TIDMOSI
RNS Number : 1354N
Osirium Technologies PLC
28 September 2021
28 September 2021
Osirium Technologies plc
("Osirium", "the Group" or "the Company")
Interim Results
Osirium Technologies plc (AIM: OSI), a leading vendor of
cloud-based cybersecurity software, announces its unaudited interim
results for the six months ended 30 June 2021.
Financial highlights
-- Total recognised revenue up 5% to GBP0.74 million (1H 2020:
GBP0.70 million)
-- Total bookings increased 19% to GBP0.91 million (1H 2020:
GBP0.77 million)
-- Deferred revenue increased by 17% to GBP1.68 million (1H
2020: GBP1.43 million), providing continued visibility
over future revenues
-- Operating loss lower at GBP1.52 million (1H 2020: GBP1.57
million), reflecting reduced overheads while increasing
investment in headcount, particularly in R&D and engineering,
positioning the Company well for future growth prospects
-- Cash balances at 30 June 2021 of GBP1.74 million (1H 2020:
GBP2.13 million), increasing to GBP2.03 million as at 31
July 2021 following receipt of a GBP0.59 million R&D tax
credit post-period end
Operational highlights
-- Resilient H1 trading, showing strong rebound in bookings
as temporary delay in buying decisions from COVID pandemic
start to unwind
-- Significant new customer wins with 31 customers added (FY20:
16), particularly within the NHS segment, demonstrating
strong competitive positioning of tailored solutions
-- 99% customer retention demonstrating value customers attribute
to solution set and providing good foundations for "land
and expand" strategy
-- "Land and expand" strategy continuing to add licences to
existing customers
-- Further product development with enhanced automation capabilities
to complement security offering
-- Expanded and more proactive partner network driving new
business in core UK market as well as internationally
-- Successful fundraise of GBP2.17 million in period enabling
the Group to scale further through investment in headcount
and increased marketing activities
-- Strong trading momentum into second half of the year with
continued new business wins
David Guyatt, CEO of Osirium, commented:
"We made good progress against our stated strategy in the
period, built around our commitment to innovation, customer focus
and market expansion. Despite persistent uncertainty in our end
markets as a result of the impact of COVID-19, we achieved
significant new business wins, particularly within the NHS segment
and have continued to see the benefits of our "land and expand"
approach supported by high customer retention levels.
As the benefits of PAM and IT Process Automation solutions
become more mainstream, our sales pipeline steadily builds. We are
encouraged by the continued trading momentum as we enter the second
half, with further new business wins resulting in Osirium's passing
the significant 100(th) customer milestone post-period.
Moving forwards, we remain focused on delivering our strategic
objectives. We will continue to strengthen our relationships with
customers, particularly with our partners in the healthcare sector.
I would also like to thank everyone on our team for their continued
enthusiasm and drive as we remain focused on fulfilling our growth
ambitions and cementing our position as a leading provider of
Privileged Access Security."
Contacts
Osirium Technologies plc Tel: +44 (0)11 8324 2444
David Guyatt, CEO
Rupert Hutton, CFO
Stifel Nicolaus Europe Limited Tel: +44 (0)20 7710 7600
Fred Walsh
Richard Short
Alma PR (financial PR adviser) Tel: +44 (0)20 3405 0205
Hilary Buchanan osirium@almapr.co.uk
Kieran Breheny
Faye Calow
About Osirium
Osirium Technologies plc (AIM: OSI) operates in one of the
fastest growing parts of the cybersecurity market and is a leading
vendor of Privileged Access Security solutions. Osirium's
cloud-based products protect critical IT assets, infrastructure and
devices by preventing targeted cyber-attacks from directly
accessing Privileged Accounts, removing unnecessary access and
powers of Privileged Account users, deterring legitimate Privileged
Account users from abusing their roles and containing the effects
of a breach if one does happen.
Osirium has defined and delivered what the Directors view as the
next generation Privileged Access Management (PAM) solution.
Osirium's award-winning Privileged Task Management module further
strengthens Privileged Account Security by minimising the
cyber-attack surface and delivering an impressive return on
investment benefits for customers. Building on Osirium's Privileged
Task Management module, in May 2019 Osirium launched Privileged
Process Automation, providing a highly-flexible platform for
automating essential IT processes to set a new benchmark in IT
Process Automation. This was followed by the launch of Privileged
Endpoint Manager in December 2019, bringing the total portfolio to
three complementary solutions.
Founded in 2008 and with its headquarters in Reading, UK, the
Group was admitted to AIM in April 2016.
www.osirum.com
Chief Executive Officer's Review
I am pleased to report on a period of sustained growth in what
has been a challenging macro-environment as a result of the ongoing
COVID-19 pandemic. We have made good progress against all elements
of our core strategy and strengthened the Group's foundations for
future growth, including further investment in R&D and
engineering staff and a robust balance sheet. Despite some degree
of persistent uncertainty among our end markets during the period
and with the transition of our sales functions operating largely
remotely, we have grown our customer base in the half alongside
maintaining our 99% customer retention rate.
Bookings, a key metric for the Group, increased 19% for the
period reflecting both the normalisation of trading activity and a
growing awareness of the Group's offering. Our customer numbers
grew significantly in reflection of the growing demand for
Privileged Security, with 31 new customers added to our roster in
the period (FY20 customers added: 16).
In April 2021, we raised approximately GBP2.17m by way of a
placing and subscription. These funds will help pave the way for
the next phase of Osirium's growth by enabling the scaling of our
business in Privileged Access Management ("PAM") and digital
process automation, two rapidly growing markets, further developing
our Group's partner channel network, and accelerating the Group's
recruitment across sales, engineering and research and
development.
Moving into the second half and beyond, we expect the growing
awareness of privileged security, in tandem with our 'land and
expand' strategy, to produce further customer growth and bookings.
We have continued to win new business in the early part of H2,
resulting in the Group surpassing the milestone of signing its
100(th) customer.
Market
The global lockdown as a result of the COVID-19 pandemic has
accelerated a shift to the online environment for many
organisations across industries, and with that the threat of
cybercrime is more present than ever. Our solutions are
increasingly recognised as a critical service for organisations of
all sizes. PAM remains one of the fastest growing areas of
cybersecurity and risk management software solutions across the UK
and overseas. KuppingerCole estimate the global market to be worth
around $2.20bn per annum, predicted to grow to $5.40bn by 2025.
Similarly, the digital automation market, served by our PPA
product, presents an exciting growth opportunity. The Directors
consider both the PAM and digital automation market to remain
predominantly greenfield with an estimated aggregated market size
of over $20 billion by 2026.
The PAM market experienced a degree of consolidations activity
in the half, including further interest from private equity
participants. This underlines the increasing importance and growing
awareness of this type of security among organisations. In contrast
to other more mature cybersecurity market sub-sectors, often
characterised by the wide availability of comparable offerings, the
Group is finding the vast majority of qualified new prospect leads
to be 'greenfield' opportunities.
While we have seen growing awareness of Privileged Access
Security across the spectrum, we experienced a substantial number
of bookings in the healthcare market in large part as a result of
the funding for trusts via NHS Digital for PAM projects. The
success in servicing this core market segment provides the Group
with powerful customer use cases and references to target further
new customer acquisition within the NHS.
In addition to healthcare, the Group is encouraged by the
increased activity and pipeline of opportunities from financial
services and education, where it has focused its targeted sales and
marketing programmes. All of these targeted market segments are
characterised by complex operating landscapes with many
stakeholders and high levels of regulation. Whilst there continues
to be uncertainty amongst our end target market as we move to a
post-lockdown environment, the overall trend towards better
security, coupled with IT process Automation, remains an
irreversible direction of travel.
Product development
As part of our growth strategy, we have made a number of
developments to our product suite in order to both enhance user
experience and provide further security guarantees to our
customers.
Our product suite is set apart by its simplicity of deployment
and unrivalled "time to protection" - available for use within 1
day for our customers, and able to be deployed by our resellers. To
further ensure that our product suite addresses our customers'
needs, we have invested in the development of secure automation
capabilities to complement our core PAM, PPA and PEM products.
As market interest in PAM increases, we have seen a
proportionate increase in customers looking beyond traditional PAM
by adding endpoint protection and automation that both increase
security and provide productivity gains. As such, Osirium has
focused on creating innovative packages of products, tailor-made to
address our customers' requirements, making the entry onto the
platform an easy and uncomplicated process. These packages can be
deployed quickly and with minimal complications, one of the key
differentiators of our product suite.
As the market understanding of the importance of PAM continues
to increase, we have sought to further optimise our offering in
this space. Improvements in the half year include: the introduction
of SAML Single Sign On capability, which allows us to integrate our
solutions with identity providers, and the creation of a new
desktop client tool which combines the latest features from our
web-based interface.
Improvements to PPA, our highly flexible platform for automating
essential IT processes, have been a key focus for the half, as
demonstrated by the introduction of authentication tools such as
Kerberos authentication with Windows devices, increased management
integration, future task scheduling capability and a simplified
process for on-boarding users. We have launched sales and
on-boarding initiatives, including the bundling of PPA products
alongside PAM solutions, to increase penetration levels within our
existing customers, evidencing how cross-selling opportunities
advance our "land and expand" strategy.
PEM, our Privileged Endpoint Manager, allows customers to remove
local administrator rights from end-users, while enabling them to
have escalated privileges only for specific processes and
executables. This product allows customers to increase productivity
while simultaneously increasing security.
We have seen more and more customers looking at a broader view
of Privileged Access; they are adopting PAM to protect their
critical shared IT infrastructure, PEM to remove risky local admin
accounts as the first line of defence against ransomware and other
malware attacks, and PPA to securely automate complex IT processes
as a comprehensive Privileged Access Security solution. The
popularity of this combined approach demonstrates the increasing
demand for automation and productivity products that work
complementarily to our Privileged Security products.
Partner and reseller network expansion
The Group's partner and reseller network forms a core element of
our strategy, allowing Osirium to scale further by approaching a
greater addressable market.
During the period, the Group made significant progress via these
sales functions with the quality and proactive engagement from this
channel driving new business. A number of new partners have signed
with us, and the Group is pleased to be working with a new UK
distributor. Directing existing customers to recommend Osirium's
products via this channel has been a particular focus, resulting in
an increase in new customers most notably within the NHS.
Although the UK remains Osirium's key market, the partner
network has been instrumental in enabling the Group to extend its
presence internationally, with new contract wins in APAC, Turkey,
and continental Europe in the half year across both public and
private sector organisations.
Elsewhere, we continue to make good progress in forming
strategic technology alliances, strengthening 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.
Financial summary
New customer acquisition for the period adding a record 31 new
customers. Bookings for the half were GBP0.91 million, a 19%
increase on GBP0.77m in the corresponding period in the previous
half year.
Revenue was GBP0.74 million, a 5% increase from GBP0.70 million
in the corresponding period last year due to the timing of bookings
and a mix of contract lengths. Deferred revenue as at 30 June 2021
was GBP1.68 million, a 17% increase from GBP1.43 million as at 30
June 2020, providing continued and steadily rising visibility over
future revenues.
Osirium's operating loss was flat at GBP1.58 million versus
GBP1.57 million in the first half of the previous financial year,
reflecting the tight cost control measures, increasing revenues and
increasing headcount in core areas continuing our investment in
R&D, sales and marketing teams as the cornerstones of our
growth strategy. Loss before tax for the period was also flat at
GBP1.68 million versus GBP1.68m million in the first half of the
previous financial year.
Cash balances were GBP1.74 million at the end of the period
under review (H1 2020: GBP2.13 million). Post period, the Group
received R&D tax credit of GBP0.59 million, resulting in a
GBP2.03 million cash balance as of 31 July 2021.
Product development expenditure capitalised in the period was
GBP0.90 million (H1 2020: 0.78 million). All of this expenditure
was associated with new products and features for our suite of
three products.
Current trading and outlook
Trading momentum has continued through to the second half of the
year. We have continued to build on the progress made in the period
against our stated strategy, centred on a commitment to innovation,
customer focus and market expansion, and market trends remain in
our favour as sales activity increases and interest in PAM and
digital process automation solutions becomes more mainstream.
With momentum in new customer wins building, combined with high
customer retention levels, our comprehensive and complementary
suite of products stands us in good stead to address the market
opportunity and further grow our pipeline. We will continue to
focus on strengthening our relationships with partners,
particularly in the healthcare sector, identifying opportunities to
cross sell to our existing customers and increasing the scope of
our reach through the partner network.
Whilst we remain mindful of the ongoing implications of the
COVID-19 environment, the long-term outlook remains unchanged as we
continue to execute against our strategic objectives. With a
best-in-class service offering, expanded sales function and clear
strategy in place, we remain focused on maintaining our position as
one of the leading providers of Privileged Access Security.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months 6 months Year to
to to
30-Jun-21 30-Jun-20 31-Dec-20
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
CONTINUING OPERATIONS
Revenue 736,711 702,649 1,434,875
Other operating income 13 700 700
Administrative expenses (2,256,279) (2,271,996) (4,307,952)
------------ ------------ ------------
OPERATING LOSS (1,519,555) (1,568,647) (2,872,377)
Finance costs (91,863) (110,875) (222,322)
Finance income - - -
------------ ------------ ------------
LOSS BEFORE
TAX (1,611,418) (1,679,522) (3,094,699)
Income tax credit 292,326 260,654 590,223
------------ ------------ ------------
LOSS FOR THE PERIOD ATTRIBUTABLE
TO
THE OWNERS OF OSIRIUM TECHNOLOGIES
PLC (1,319,092) (1,418,868) (2,504,476)
============ ============ ============
Loss per share from continuing
operations: 5p 8p 13p
Basic and diluted loss per
share
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30-Jun-21 30-Jun-20 31-Dec-20
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
ASSETS
NON-CURRENT ASSETS
Intangible
assets 3,521,842 3,101,660 3,335,455
Property, plant &
equipment 81,284 76,027 90,530
Right-of-use
asset 36,798 85,861 61,329
------------- ------------- -------------
3,639,924 3,263,548 3,487,314
CURRENT ASSETS
Trade and other receivables 1,155,804 1,194,099 818,445
Cash and cash equivalents 1,737,223 2,128,347 1,482,376
------------- ------------- -------------
2,893,027 3,322,446 2,300,821
------------- ------------- -------------
TOTAL ASSETS 6,532,951 6,585,994 5,788,135
============= ============= =============
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 2,153,854 1,836,258 2,088,722
Lease liability 40,276 33,916 54,958
------------- ------------- -------------
2,194,130 1,870,174 2,143,680
============= ============= =============
NON-CURRENT LIABILITIES
Lease liability - 68,578 15,765
Convertible loan
notes 2,599,431 2,449,815 2,502,883
------------- ------------- -------------
2,599,431 2,518,393 2,518,648
------------- ------------- -------------
TOTAL LIABILITIES 4,793,561 4,388,567 4,662,328
============= ============= =============
EQUITY
SHAREHOLDERS EQUITY
Called up share capital 293,820 194,956 194,956
Share premium 12,462,317 10,635,500 10,635,500
Share option reserve 358,541 337,559 351,547
Convertible note
reserve 394,830 394,830 394,830
Merger reserve 4,008,592 4,008,592 4,008,592
Retained earnings (15,778,710) (13,374,010) (14,459,618)
------------- ------------- -------------
TOTAL EQUITY ATTRIBUTABLE
TO THE
OWNERS OF OSRIRIUM TECHNOLOGIES
PLC 1,739,390 2,197,427 1,125,807
------------- ------------- -------------
TOTAL EQUITY AND LIABILITIES 6,532,951 6,585,994 5,788,135
============= ============= =============
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 2020 194,956 (11,955,142) 10,635,500 4,008,592 337,559 394,830 3,616,295
Changes in
equity
Total
comprehensive
loss - (1,418,868) - - - - (1,418,868)
---------- ------------- ----------- ---------- -------- ------------ ------------
Balance at 30
June 2020
(unaudited) 194,956 (13,374,010) 10,635,500 4,008,592 337,559 - 2,197,427
========== ============= =========== ========== ======== ============ ============
Balance at 1
January 2020 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
(audited) 194,956 (14,459,618) 10,635,500 4,008,592 351,547 394,830 1,125,807
========== ============= =========== ========== ======== ============ ============
Balance at 1
January 2021 194,956 (14,459,618) 10,635,500 4,008,592 351,547 394,830 1,125,807
Changes in
equity
Total
comprehensive
loss - (1,319,092) - - - - (1,319,092)
Share option
charge - - - - 6,994 - 6,994
Issue of share
capital 98,864 - 2,076,133 - - - 2,174,997
Issue costs - - (249,316) - - - (249,316)
---------- ------------- ----------- ---------- -------- ------------ ------------
Balance at 30
June 2021
(unaudited) 293,820 (15,778,710) 12,462,317 4,008,592 358,541 394,830 1,739,390
========== ============= =========== ========== ======== ============ ============
CONSOLIDATED STATEMENT OF CASHFLOW
6 months 6 months Year
ended ended ended
30-Jun-21 30-Jun-20 31-Dec-20
(unaudited) (unaudited) (audited)
GBP GBP GBP
Cashflows from operating activities
Cash used in operations (728,996) (905,478) (967,180)
Tax received - - 557,251
------------ ------------ ------------
Net cash used in operating
activities (728,996) (905,478) (409,929)
------------ ------------ ------------
Cash flows from investing
activities
Purchase of intangible fixed
assets (904,088) (781,570) (1,806,146)
Purchase of tangible
fixed assets (12,155) (25,152) (68,994)
Sale of tangible fixed
assets 167 - 17,537
Net cash used in investing
activities (916,076) (806,722) (1,857,603)
------------ ------------ ------------
Cashflows from financing
activities
Share issue 2,174,996 - -
Share issue
costs (249,316) - -
Allocation of loan note
interest 7,374 - (56,530)
Lease payment (33,135) (14,375) (48,484)
------------ ------------ ------------
Net cash from financing
activities 1,899,919 (14,375) (105,014)
------------ ------------ ------------
Increase/(decrease) in cash and cash
equivalents 254,847 (1,726,575) (2,372,546)
Cash and cash equivalents at beginning
of period 1,482,376 3,854,922 3,854,922
------------ ------------ ------------
Cash and cash equivalents
at end of period 1,737,223 2,128,347 1,482,376
============ ============ ============
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 2020 are unaudited with the audited
information included for the 12 month period ended 31 December
2020. 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 27 September 2021 and authorised for issue on 28 September
2021.
Accounting Policies
The accounting policies used in the preparation of the financial
information for the six months ended 30 June 2021 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 2020.
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 2020. 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 2021, 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 is will be available for use of sale.
- Its intention to complete the intangible asset and use or sell it.
- Its ability to use or sell the intangible asset.
- How the intangible asset will generate probable future economic benefits.
- The availability of adequate technical, financial and other
resources to complete the development and to use or sell the
intangible asset.
- Its ability to measure reliably the expenditure attributable
to the intangible asset during its development.
Internally-generated development intangible assets are amortised
on a straight-line basis over their useful lives. Amortisation
commences in the financial year of capitalisation. Where no
internally-generated intangible asset can be recognised,
development expenditure is recognised as an expense in the period
in which it is incurred.
Development costs 20% per annum, straight line.
Share based payments
Osirium issues equity-settled share-based payments to certain
employees and others under which Osirium receives services as
consideration for equity instruments (options) in Osirium.
Equity-settled share-based payments are measured at fair value at
the date of grant by reference to the fair value of the equity
instruments granted. The fair value determined at the grant date of
equity-settled share-based payments is recognised as an expense in
Osirium's Statement of Comprehensive Income over the vesting period
on a straight-line basis, based on Osirium's estimate of the number
of instruments that will eventually vest with a corresponding
adjustment to equity. The expected life used in the valuation is
adjusted, based on management's best estimate, for the effect of
non-transferability, exercise restrictions, and behavioural
considerations.
Non-vesting and market vesting conditions are taken into account
when estimating the fair value of the options at grant date.
Service and non-market vesting conditions are taken into account by
adjusting the number of options expected to vest at each reporting
date. When the options are exercised Osirium issues new shares. The
proceeds received net of any directly attributable transaction
costs are credited to share capital (nominal value) and share
premium.
INTANGIBLE FIXED ASSETS
Development
Costs
GBP
Cost
At 1 January
2020 7,692,829
Additions to 30 June
2020 781,570
------------
Cost c/f as at 30
June 2020 8,474,399
============
At 1 January
2020 7,692,829
Additions to 31 December
2020 1,806,146
------------
Cost c/f as at 31 December
2020 9,498,975
============
At 1 January
2021 9,498,975
Additions to 30 June
2021 904,088
------------
Cost c/f as at 30
June 2021 10,403,063
============
Amortisation
At 1 January
2020 4,756,356
Charge to 30 June
2020 616,383
------------
Amortisation c/f as at 30
June 2020 5,372,739
============
At 1 January
2020 4,756,356
Charge to 31 December
2020 1,407,164
------------
Amortisation c/f as at 31
December 2020 6,163,520
============
At January
2021 6,163,520
Charge to 30 June
2021 717,701
------------
Amortisation as at 30 June
2021 6,881,221
============
Carrying Amount:
At 30 June 2020 (unaudited) 3,101,660
============
At 31 December 2020 (audited) 3,335,455
============
At 30 June 2021 (unaudited) 3,521,842
============
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
2019 159,455
Additions -
-------------
At 31 December
2020 159,455
Additions -
At 30 June 2021 159,455
Depreciation
At 31 December
2019 49,063
Charge for year 49,063
-------------
At 31 December
2020 98,126
Charge for year 24,532
At 30 June 2021 122,658
Net Book Value
At 31 December
2020 61,329
=============
At 30 June 2021 36,798
=============
Additions to the right-of-use assets during the period were
GBPnil (year to 31 December 2020: GBPnil).
The group leases land and buildings for its office under an
agreement for 4 years running from 2018 to 2022.
LEASE LIABILITIES
Group
As at As at As at
30-Jun-21 30-Jun-20 31-Dec-20
GBP GBP
Current
Lease liability 40,276 33,916 54,958
========== ========== ==========
Non- current
Lease liability - 68,578 15,765
========== ========== ==========
RECONCILIATION OF LOSS BEFORE ANY INCOME TAX TO CASH GENERATED
FROM OPERATIONS
6 months 6 months Year
ended ended ended
30-Jun-21 30-Jun-20 31-Dec-20
(unaudited) (unaudited) (audited)
GBP GBP GBP
Loss before income
tax (1,611,418) (1,679,522) (3,094,699)
Depreciation charges 45,982 51,190 101,713
Amortisation charges 717,701 616,383 1,407,164
Share option
charge 6,994 - 13,988
Profit on disposal of fixed
assets (167) - (14,189)
Finance costs 91,863 110,875 222,322
Finance income - - -
------------- ------------- ------------
(749,045) (901,074) (1,363,701)
(Increase)/decrease in trade and
other receivables (45,032) 50,138 196,895
Increase /(decrease) in trade
and other payables 65,081 (54,542) 199,626
------------- ------------- ------------
Cash used in operations (728,996) (905,478) (967,180)
============= ============= ============
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