Osirium Technologies PLC AGM Statement and Q1 trading update (6484Y)
09 May 2023 - 4:00PM
UK Regulatory
TIDMOSI
RNS Number : 6484Y
Osirium Technologies PLC
09 May 2023
The information contained within this announcement is deemed by
the Company to constitute inside information pursuant to Article 7
of EU Regulation 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 as amended.
9 May 2023
Osirium Technologies plc
("Osirium", the "Group" or the "Company")
AGM Statement and Q1 trading update
The Annual General Meeting ("AGM") of Osirium Technologies plc
(AIM: OSI), a leading vendor of cloud-based cybersecurity software,
will be held today at 11:00am at the Company's offices at Theale
Court, 11-13 High Street, Theale, RG7 5AH. At the AGM, Osirium's
Executive Chairman, David Guyatt, will provide the following update
on the Company's trading for the first quarter of the 2023
financial year ("Q1 2023").
The Company is pleased to announce continued positive trading
through Q1 2023, with annual recurring revenue* ("ARR") for March
2023 of GBP2.04 million, an increase of 31% over the past 12 months
(March 2022 ARR: GBP1.56 million ) and 10% for the quarter
(December 2022 ARR: GBP1.86 million) .
The Group's cash balance and debtor position as at 31 March 2023
was GBP690k. Based on prior years, the Company expects to receive
an R&D tax credit of not less than GBP600k before the end of
H1.
The positive momentum into the new year is a result of new
customer wins in sectors such as utilities, chemicals and the
public sector as well as license upsells and expansions within
existing customers. We continue to see a growing awareness of the
requirement for privileged security products across industries,
underpinned by regulatory drivers, security best practice and
insurance prerequisites.
The Group's 'channel-first' approach is progressing well,
delivering new opportunities which have been successfully converted
during Q1 2023.
The Group has seen a healthy return to large-scale trade events,
which attract a range of delegates from Osirium's primary
audiences. Recent events attended by the Group include the BETT
Education Technology Show, CyberWeek, and the National Cyber
Security Show.
Looking ahead, our healthy increase in ARR in the first quarter
of the year reflects the ongoing demand we are seeing for our
offering, underpinned by a substantial market opportunity.
* ARR is calculated by annualising revenue recognised in a given
month from all clients on deployed subscription contracts
Contacts:
Osirium Technologies plc Tel: +44 (0)1183 242 444
Stuart McGregor, Chief Executive Officer
Rupert Hutton, Chief Financial Officer
Allenby Capital Limited (Nominated adviser and broker) Tel: +44 (0)20 3328 5656
James Reeve / George Payne (Corporate Finance)
Tony Quirke / Stefano Aquilino (Sales and Corporate Broking)
Alma PR (Financial PR adviser) Tel: +44 (0)20 3405 0205
Hilary Buchanan osirium@almapr.co.uk
Kieran Breheny
Will Ellis Hancock
About Osirium Technologies Plc
Osirium Technologies plc (AIM: OSI) is a leading UK-based
cybersecurity software vendor delivering Privileged Access
Management (PAM), Privileged Endpoint Management (PEM) and Osirium
Automation solutions that are uniquely simple to deploy and
maintain.
With privileged credentials involved in over 80% of security
breaches, customers rely on Osirium PAM's innovative technology to
secure their critical infrastructure by controlling 3rd party
access, protecting against insider threats, and demonstrating
rigorous compliance. Osirium Automation delivers time and cost
savings by automating complex, multi-system processes securely,
allowing them to be delegated to Help Desk engineers or end-users
and to free up specialist IT resources. The Osirium PEM solution
balances security and productivity by removing risky local
administrator rights from users, while at the same time allowing
escalated privileges for specific applications.
Founded in 2008 and with its headquarters in Reading, UK, the
Group was admitted to trading on AIM in April 2016. For further
information please visit www.osirium.com .
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCQELFBXELZBBE
(END) Dow Jones Newswires
May 09, 2023 02:00 ET (06:00 GMT)
Osirium Technologies (LSE:OSI)
Historical Stock Chart
From Apr 2024 to May 2024
Osirium Technologies (LSE:OSI)
Historical Stock Chart
From May 2023 to May 2024