021 147,189
Charge for year 47,451
Depreciation eliminated
on disposal (159,455)
-------------
At 31 December 2022 35,185
Charge for year 23,457
At 30 June 2023 58,642
Net Book Value
At 31 December 2022 199,384
=============
At 30 June 2023 175,927
=============
Additions to the right of use assets during the period were
GBPnil (year to 31 December 2022: GBP234,569).
The group leases land and buildings for its office under an
agreement for 5 years running from 2022 to 2027.
LEASE LIABILITIES
As at As at As at
30-Jun-23 30-Jun-22 31-Dec-22
GBP GBP
Current
Lease liability 54,609 19,125 45,216
========== ========== ==========
Non- current
Lease liability 167,050 212,084 194,660
========== ========== ==========
RECONCILIATION OF LOSS BEFORE INCOME TAX TO CASH FROM
OPERATIONS
6 months 6 months Year
ended ended ended
30-Jun-23 30-Jun-22 31-Dec-22
(unaudited) (unaudited) (audited)
GBP GBP GBP
Loss before income tax (1,358,173) (1,733,056) (3,585,841)
Depreciation charges 37,541 44,729 75,265
Amortisation charges 824,508 781,549 1,766,120
Share option charge 6,994 6,994 13,988
Profit on disposal of fixed
assets (42) - -
Finance costs 105,853 107,395 229,701
Finance income (3) - -
------------ ------------ ------------
(383,322) (792,388) (1,500,767)
(Increase)/decrease in trade
and other receivables (317,522) (22,036) 213,190
Increase /(decrease) in trade
and other payables 71,777 211,480 1,148,862
------------ ------------ ------------
Cash used in operations (629,067) (602,944) (138,715)
============ ============ ============
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IR DQLFBXKLBBBV
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