TIDMOSI

RNS Number : 5603B

Osirium Technologies PLC

11 June 2021

11 June 2021

Osirium Technologies plc

("Osirium", "the Group" or "the Company")

Final Results

Resilient performance and continued strategic progress

Osirium Technologies plc (AIM: OSI.L), a leading vendor of cloud-based cybersecurity software, today announces its final results for the 12 months ended 31 December 2020.

Financial highlights

 
      --   Total recognised revenue increased by 22% to GBP1.43 million 
            (2019: GBP1.17 million) 
      --   Total bookings decreased 14% to GBP1.57 million (2019: GBP1.82 
            million) 
                o The Group achieved record first and fourth quarters, however 
                 the Coronavirus pandemic delayed customer buying decisions, 
                 particularly impacting bookings in the second and third 
                 quarter 
      --   Deferred revenue increased by 10% to GBP1.50 million (2019: 
            GBP1.37 million), providing enhanced visibility of future 
            earnings 
      --   Reduced operating loss of GBP2.88 million (2019: GBP3.40 
            million), in line with management expectations 
      --   Cash balances at 31 December 2020 of GBP1.48 million (31 
            December 2019: GBP3.85 million) reflecting continued investment 
            for long-term growth 
 

Operational highlights

 
      --   Rapid and effective response to the pandemic, successfully 
            pivoting to digital marketing and virtual events to drive 
            new business 
      --   28% increase in customer numbers with competitive wins against 
            largest Privileged Access Management ("PAM") players 
      --   99% SaaS contract renewals from existing customer base with 
            a number of significant expansions secured during the period 
      --   Customers signed across both the private and public sector 
            including one of the UK's largest NHS trusts, a major regional 
            UK ambulance service, and a major UK communications provider 
      --   Substantial channel expansion in UK and across EMEA 
      --   First revenues from the Group's Privileged Endpoint Management 
            ("PEM") product 
 

Post year-end:

 
      --   Continued trading momentum with record first quarter for 
            bookings 
      --   Continued business momentum and further sales with a substantial 
            number of contract wins, particularly with NHS trusts 
      --   Growing pipeline with quality and volume of leads improving 
            as end markets stabilise 
      --   Increased engagement with new and existing channel partners 
      --   Successful fundraise of GBP2.17 million in April and May 
            2021 which enables the Group to continue to scale its business 
            in PAM and digital automation, expand the Group's channel 
            partner network and accelerate recruitment, including new 
            sales, engineering and R&D teams 
 

David Guyatt, Chief Executive Officer, commented :

"2020 was a challenging year for Osirium, as it was for many companies, but we are particularly proud to have achieved a record Q1 and Q4 alongside a string of pitch wins against our largest competitors.

A positive start to the year was dampened by challenging external market conditions because of the pandemic. Despite this, through careful cost management, the dedication and hard work of our staff, and a growing demand for privileged access in our markets, we were able to deliver against our strategic objectives for the year and were pleased to see a return to encouraging trading momentum as we closed it off.

Looking ahead, the pandemic will continue to provide for a degree of uncertainty as we move through 2021 with respect to both our direct and indirect sales channels. While the exact timing of deals will remain difficult to predict in the near-term, market conditions are gradually improving, there is momentum in the business, and our clear and proven strategy to capitalise on the vast opportunity ahead of us is strengthened by the recent fundraise. With privileged access now widely recognised as a core requirement of IT security, the Group is confident in its future prospects and another year of progress in 2021."

   -      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) 207 710 7600 
  (Nominated Adviser and Broker) 
 Fred Walsh / Richard Short 
 Alma                                     Tel: +44 (0) 203 405 0205 
  (Financial PR) 
  Hilary Buchanan / David Ison / 
  Josh Royston / Kieran Breheny 
 

Notes to Editors:

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 3(rd) 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 AIM in April 2016. For further information, please visit www.osirium.com .

Chairman and Chief Executive's Statement

Overview

We are pleased to report the Group's results for the year to 31 December 2020, which demonstrate an effective response to the challenges faced during the period and a return to trading momentum through the second half. Progress continues both domestically and in overseas territories, the latter particularly enabled by the expansion and development of our channel partner network.

Following a record Q1 for bookings, we experienced COVID-related slowdowns in Q2 and Q3 as our customers' immediate priorities shifted, resulting in the delay and postponement of pipeline projects. Despite this setback, we achieved a record Q4 for bookings, reflecting the return of demand for Osirium's products and the stabilisation of our end-markets.

During the period, our customer numbers grew 28%, reflecting the growth in awareness of our offering as we expanded our market presence through a number of significant new contract wins and 'land-and-expand' orders from existing accounts. We are also proud to have achieved 99% SaaS contract renewals from our existing customer base, the best possible endorsement for our proposition.

In line with our strategic focus on growing our presence through "land and expand" opportunities, we secured a number of significant new customers in 2020, securing competitive pitch wins against our largest competitors. The Group further expanded its presence into the healthcare market, as well as strengthening itself in sectors such as telecoms, retail, childcare services and higher education. Business wins of note included deals with a leading healthcare provider, a contract with a major UK communications provider, and two separate regional ambulance services.

Investment for future growth remains a strategic priority for the Group. We have focused on product enhancements within our privileged access suite to drive value for our customers, and investment in our partner network during the year has expanded our addressable market.

Home working has laid bare many of the risks to cybersecurity among organisations, and IT professionals have made PAM a priority to ensure their company data, privileged accounts and regular business processes remain secure. The ease of implementation of our platform, professionalism of our customer engagement, and value of our solutions continue to be key competitive advantages. In contrast to many larger players, Osirium provides the ideal solution for organisations wanting top quality security but without unending complexity, protracted implementation and recurring hidden costs.

The trading momentum we experienced in our record Q4 has carried through to the new financial year, and we continue to focus on new orders and expanding the pipeline of opportunities domestically and overseas through our direct and indirect channels. We are particularly excited by the opportunities available to the Group in healthcare as a result of NHS Digital funding for PAM projects. In Q1, we secured a substantial number of NHS trusts as new customers, including hospitals, regional trusts and ambulance services, and privileged access is now widely recognised as a core requirement of IT security. While we remain cognisant of the ongoing uncertainty surrounding the pandemic, we have a clear strategy in place to capitalise on these opportunities and remain confident in our future prospects.

Results

Total bookings in the period were GBP1.57m, down 14% (2019: GBP1.82 million). Recognised revenue for the year was GBP1.43 million, an increase of 22% (2019: GBP1.17 million). As a result of the Group's Software-as-a-Service ("SaaS") revenue recognition policy, which recognises revenues over the course of multi-year contracts, deferred revenue increase to circa. GBP1.50 million (2019: GBP1.37 million), giving the Company healthy earnings visibility. Cash balances as at 31 December 2020 were GBP1.48 million (31 December 2019: GBP3.85 million). The Group's loss before tax for the year was GBP3.10 million (2019: GBP3.40m).

The Group spent GBP1.81m (2019: GBP1.77m) on direct staff and contractor costs for research and development, of which all was capitalised in both periods. This expenditure pertains to developing the Group's new and enhanced software offerings. The Group continues to invest in new product development, as well as the continual modification and improvement of its current product base to meet technological advances, customer and ever-expanding new market requirements of the rapidly evolving cybersecurity market.

Business model

The Group's revenue model is built around software licenses, with the Group's PAM product charged per device, the Osirium Automation product charged per user and our PEM product charged per protected endpoint. Service revenue comes both from new customers setting out on their initial Osirium deployments and existing customers growing and expanding their use of Osirium's software solutions.

In response to social distancing measures, lockdowns and the postponement of all major industry tradeshows and events, the Group has evolved its marketing strategy with an emphasis on developing new business leads through integrated digital marketing campaigns. The transition to digital marketing has been smooth and these initiatives have proven successful, with digital marketing leads representing 65% of overall sales opportunities in 2020, in comparison to 25% in 2019.

Our channel partner network is becoming an increasingly important route to market. While still in its early stages, initial signs are promising, including increasing numbers who are opting to work with Osirium over some of the larger players in the PAM field. As these networks strengthen and solidify, we expect them to make an increasingly meaningful contribution to bookings in 2021 and beyond.

Market

PAM has emerged as one of the fastest growing areas of cyber security and risk management software solutions and is now increasingly recognised as a critical service across our end markets, both in the UK and internationally. While there has been a rapidly growing level of awareness of PAM across the UK and the Nordics over the past few years, awareness across the wider EMEA region is catching up. Additionally, the surge in home and remote working has prompted greater awareness of IT and cybersecurity risks posed by these practices.

There remains substantial opportunity for further growth in PAM. KuppingerCole, the international technology research organisation, estimates the market is worth revenue of around $2.20bn per annum, predicted to grow to $5.40bn by 2025.

Equally, the digital process automation market, where our Osirium Automation offering lies, is also experiencing strong growth. Mordor Intelligence, the global market research and consulting firm, expects the digital process automation market to grow from $7.80 billion in 2019 to reach a value of $16.12 billion by 2025.

Growth strategy

The Group's growth strategy is centred around three core principles: innovation, customer focus and market expansion.

Commitment to innovation

As part of the Group's commitment to innovation and looking for new ways to address security issues, we made several investments into our product suite during the period.

Our PAM capabilities have been strengthened through a number of enhancements. We have enabled clustering of PAM across multiple servers, delivering a high availability and resilience option for customers as they scale operations as PAM is increasingly considered critical for IT and cybersecurity defences. Additional enhancements include a new, intuitive browser-based user experience, an improved Administrator interface, and a new "just-in-time" approval facility to grant access for a limited period of time.

In the course of the year, we repositioned our Privileged Process Automation platform as Osirium Automation, so as to reach out more effectively to customers with business process challenges beyond 'privilege' and security. We introduced an API to allow tasks to be initiated by external systems such as service desk tools (like ServiceNow, for example) or corporate intranet portals. We added Task Scheduling to run recurring tasks at selected times and dates, as well as a built-in Task Builder, a low-code, task development environment to allow customers another option for automating processes by themselves.

To further assist customers in easily and rapidly automating processes with Osirium Automation we launched a Resource Hub with pre-built "Playbooks" - ready made automated processes that customers can choose from - plug-ins to common environments, APIs and documentation so that customers can start to see early value from Automation. We have also created a commercial offering of Osirium PAM bundled with Osirium Automation and seen this drive considerable interest from both existing and new customers.

We have continued to develop the capabilities of Osirium PEM, our solution for Privileged Endpoint Management. A free tool we launched lets prospects assess where local admin accounts have been created and their potential level of risk. We also added a Privileged Process Monitoring facility enabling the monitoring all processes running with elevated privileges and not just those started by Osirium PEM.

In November 2020, Osirium was granted a patent by the US Patent and Trade Mark office for its 'shadow authentication' technology. This is a unique solution to a challenge experienced by Managed Security Service Providers ("MSSPs") in situations where they are not permitted direct access to their customers' Active Directory servers.

Customer focus

Customers value Osirium for its excellent levels of support and the ease of implementation of its platform. This is evidenced by the 99% renewal rate achieved by the Group during the period.

Our "Land and Expand" model is built around securing an initial sale with a customer and then following with additional licences or product orders. This model continues to prove successful. Successes during the period include the expansion of a contract with a healthcare provider for an additional 5,000 PEM endpoints alongside Osirium PAM. With a 28% increase in customer numbers in the year, including 16 new customers, we expect to see further cross-selling and contract expansions as we move through 2021.

An important factor in 2020 in strengthening our relations with end users was the rollout of the Osirium Customer Network. This is an informal programme of workshops and interactive meetings hosted by Osirium where customers share experiences, best practices and lessons learned with our solutions. As well as reinforcing the sense of an Osirium community, the Network helps embed our technology with these customers, accelerate deployments, encourage cross-selling and provide sales references. The increasing participation of customers in the Network is also used by Account Managers as a valuable sales differentiator against the competition.

Market expansion

Our key target market remains mid-tier and upper mid-tier enterprises across the public and private sectors. We have established a presence in industries such as financial services, healthcare, communications and retail, and are continuing to grow our presence in other sectors such as manufacturing, energy, beverages and professional services. We feel that there is a growing awareness of PAM as mission-critical in protecting the infrastructures of upper mid-market clients. The growth we are seeing in the associated digital process automation markets underpins our market opportunity, which we are confident will drive booking levels for the Company's solutions.

Partner and reseller network expansion

Growing the Group's partner and reseller network is a primary strategic aim for Osirium, enabling the Group to scale further. During the period, the Group achieved a significant expansion of this network in line with the growing recognition of PAM as a business-critical security solution both domestically and internationally.

Following a strong H1 which saw 13 new partners signed up, we signed additional new partners in H2. The Group now has over 30 partners across the UK and several overseas territories including Benelux, the Nordics, Eastern Europe and the Middle East, and we expect the number of sales generated through these indirect channels will increase over time.

Our strategic technology alliances strengthen our market position by expanding the range of complementary technologies with which we integrate, opening up new market opportunities, and embedding our technology more tightly in customer environments. During the year, we partnered with cybersecurity and network management firm AppViewX, cybersecurity and digital risk management company RSA, and identity and access management company My1Login.

COVID-19

As previously reported, our priority since the outbreak of the pandemic has been to protect our colleagues, customers and other stakeholders. Due to hard work and dedication of our colleagues, we are proud to report that there has been no compromise on service levels or delivery during the crisis.

We took immediate action to protect our financial position, introducing temporary salary sacrifices at all levels and putting a temporary freeze on new recruitment. As a result, we were not required to make additional cuts, make use of any government financial support or furlough any members of staff.

People

We would like to thank our staff for their support during a year beset with challenges as the resilient performance of the Group would not have been possible without their hard work. We have a talented and stable team and look forward to another year of strategic progress in 2021.

Current trading and outlook

Moving through 2021, we are seeing continued momentum with a record Q1 and a healthy pipeline of opportunities through our direct and indirect sales channels. While we remain vigilant to the ongoing economic uncertainty and risks to our end markets, we are encouraged by the gradual normalisation of trading conditions.

Home working has laid bare many of the risks to cyber security among organisations, and many have made PAM a priority to ensure their company data, privileged accounts and regular business processes remain secure. The ease of implementation of the Group's platform and professionalism of customer engagement remains a key competitive advantages. Osirium provides the ideal solution for organisations wanting great quality security but without unnecessary complexity and protracted implementation.

Healthcare, a key target market for the Group, continues to provide exciting opportunities, with a number of deals signed with providers in the public and private sectors during the period. In December 2020, NHS England announced funding for trusts via NHS Digital for PAM projects to protect backups targeted in ransomware attacks. In the first quarter of 2021 the Group secured a substantial number of new NHS accounts and will continue to capitalise on new opportunities in this sector. More widely, we continue to see strong demand across the public and private sectors for our services, with organisations valuing our ease of implementation and levels of customer support alongside our first-class technology.

Post-period end, in April 2021, the Group also raised approximately GBP2.17m by way of a placing and subscription. These funds will facilitate the next phase of Osirium's growth primarily through scaling the Group's business in PAM and digital process automation, expanding the Group's partner channel network, and accelerating the Group's recruitment across sales, engineering and R&D. The Board would like to thank all shareholders for their continued support.

Looking ahead, we expect the pandemic to continue to provide uncertainty throughout 2021 with respect to both our direct and indirect sales channels. While the exact timing of deals will remain difficult to predict in the near-term, market conditions are gradually improving, there is momentum in the business, and we have a clear and proven strategy to capitalise on the vast opportunity ahead of us. With privileged access now widely recognised as a core requirement of IT security, the Group is confident in its future prospects and another year of progress in 2021.

Financial Review

Overview

The Group has substantially grown its revenue and customer base during the period, demonstrating greater customer engagement and investment. Bookings represent a key financial measure for the Group and demonstrate the progress the Company achieved in the period under review. Bookings for the 12-month period ended 31 December 2020, represented by total invoiced sales for annual subscriptions, were GBP1.57 million, a decrease of 14% over the previous year (2019: GBP1.82 million), the headline bookings total reflected an increase of 28% in total customer numbers.

The Group's revenue recognition policy recognises revenue in equal annual instalments over the course of multi-year contracts. Revenue for the year was GBP1.43 million, an increase of 22% on the prior year (2019: GBP1.17 million).

Loss after tax for the group was GBP2.50m, decreased from the loss of GBP2.83 million for the year to 31 December 2019. The losses of the Group have decreased due to tight cost control measures introduced in response to the pandemic preserving Cash Resources, despite significant investment in increasing headcount and activity levels in our sales, pre-sales, marketing and engineering departments of the business, building momentum during 2020 ready for 2021.

Revenue Analysis

Revenue for the 12-month period ended 31 December 2020 was GBP1.43m (2019: GBP1.17m). The Group's total customer count increased by 16 for the year ended 31 December 2020, up to 57 (2019: 41), with this customer growth reflecting the growing sales momentum experienced by the business as the Group broadens its customer base, and the demand for our PAM, PPA and PEM solutions continues to increase.

Company deferred revenues as at 31 December 2020 were GBP1.50 million, compared with deferred revenues at the end of December 2019 of GBP1.37 million, helping provide a degree of visibility and certainty over our future revenue streams.

Taxation

The Group has benefited from the tax relief given on development expenditure, resulting in a research and development tax credit of GBP591,436 being claimed in respect of the year to 31 December 2020, compared with GBP557,251 for the previous year to 31 December 2019, illustrating the consistent investment made in the Group's innovative cybersecurity product and its pioneering qualities that is expected to continue going forwards.

Loss per Share

Loss per share for the year on both a basic and fully diluted basis was 13p. In the prior year the basic and diluted loss per share was 19p.

Results and Dividend

The Directors are unable to recommend the payment of a final dividend (2019: GBPnil).

Research and Development & Capital Expenditure

The Group spent GBP1.81m (2019: GBP1.77 million) on direct staff and contractor costs for research and development, of which all was capitalised in both periods. This expenditure pertains to developing the Group's new and enhanced software offerings. The Group continues to invest in new product development, as well as the continual modification and improvement of its current product base to meet technological advances, customer and ever-expanding new market requirements of the rapidly evolving cybersecurity market.

Future Developments

The Group has undertaken a strategy to extend its activities to the provision of a full range of Privileged Access Security solutions. Alongside expanding into new geographies and industry sectors, the Group will continue to invest in the development of innovative and differentiated solutions for its growing customer base.

Cash flow

The Group's cash balances at 31 December were GBP1.48 million (2019: GBP3.85 million).

The Group's cash reserves have since been boosted by the fund raise post year end that raised GBP2.17 million gross cash (before expenses, fees and commissions) in April 2021.

Net cash used in operations for the period was GBP0.95 million (2019: GBP1.52 million).

Key Performance Indicators ("KPIs") The Group's progress against its strategic objectives is monitored by the Board of Directors by reference to KPIs. Progress made is a reflection of the performance of the business since publicly listing and the Group's achievement against its strategic plans. The Group considers major KPIs to be bookings, revenue, loss before tax, channel partners, new customers and sectors, customer renewals, and software evaluations.

Financial KPIs:

-- Bookings: are monitored on a monthly basis and reported in detail at board meetings. Bookings have decreased by 14% to GBP1.57 million for the year to 31 December 2020 from GBP1.82 million for the year ended 31 December 2019, a KPI that masks the fact that 16 new customer accounts were added and despite a COVID affected year the business enjoyed a record Q1 and Q4 during the reporting period.

-- Revenue: As a result of the increase in customer numbers, the revenue KPI is performing well, with total revenue up 22% to GBP1.43 million (2019: GBP1.17 million).

-- Operating Loss: the board are pleased with the reduced operating loss of GBP2.88 million (2019: GBP3.40 million), in line with management expectations, caused by a combination of increasing revenues and tight cost control during the COVID-19 pandemic.

Non-financial KPIs include:

-- Channel partners: the Group has added many additional reseller partners globally, with a focus on Europe and MEA to meet our plan and have also been establishing agreements with both resellers and distributors, who we see as key to opening up new revenue streams.

-- New customers and sectors wins: we were pleased to add customers in 2020 in new sectors such as Ambulance Services and Private Sector Health Care as well as customers in existing strong sectors. We expect this growth to continue as PAM becomes mainstream and we can independently upsell our PPA and PEM solutions as the first Osirium product into a new customer accounts.

-- Customer retention: 99% of customers were retained in the year, which compares favourably with our SaaS peers highlighting the 'mission-critical' nature of our solution and customer satisfaction.

-- Software Evaluations: growing company reputation in the PAM marketplace means that customers are increasingly willing to purchase Osirium solutions without requiring a Proof of Concept (POC), however this remains a significant part of the sales process for some customers that we are happy to provide.

The Group also measures and monitors brand recognition and momentum increases in the Osirium name as we continue to build a global brand. Brand recognition includes monitoring Osirium's Search Engine Optimisation Position and quarterly growth in qualified sales leads with a quantified 'call to action'.

Consolidated Statement of Comprehensive Income

 
                                                         Year ended    Year ended 
                                                          31-Dec-20     31-Dec-19 
                                               Notes         GBP           GBP 
 OPERATIONS 
 Revenue                                                   1,434,875     1,171,586 
 
 GROSS PROFIT                                              1,434,875     1,171,586 
 Other operating income                                          700             - 
 Administrative expenses                                 (4,307,952)   (4,571,317) 
 
 OPERATING LOSS                                          (2,872,377)   (3,399,731) 
 Net finance 
  costs                                                    (222,322)      (52,162) 
 
 LOSS BEFORE 
  TAX                                                    (3,094,699)   (3,451,893) 
 Taxation                                                    590,223       622,514 
 
 Loss for the Year Attributable 
  to the Owners of Osirium Technologies 
  PLC                                                    (2,504,476)   (2,829,379) 
 
 Basic and fully diluted loss per 
  share                                                        (13)p         (19)p 
 
 
 

Consolidated Statement of Financial Position

 
                                                 As at          As at 
                                               31-Dec-20      31-Dec-19 
                                      Notes       GBP            GBP 
 ASSETS 
 NON-CURRENT ASSETS 
 Intangible assets                               3,335,455      2,936,473 
 Property, plant & equipment                        90,530         77,534 
 Right-of-use assets                                61,329        110,392 
 Total Non-Current 
  Assets                                         3,487,314      3,124,399 
 
 CURRENT ASSETS 
 Trade and other receivables            4          818,445        982,369 
 Cash and cash equivalents              5        1,482,376      3,854,922 
 
 Total Current 
  Assets                                         2,300,821      4,837,291 
 
 TOTAL ASSETS                                    5,788,135      7,961,690 
 
 LIABILITIES 
 CURRENT LIABILITIES 
 Trade and other payables                        2,088,722      1,889,098 
 Lease liability                                    54,958         33,916 
 
 Total Current 
  Liabilities                                    2,143,680      1,923,014 
 
 NON-CURRENT LIABILITIES 
 Deferred tax                                            -              - 
 Lease liability                                    15,765         76,973 
 Convertible loan notes                          2,502,883      2,345,408 
 
 Total non-current liabilities                   2,518,648      2,422,381 
 
 TOTAL LIABILITIES                               4,662,328      4,345,395 
 
 EQUITY 
 SHAREHOLDERS EQUITY 
 Called up share capital                           194,956        194,956 
 Share premium                                  10,635,500     10,635,500 
 Share option reserve                              351,547        337,559 
 Merger reserve                                  4,008,592      4,008,592 
 Convertible note reserve                          394,830        394,830 
 Retained earnings                            (14,459,618)   (11,955,142) 
 
 TOTAL EQUITY ATTRIBUTABLE TO 
  THE 
 OWNERS OF OSIRIUM TECHNOLOGIES 
  PLC                                            1,125,807      3,616,295 
 
 TOTAL EQUITY AND LIABILITIES                    5,788,135      7,961,690 
 

Consolidated Statement of Changes in Equity

 
                    Called 
                       up                                              Share    Convertible 
                     share      Retained       Share       Merger     option       note          Total 
                    capital     Earnings      premium      reserve    reserve     reserve       equity 
                      GBP         GBP           GBP          GBP        GBP         GBP           GBP 
 Balance at 1 
  January 
  2019              135,542    (9,125,763)    8,968,554   4,008,592   337,559             -     4,324,484 
 Changes in 
  Equity 
 Issue of share 
 capital             59,414              -    2,020,091           -         -             -     2,079,505 
 Issue costs              -              -    (353,145)           -         -             -     (353,145) 
 Total 
  comprehensive 
  loss                    -    (2,829,379)            -           -         -             -   (2,829,379) 
 Equity element 
  of 
  loan notes 
  issued                  -              -            -           -         -       394,830       394,830 
 
 Balance at 31 
  December 
  2019              194,956   (11,955,142)   10,635,500   4,008,592   337,559       394,830     3,616,295 
 
 Changes in 
  Equity 
 Total 
  comprehensive 
  loss                    -    (2,504,476)            -           -         -             -   (2,504,476) 
 Share option 
  charge                  -              -            -           -    13,988             -        13,988 
 
 Balance at 31 
  December 
  2020              194,956   (14,459,618)   10,635,500   4,008,592   351,547       394,830     1,125,807 
 

Consolidated Statement of Cash Flows

 
                                                         Year ended    Year ended 
                                                          31-Dec-20     31-Dec-19 
                                               Notes 
                                                             GBP           GBP 
 Cash flows used in operating activities 
 Cash used in operations                                   (967,180)   (1,517,218) 
 Interest paid                                                     -             - 
 Tax received                                                557,251       472,076 
 
 Net cash used in operating activities                     (409,929)   (1,045,142) 
 
 Cash flows used in investing activities 
 Purchase of intangible fixed assets                     (1,806,146)   (1,773,395) 
 Purchase of property, plant and 
  equipment                                                 (68,994)      (79,428) 
 Sale of property, plant and equipment                        17,537           431 
 Interest received                                                 -            35 
 
 Net cash used in investing activities                   (1,857,603)   (1,852,357) 
 
 Cash flows from financing activities 
 Share issue                                                       -     2,079,505 
 Share issue 
  costs                                                            -     (353,145) 
 Payment of lease liabilities (net 
  of interest)                                              (48,484)      (60,563) 
 Issue of loan 
  notes                                                            -     2,700,000 
 Allocation of loan 
  note interest                                             (56,530)             - 
 
 Net cash from financing 
  activities                                               (105,014)     4,365,797 
 
 
 Increase/(decrease) in cash and 
  cash equivalents                                       (2,372,546)     1,468,298 
 Cash and cash equivalents at beginning 
  of year                                                  3,854,922     2,386,624 
 
 Cash and cash equivalents at end 
  of year                                                  1,482,376     3,854,922 
 

Notes

Osirium Technologies PLC is a company incorporated in the United Kingdom under the Companies Act 2006 and listed on the AIM market. The address of the registered office is One Central Square, Cardiff, CF10 1FS.

   1.   Significant Accounting Policies 

Basis of Preparation

The financial statements have been prepared on a going concern basis under the historical cost convention, and in accordance with International Accounting Standards that are effective or issued and early adopted as at the time of preparing these Financial Statements and in accordance with the provisions of the Companies Act 2006.

Basis of Consolidation

The consolidated financial statements incorporate the assets and liabilities of the subsidiary of Osirium Technologies PLC ('company' or 'parent entity') as at 31 December 2020 and the results of the subsidiary for the year then ended. Osirium Technologies PLC and its subsidiary together are referred to in these financial statements as the 'Group'.

Subsidiaries are all those entities over which the consolidated entity has control. The consolidated entity controls an entity when the consolidated entity is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the consolidated entity. They are de-consolidated from the date that control ceases.

Intercompany transactions, balances and unrealised gains on transactions between entities in the Group are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the consolidated entity.

The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and the book value of the share of the non-controlling interest acquired is recognised directly in equity attributable to the parent.

Non-controlling interest in the results and equity of subsidiaries are shown separately in the statement of profit or loss and other comprehensive income, statement of financial position and statement of changes in equity of the consolidated entity. Losses incurred by the consolidated entity are attributed to the non-controlling interest in full, even if that results in a deficit balance.

Where the consolidated entity loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and non- controlling interest in the subsidiary together with any cumulative translation differences recognised in equity. The consolidated entity recognises the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss.

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 these Financial Statements. 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.

The Group incurred a loss of GBP2.50m in the year ended 31 December 2020 and had net current assets of GBP0.15m at that date. The Group's cash and cash equivalents decreased by GBP2.37m in the same period. Cash and cash equivalents at 31 December 2020 were

GBP1.48m. Subsequent to the balance sheet date the Group raised GBP2.17m via a share placing, which was in line with the Board's target.

In its assessment, the Board has included consideration of the potential ongoing impact of COVID-19, such as the COVID-related slowdowns experienced in Q2 and Q3 of 2020, and factored this into the financial assessment of the Group. The normalisation of trading conditions in the latter part of the year ended 31 December 2020 resulted in the Group achieving a record level of bookings in Q4 and this level of enhanced bookings has carried through to the start of the new financial year. This early trading momentum, increased number of customers and strong current pipeline of new business supports the Board's business forecasts and underlines their confidence in the Group's ongoing momentum.

On the basis of the above projections, the Directors are confident that Osirium has sufficient working capital to honour all of its obligations to creditors as and when they fall due. The Directors consider it appropriate to continue to adopt the going concern basis in preparing the Financial Statements. Accordingly, the financial statements do not include any adjustments which would be required if the going concern basis of preparation was deemed to be inappropriate. However, if the Group is unable to deliver the anticipated order book and revenue growth, it would give rise to a material uncertainty which may cast significant doubt about the Group's ability to continue as a going concern.

New and Amended Standards and Interpretations

The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the International Accounting Standards Board ('IASB') that are mandatory for the current reporting period.

   2.    Accounting Policies 

Revenue Recognition

Revenue represents net invoiced sales of services, excluding value added tax. Sales of software licence subscriptions are recognised over the period of the contract with the deferred income being recognised in the statement of financial position. Sales of one-off installation services are invoiced and recognised fully on completion of the installation.

Contract Assets

Contract assets are recognised when Osirium has transferred goods or services to the customer but where Osirium is yet to establish an unconditional right to consideration. Contract assets are treated as financial assets for impairment purposes.

Functional and Presentational Currency

Items included in the Financial Statements of Osirium are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The financial information is presented in UK sterling (GBP), which is the functional and presentational currency of Osirium.

Rounding

The figures in the financial statements of Osirium for the current and preceding year are rounded to nearest whole pound.

Financial Instruments

Financial assets and financial liabilities are recognised in Osirium's statement of financial position when Osirium becomes party to the contractual provisions of the instrument. Financial assets are de-recognised when the contracted rights to the cash flows from the financial asset expire or when the contracted rights to those assets are transferred. Financial liabilities are de-recognised when the obligation specified in the contract is discharged, cancelled or expired.

Financial assets

Trade and Other Receivables

Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method less the provision for impairment. Appropriate provisions for estimated irrecoverable amounts are recognised in the statement of comprehensive income when there is objective evidence that the assets are impaired. The amount of the provision is the difference between the carrying amount and the present value of estimated future cash flows interest income is recognised by applying the effective interest rate, except for short term receivables when the recognition of interest would be immaterial. Under IFRS 9 for financial instruments, intercompany balances are tested for impairment on an annual basis, since Osirium is currently loss making this suggests that not all of the balance is likely to be repaid; as such the view of directors is that an impairment of GBP1.9m is a true reflection of this. This will be reviewed on an annual basis by the directors.

Cash and Cash Equivalents

Cash and cash equivalents comprise cash on hand, demand deposits held on call with banks, and other short- term highly liquid investments with original maturities of three months or less that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Cash and cash equivalents are shown in the financial statements as 'cash and cash equivalents'.

Impairment of Financial Assets

Osirium recognises a loss allowance for expected credit losses on financial assets which are either measured at amortised cost or fair value through other comprehensive income. The measurement of the loss allowance depends upon Osirium's assessment at the end of each reporting period as to whether the financial instrument's credit risk has increased significantly since initial recognition, based on reasonable and supportable information that is available, without undue cost or effort to obtain.

Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12-month expected credit loss allowance is estimated. This represents a portion of the asset's lifetime expected credit losses that is attributable to a default event that is possible within the next 12 months. Where a financial asset has become credit impaired or where it is determined that credit risk has increased significantly, the loss allowance is based on the asset's lifetime expected credit losses. The amount of expected credit loss recognised is measured on the basis of the probability weighted present value of anticipated cash shortfalls over the life of the instrument discounted at the original effective interest rate.

For financial assets mandatorily measured at fair value through other comprehensive income, the loss allowance is recognised in other comprehensive income with a corresponding expense through profit or loss. In all other cases, the loss allowance reduces the asset's carrying value with a corresponding expense through profit or loss.

Financial Liabilities and Equity

Trade and Other Payables

Trade payables are initially measured at fair value and are subsequently measured at amortised cost using the effective interest rate method; this method allocates interest expense over the relevant period by applying the 'effective interest rate' to the carrying amount of the liability.

Borrowings

Borrowings are recognised initially at fair value less transactions costs incurred. Borrowings are subsequently stated at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the statement of comprehensive income over the period of borrowings using the effective interest method.

The component of the convertible notes that exhibits characteristics of a liability is recognised as a liability in the statement of financial position, net of transaction costs.

On the issue of the convertible notes the fair value of the liability component is determined using a market rate for an equivalent non- convertible bond and this amount is carried as a non-current liability on the amortised cost basis until extinguished on conversion or redemption. The increase in the liability due to the passage of time is recognised as a finance cost. The remainder of the proceeds are allocated to the conversion option that is recognised and included in shareholders equity as a convertible note reserve, net of transaction costs. The carrying amount of the conversion option is not premeasured in the subsequent years. The corresponding interest on convertible notes is expensed to profit or loss.

Equity

Equity instruments issued by Osirium are recognised at fair value on initial recognition net of transaction costs.

Taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. Osirium's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the dates of the Statements of Financial Position.

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial information and the corresponding tax bases used in the computation of the taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that is probable that taxable profits will be available against which is deductible temporary differences can be utilised.

Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit not the accounting profit.

The carrying of deferred tax assets is reviewed at each statement of financial position date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax is calculated at the tax rates that are expected to apply in the year when the liability is settled or the asset is realised based on tax laws and rates that have been enacted at the Statement of Financial Position date. Deferred tax is charged or credited in the Statement of Comprehensive Income, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income.

Deferred tax assets and liabilities are offset when it is a legally enforceable right to set off the current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and Osirium intends to settle its current tax assets and liabilities on a net basis.

Property, Plant and Equipment

Plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 25% on cost Computer equipment - 33% on cost

Osirium has elected not to recognise a right-of-use asset and corresponding lease liability for short-term leases with terms of 12 months or less and leases of low-value assets. Lease payments on these assets are expensed to profit or loss as incurred.

Internally-generated Development 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 year in which it is incurred. The amortisation cost is recognised as part of administrative expenses in the statement of comprehensive income.

Development costs - 20% per annum, straight line

Impairment of Tangible and Intangible Assets

At each statement of financial position date, Osirium reviews the carrying amounts of its assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, Osirium estimates the recoverable amount of the cash-generating unit to which the asset belongs. An intangible asset with an indefinite useful life is tested for impairment at least annually and whenever there is an indication that the asset may be impaired.

The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Right of Use Assets

A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or before the commencement date net of any lease incentives received, any initial direct costs incurred, and, except where included in the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing the underlying asset, and restoring the site or asset.

Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful life of the asset, whichever is the shorter. Where Osirium expects to obtain ownership of the leased asset at the end of the lease term, the depreciation is over its estimated useful life. Right-of use assets are subject to impairment or adjusted for any remeasurement of lease liabilities.

Lease Liability

The lease liability is initially measured at the present value of the lease payments during the lease term discounted using the interest rate implicit in the lease, or the incremental borrowing rate if the interest rate implicit in the lease cannot be readily determined. The weighted average lessee's incremental borrowing rate applied to the lease liabilities on 1 January 2019 was 7.5%. The lease term is the non-cancellable period of the lease plus extension periods that the Group is reasonably certain to exercise and termination periods that the Group is reasonably certain not to exercise.

Leases are cancellable when each party has the right to terminate the lease without permission of the other party or incurring more than an insignificant penalty. The lease term includes any rent-free periods.

Subsequent measurement of the lease liability

The lease liability is subsequently increased for a constant periodic rate of interest on the remaining balance of the lease liability and reduced for lease payments.

Interest on the lease liability is recognised in profit or loss, unless interest is directly attributable to qualifying assets, in which case it is capitalised in accordance with the Group's policy on borrowing costs.

Employee Benefit Costs

Osirium operates a defined contribution pension scheme. Contributions payable to Osirium's pension scheme are charged to the Statement of Comprehensive Income in the year to which they relate.

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.

Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors that makes strategic decisions.

Financial Risk Factors

Osirium's activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. Osirium's overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on Osirium's financial performance. Risk management is carried out by management under policies approved by the directors. The directors provide principals for overall risk management, as well as policies covering specific areas, such as, interest rate risk, non-derivative financial instruments and investment of excess liquidity.

Earnings per Share

Basic earnings per share is calculated by dividing the profit attributable to the owners of Osirium Technologies plc, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the financial year.

Critical Accounting Estimates and Judgements

The preparation of the Financial Statements requires management to make judgements and estimates that affect the reported amounts of assets and liabilities at each statement of financial position date and the reported amounts of revenue during the reporting periods. Actual results could differ from these estimates. The directors consider the key areas to be in respect of intangible assets and impairment of intercompany receivables. Information about such judgements and estimations are contained in individual accounting policies (intangible assets (Note 9), and trade and other receivables (Note 13).

IFRS 16 Leases

Right-of-use assets and corresponding lease liabilities are recognised in the statements of financial position. Straight line operating lease expense recognition is replaced with a depreciation charge for the right-of-us assets (included in operating costs) and an interest expense on the recognised lease liabilities (included within finance costs). For classification within the statement of cash flows, the interest portion is disclosed in operating activities and the principal portion of the lease payments are separately disclosed in financing activities.

The Group has used the following practical expedients permitted by the standard:

-- Accounting for leases with a remaining lease term of 12 months as at 1 January 2020 as short-term leases;

   --              Excluding any initial direct costs from the measurement of right-of-use assets; 

-- Using hindsight in determining the lease term when the contract contains options to extend or terminate the lease; and

-- The value of the right of use asset at the transition date has been assessed as equaling the lease liability at that date.

   3.   Segment Information and Revenue 

Management information is provided to the chief operating decision maker as a whole. As a result Osirium is a single operating segment. All revenue is derived from the sale of software subscriptions and consultancy services to the customers in the UK.

The Group had one (2019: two) customer that represented over 10% of total revenue. The total revenue for this customer was GBP248,000 (2019: GBP385,990) which represents 17% (2019: 33%) of the Group's total income for the year:

 
 Year ended 31 December 
  2020                          GBP      % 
 Customer 1                   248,000   17% 
                             --------  ---- 
           Total              248,000   17% 
 
 Year ended 31 December 
  2019                          GBP      % 
 Customer 1                   124,849   11% 
 Customer 2                   261,141   22% 
                             --------  ---- 
                              385,990   33% 
 
   4.   Trade and Other Receivables 
 
                                                Group 
                                         As at        As at 
                                       31-Dec-20    31-Dec-19 
                                          GBP          GBP 
 Current: 
 Trade receivables                       105,553      206,998 
 Other receivables                       591,436      565,535 
 Prepayments                             121,456      209,836 
 Amounts due from group 
  undertakings                                 -            - 
                                      ----------   ---------- 
 
                                         818,445      982,369 
                                      ==========   ========== 
 
 

As at 31 December 2020 Osirium had no material receivables past due but not impaired (31 December 2019: GBPnil).

The directors have made an assessment on the amounts due from group undertakings under IFRS 9 for impairment of financial assets. As Osirium is loss making and the likelihood is that a proportion of the amount due from the group undertaking will not be received, the directors have deemed it prudent to account for an impairment of GBP1,916,126 with this being looked at every 12 months on a continuous basis.

The Directors consider that the carrying value of trade and other receivables approximates their fair value.

Allowance for expected credit losses

The group has assessed the expected credit losses for the year ended 31 December 2020 and concluded that there is no material impairment against trade receivables.

   5.   Cash and Cash Equivalents 
 
                                               Group 
                                         As at        As at 
                                       31-Dec-20    31-Dec-19 
                                          GBP          GBP 
 Cash and cash equivalents             1,482,376    3,854,922 
                                      ==========   ========== 
 
 

The Directors consider that the carrying value of cash and cash equivalents approximates their fair value.

   6.   Annual Report and Accounts and Annual General Meeting (AGM) 

The Annual Report and Accounts for the year ended 31 December 2020, which incorporates Notice of the Company's 2021 AGM, will be available to download from the Company's website at www.osirium.com/investors later today, Friday 11 June 2021 and sent to shareholders in compliance with AIM Rule 20.

The Annual General Meeting is scheduled to take place at 11am on 22 July 2021 at the Company's offices at Theale Court, 11-13 High Street, Theale, RG7 5AH. It is currently envisaged that the UK Government's coronavirus restrictions will cease to have applied so that the AGM may be run as an open meeting. However, given the current uncertainty, shareholders are encouraged not to attend the Company's office for the meeting in person but instead to attend the meeting via a conference call. Shareholders may register for the call by completing the investor contact form at https://osirium.com/investors/investor-contact/ following which relevant access details will be sent via email. Depending on the then current coronavirus restrictions, shareholders or others attempting to attend the meeting in person may not be permitted entry and the Company reserves the right to put in place appropriate COVID-19 security measures.

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END

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June 11, 2021 02:00 ET (06:00 GMT)

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