RNS Number : 6285L

Osirium Technologies PLC

07 September 2023

The information contained within this announcement is deemed by Osirium to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended.

7 September 2023

Osirium Technologies plc

("Osirium" or the "Group")

Half Year Results and Bridge Finance Facility

Osirium Technologies plc (AIM: OSI), a leading vendor of cloud-based cybersecurity and IT automation software, announces its unaudited interim results for the six months ended 30 June 2023.

Financial highlights

      --   Annualised recurring revenue ("ARR") for June 2023 of 
            GBP2.16 million, an increase of 34% from June 2022 (ARR: 
            GBP1.61 million) 
      --   Total bookings increased to GBP1.22 million (H1 2022: 
            GBP1.18 million) 
      --   Deferred revenue increased 50% to GBP2.87 million (H1 
            2022: GBP1.91 million) 
      --   Operating loss reduced to GBP1.24 million (H1 2022: GBP1.63 
      --   Cash balance at 30 June 2023 of GBP0.22 million (30 June 
            2022: GBP0.27 million), and debtors at 30 June 2023 of 
            GBP0.40 million (30 June 2022: GBP0.33 million) 

Operational highlights

      --   Maintained average contract values 
      --   New partner-first strategy underpinned customer acquisition, 
            with 22 customers signed during the six-month period 
      --   All three products successfully serving as first points 
            of entry for new customers 
      --   Significant number of expansions and renewals 
      --   Core focus on customer success validated by Software Reviews: 
            "Gold Medal" rating and number one ranking in vendor support 

Post period highlights

      --   As announced on 30 August 2023, agreement was reached 
            with SailPoint Technologies UK Ltd for the recommended 
            cash acquisition of the entire issued, and to be issued, 
            ordinary share capital of Osirium 
      --   GBP200,000 Bridge Finance Facility put in place with SailPoint 
            Technologies UK Ltd to fund operating costs during the 
            offer period of the acquisition 
      --   The Group's network and strong reputation supporting further 
            renewals and customer wins in H2 2023 
 Osirium Technologies plc                                       Tel: +44 (0)1183 242 444 
 Stuart McGregor, Chief Executive Officer 
 Rupert Hutton, Chief Financial Officer 
 Allenby Capital Limited (Nominated adviser and broker)         Tel: +44 (0)20 3328 5656 
 James Reeve / George Payne (Corporate Finance) 
 Tony Quirke / Stefano Aquilino (Sales and Corporate Broking) 
 Alma PR (Financial PR adviser)                                 Tel: +44 (0)20 3405 0205 
 Hilary Buchanan                                                osirium@almapr.co.uk 
 Kieran Breheny 
 Will Ellis Hancock 

About Osirium Technologies Plc

Osirium Technologies plc (AIM: OSI) is a leading UK-based cybersecurity software vendor delivering Privileged Access Management (PAM), Privileged Endpoint Management (PEM) and Osirium Automation solutions that are uniquely simple to deploy and maintain.

With privileged credentials involved in over 80% of security breaches, customers rely on Osirium PAM's innovative technology to secure their critical infrastructure by controlling 3rd party access, protecting against insider threats, and demonstrating rigorous compliance. Osirium Automation delivers time and cost savings by automating complex, multi-system processes securely, allowing them to be delegated to Help Desk engineers or end-users and to free up specialist IT resources. The Osirium PEM solution balances security and productivity by removing risky local administrator rights from users, while at the same time allowing escalated privileges for specific applications.

Founded in 2008 and with its headquarters in Reading, UK, the Group was admitted to trading on AIM in April 2016. For further information please visit www.osirium.com .

Chief Executive Officer's Review

Proposed Acquisition of Osirium

As reported on 30 August 2023, the Board is pleased to announce an agreement with the Board of Directors of SailPoint Technologies UK Ltd ("BidCo"), which is indirectly owned by SailPoint Parent, L.P., for the recommended cash acquisition of the entire issued, and to be issued, ordinary share capital of Osirium (the "Acquisition"). Under the terms of the Acquisition, each Osirium Shareholder will be entitled to receive 2.35 pence in cash for each Osirium Share. The Acquisition values Osirium's entire issued, and to be issued, ordinary share capital at approximately GBP3.11 million on a fully diluted basis and implies an enterprise value of approximately GBP6.56 million.

The Board believes the Acquisition will provide the scale, recognition and resources that will enable the full potential of Osirium's PAM, EPM and PPA solutions.

Further, we believe that the Acquisition fairly recognises the medium-term prospects and growth potential of Osirium as a standalone business and provides Osirium Shareholders with an immediate and certain value in cash.

The proposed Acquisition is subject to shareholder approval at a court meeting and at a general meeting, the dates of which will be announced in due course.

HY23 performance


The Group is pleased to report a period of continued trading momentum, in which it has strengthened its presence in the public and private sectors alongside ensuring its offering remains a compelling option for customers through enhancements to its privileged security solutions. Alongside this trading performance, the Group has maintained a focus on managing its cost base, with material cost savings initially identified in Q4 2022 having been achieved in the business.

The Group's ARR increased by 34% over the 12 months to 30 June 2023 to GBP2.16 million (30 June 2022 ARR: GBP1.61 million) and by 16% since the start of the year (December 2022 ARR: GBP1.86 million). ARR growth has been driven by a combination of new customer wins and renewals from existing customers.

Bookings for the period were GBP1.22 million (H1 2022: GBP1.18 million) and revenue was GBP1.07 million (H1 2022: GBP0.91 million), representing a 3% and 18% increase on H1 2022 respectively. Deferred revenue at 30 June 2023 was GBP2.87 million (30 June 2022: GBP1.91 million).

The Group maintained its average contract value on the last financial year, with its partner-first sales strategy and delivering a healthy pipeline of opportunities across its Privileged Access Management ("PAM"), Privileged Process Automation ("PPA") and Endpoint Privileged Management ("EPM") solutions. All three products represent attractive standalone options to prospective customers, and have contributed meaningfully to the Group's bookings and ARR.

Capturing new business

Osirium continued its new business momentum in the new year, with 22 new customers signed by 30 June 2023.

The Group's sales functions consist of a channel partner network alongside a direct sales model. The Group's channel partner network consists of over 50 active resellers and vendors across five continents.

In 2023, the Group has transitioned to a partner first model, with a greater emphasis placed on winning customers via the broad channel partner network. This transition positions the Group for further growth, enabling a swifter pace of customer acquisition and providing an entry point into new sectors and geographies where the Group's direct sales team is limited. A significant majority of the Group's new wins have been achieved through this model during the period alongside traditional sales and marketing such as appearances at a number of key trade shows, which raise the Group's profile among its core audiences.

While maintaining an emphasis on expansion within all the markets its partners operate, the Group has seen particular traction within its UK markets on account of its strong reputation and the requirements for this level of protection. New customers signed during the half include Northern Ireland Water, Quaker House, De La Rue and Telehouse.

Healthcare represents a core market for the Group, with Osirium counting approximately a quarter of all NHS Trusts as customers. The Group's reputation in this sector has actively contributed to the pipeline via referrals to prospective customers and direct approaches from resellers, supporting new business acquisition.

Customer renewals, license expansions and cross-selling

Alongside new customer wins, a core focus of Osirium's strategy is to achieve significant renewals, license expansions and cross-selling following an initial sale.

A significant number of customers bought more products or increased their license capacity during the period, aided by the continued maturation of the Group's PPA and EPM products. The Group has achieved a number of cross-sells from initial contracts, including the purchase of EPM from an initial contract, leading to the addition of the Group's PAM product. As at 30 June 2023, over 25% of active customers have been issued with licenses for more than one product.

In addition, supported by our customer focus and continued product enhancements, our strong rate of customer renewals has been maintained, currently at 98%.


The market for privileged security has continued to grow in line with the increasing awareness of and requirement for these services globally, supporting the Group's customer acquisition.

Key regulatory drivers, directives and hybrid working trends continue to underpin the demand for privileged security, particularly in Europe and North America. In particular, the requirements for organisations to obtain privileged security for cyber insurance policies mean our solutions continue to be one of the factors at the top of the priority list for IT professionals.

Within the UK, these directives have also been issued in the Group's target sectors such as healthcare. The National Health Service's recent cyber security strategy outlines the role PAM products can play in preventing the insider threat and limiting security risks around privileged access more generally.

Ransomware continues to represent the core threat to IT departments, with a number of significant attacks observed during the year and reported across mainstream media. Compounded by geopolitical instability, these attacks highlight the need for privileged security in businesses and organisations of all sizes.

Current trading and outlook

The Group has made a positive start to the second half to date, with a number of further customer renewals. In addition, the Group has continued to see a growing pool of prospective new customers driven by the Group's partner network and strong reputation within its markets. Osirium's cash balance at 31 August 2023 was GBP89k with debtors of GBP242k.

Bridge Finance Facility

On 6 September 2023, Bidco (as the lender), Osirium Limited (as borrower) and the Group (as guarantor) entered into a bridge finance facility agreement (the "Bridge Finance Facility Agreement"). Pursuant to the Bridge Finance Facility Agreement, Bidco agreed to make available to Osirium Limited, as the operating subsidiary of the Group, a loan facility in an aggregate amount of up to GBP200,000 (the "Bridge Finance Facility"). Multiple loans may be drawn under the Bridge Finance Facility.

The Bridge Finance Facility is being made available to fund the working capital needs of the Group. Any drawdown is subject to the consent of Bidco, which may be granted in its sole discretion.

The Bridge Finance Facility will terminate on the earlier of: (i) 31 December 2023; (ii) the date falling ten Business Days (as defined in the Bridge Finance Facility Agreement, being "Bridge Finance Facility Business Days") after the date on which Bidco announces, with the consent of the Panel on Takeovers and Mergers (the "Panel"), that it does not intend to make or proceed with the Acquisition and no new, revised or replacement offer or scheme is announced in accordance with Rule 2.7 of the Takeover Code at the same time; (iii) the date falling ten Bridge Finance Facility Business Days after the date on which the Scheme is withdrawn or lapses for the purposes of the Takeover Code (save where Bidco has exercised its right to switch from the Scheme to a takeover offer prior to such withdrawal or lapse); (iv) the date falling ten Bridge Finance Facility Business Days after the date on which a third party (other than Bidco or any person acting in concert with Bidco) announces a firm intention to make an offer for shares in Osirium pursuant to Rule 2.7 of the Takeover Code, whether or not recommended, at an offer price greater than 2.35p per share; and (v) where Bidco has exercised its right to switch from the Scheme to a takeover offer, if: (a) subject to Panel consent, the offer document has not been published by 11:59 p.m. on the 28th calendar day following the announcement of such exercise of the right to switch (or such later time or date as agreed between Bidco and Osirium, with the approval of the Panel if required); or (b) such Offer lapses for the purposes of the Takeover Code, in each case on the date falling ten Bridge Finance Facility Business Days after such date.

Interest on each loan under the Bridge Finance Facility will accrue at a rate of 10 per cent. per annum until the date of termination of the Bridge Finance Facility Agreement. Any voluntary prepayment by Osirium Limited is without penalty or fee (apart from breakage costs and accrued interest).

The Bridge Finance Facility Agreement includes customary representations and undertakings and financial information rights for a facility of this kind. The Bridge Finance Facility Agreement is unsecured.


                                            6 months      6 months        Year 
                                                to            to            to 
                                            30-Jun-23     30-Jun-22     31-Dec-22 
                                           (Unaudited)   (Unaudited)    (Audited) 
                                               GBP           GBP           GBP 
 Revenue                                     1,072,987       909,577     1,922,860 
 Other operating income                             42             2             2 
 Administrative expenses                   (2,311,136)   (2,535,240)   (5,279,002) 
                                                        ------------  ------------ 
 OPERATING LOSS                            (1,238,109)   (1,625,661)   (3,356,140) 
 Finance costs                               (120,067)     (107,395)     (229,701) 
 Finance income                                      3             -             - 
                                                        ------------  ------------ 
 LOSS BEFORE TAX                           (1,358,173)   (1,733,056)   (3,585,841) 
 Income tax credit                             228,062       315,774       640,860 
                                                        ------------  ------------ 
  PLC                                      (1,130,111)   (1,417,282)   (2,944,981) 
                                          ============  ============  ============ 
 Loss per share from continuing 
 Basic and diluted loss per 
  share                                        1p            5p            6p 


                                         30-Jun-23      30-Jun-22      31-Dec-22 
                                        (Unaudited)    (Unaudited)     (Audited) 
                                            GBP            GBP            GBP 
 Intangible assets                         3,781,195      3,721,569      3,752,102 
 Property, plant & equipment                  41,348         68,790         54,848 
 Right-of-use asset                          175,927        211,598        199,384 
                                                      -------------  ------------- 
                                           3,998,470      4,011,957      4,006,334 
 Trade and other receivables                 811,823      1,236,390        906,698 
 Cash and cash equivalents                   220,443        273,218      1,081,135 
                                                      -------------  ------------- 
                                           1,032,266      1,509,608      1,987,833 
                                       -------------  -------------  ------------- 
 TOTAL ASSETS                              5,030,736      5,511,565      5,994,167 
                                       =============  =============  ============= 
 Trade and other payables                  3,379,088      2,786,811      3,307,313 
 Lease liability                              54,609         19,125         45,216 
                                                      -------------  ------------- 
                                           3,433,697      2,805,936      3,352,529 
                                       =============  =============  ============= 
 Lease liability                             167,050        212,084        194,660 
 Convertible loan notes                    3,032,262      2,816,678      2,926,134 
                                                      -------------  ------------- 
                                           3,199,312      3,028,762      3,120,794 
                                       -------------  -------------  ------------- 
 TOTAL LIABILITIES                         6,633,009      5,834,698      6,473,323 
                                       =============  =============  ============= 
 Called up share capital                   1,225,487        604,377      1,225,487 
 Share premium                            13,750,312     13,006,740     13,750,312 
 Share option reserve                        386,517        372,529        379,523 
 Convertible note reserve                    394,830        394,830      4,008,592 
 Merger reserve                            4,008,592      4,008,592        394,830 
 Retained earnings                      (21,368,011)   (18,710,201)   (20,237,900) 
                                                      -------------  ------------- 
  PLC                                    (1,602,273)      (323,133)      (479,156) 
                                       -------------  -------------  ------------- 
 TOTAL EQUITY AND LIABILITIES              5,030,736      5,511,565      5,994,167 
                                       =============  =============  ============= 


                     Called       Share       Merger      Share    Convertible     Retained        Total 
                        up                               option        note 
                      Share      premium      reserve    reserve     reserve       earnings       equity 
                       GBP         GBP          GBP        GBP         GBP           GBP            GBP 
 Balance at 1 
  January 2022        293,820   12,462,319   4,008,592   365,535       394,830   (17,292,919)       232,176 
 Changes in 
  loss                      -            -           -         -             -    (1,417,282)   (1,417,282) 
 Issue of share 
  capital             310,557      689,443           -         -             -              -     1,000,000 
 Issue costs                -    (145,021)           -         -             -              -     (145,021) 
 Share option 
  charge                    -            -           -     6,994             -              -         6,994 
                   ----------  -----------  ----------  --------  ------------  -------------  ------------ 
 Balance at 30 
  June 2022 
  (unaudited)         604,377   13,006,741   4,008,592   372,529       394,830   (18,710,201)     (323,132) 
                   ==========  ===========  ==========  ========  ============  =============  ============ 
 Balance at 1 
  January 2022        293,820   12,462,319   4,008,592   365,535       394,830   (17,292,919)       232,177 
 Changes in 
  loss                      -            -           -         -             -    (2,944,981)   (2,944,981) 
 Issue of share 
  capital             931,667    1,599,833           -         -             -              -     2,531,500 
 Issue costs                -    (311,840)           -         -             -              -     (311,840) 
 Share option 
  charge                    -            -           -    13,988             -              -        13,988 
                   ----------  -----------  ----------  --------  ------------  -------------  ------------ 
 Balance at 31 
  2022 (audited)    1,225,487   13,750,312   4,008,592   379,523       394,830   (20,237,900)     (479,156) 
                   ==========  ===========  ==========  ========  ============  =============  ============ 
 Balance at 1 
  January 2023      1,225,487   13,750,312   4,008,592   379,523       394,830   (20,237,900)     (479,157) 
 Changes in 
  loss                      -            -           -         -             -    (1,130,111)   (1,130,111) 
 Share option 
  charge                    -            -           -     6,994             -              -         6,994 
                   ----------  -----------  ----------  --------  ------------  -------------  ------------ 
 Balance at 30 
  June 2023 
  (unaudited)       1,225,487   13,750,312   4,008,592   386,517       394,830   (21,368,011)   (1,602,273) 
                   ==========  ===========  ==========  ========  ============  =============  ============ 


                                            6 months      6 months        Year 
                                              ended         ended         ended 
                                            30-Jun-23     30-Jun-22     31-Dec-22 
                                           (unaudited)   (unaudited)    (audited) 
                                               GBP           GBP           GBP 
 Cashflows from operating 
 Cash used in operations                     (629,067)     (602,944)     (138,715) 
 Tax received                                  640,556       603,232       603,232 
                                          ------------  ------------  ------------ 
 Net cash from operating activities             11,489           288       464,517 
                                          ------------  ------------  ------------ 
 Cash flows from investing 
 Purchase of intangible fixed 
  assets                                     (853,601)     (945,808)   (1,960,912) 
 Purchase of tangible fixed 
  assets                                         (583)      (10,524)      (15,338) 
 Sale of tangible fixed assets                      42             -             - 
 Interest received                                   3             2             - 
                                          ------------  ------------  ------------ 
 Net cash used in investing 
  activities                                 (854,139)     (956,330)   (1,976,250) 
                                          ------------  ------------  ------------ 
 Cashflows from financing 
 Share issue                                         -     1,000,000     2,531,500 
 Share issue costs                                   -     (145,021)     (311,840) 
 Lease payment                                (25,416)      (16,947)      (25,392) 
 Allocation of professional 
  fees on loan notes                             7,374         7,374        14,746 
                                          ------------  ------------  ------------ 
 Net cash (used in)/from financing 
  activities                                  (18,042)       845,406     2,209,014 
                                          ------------  ------------  ------------ 
 Increase/(decrease) in cash 
  and cash equivalents                       (860,692)     (110,636)       697,281 
 Cash and cash equivalents 
  at beginning of period                     1,081,135       383,854       383,854 
                                          ------------  ------------  ------------ 
 Cash and cash equivalents 
  at end of period                             220,443       273,218     1,081,135 
                                          ============  ============  ============ 


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

The Group financial information is presented in pounds sterling which is the Group's presentational currency, and all values are rounded to the nearest whole pound.

The financial information does not comprise statutory accounts within the meaning of section 435 of the Companies Act 2006. The financial information together with the comparative information for the six months ended 30 June 2022 are unaudited with the audited information included for the 12-month period ended 31 December 2022. The audited information received an audit report which was unqualified and did not include a statement under section 498(2) or section 498(3) of the Companies Act 2006 but did contain a material uncertainty paragraph on going concern.

The financial information was approved by the Board of Directors on 6 September 2023 and authorised for issue on 7 September 2023.

Accounting Policies

The accounting policies used in the preparation of the financial information for the six months ended 30 June 2023 are in accordance with the recognition and measurement criteria of UK-adopted international accounting standards and are consistent with those which will be adopted in the annual financial statements for year ended 31 December 2023.

These Interim Financial Statements have been prepared in accordance with the accounting policies, methods of computation and presentation adopted in the financial statements for the year ended 31 December 2022. As permitted, the Group has chosen not to adopt IAS 34 'Interim Financial Reporting' in preparing these Interim Financial Statements.

The Directors have considered all new, revised or amended standards and interpretations which are mandatory for the first time for the financial year ending 31 December 2023, and concluded that none have had any significant impact on these interim financial statements. New, revised or amended standards and interpretations that are not yet effective have not been adopted early.

Intangible assets

An internally generated, development intangible asset arising from Osirium's product development is recognised if, and only if, Osirium can demonstrate all of the following:

-- The technical feasibility of completing the intangible asset so that it will be available for use of sale.

   --      Its intention to complete the intangible asset and use or sell it. 
   --      Its ability to use or sell the intangible asset. 
   --      How the intangible asset will generate probable future economic benefits. 

-- The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset.

-- Its ability to measure reliably the expenditure attributable to the intangible asset during its development.

Internally generated development intangible assets are amortised on a straight-line basis over their useful lives. Amortisation commences in the financial year of capitalisation. Where no internally generated intangible asset can be recognised, development expenditure is recognised as an expense in the period in which it is incurred.

Development costs 20% per annum, straight line.

Share based payments

Osirium issues equity-settled share-based payments to certain employees and others under which Osirium receives services as consideration for equity instruments (options) in Osirium. Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the grant date of equity-settled share-based payments is recognised as an expense in Osirium's Statement of Comprehensive Income over the vesting period on a straight-line basis, based on Osirium's estimate of the number instruments that will eventually vest with a corresponding adjustment to equity. The expected life used in the valuation is adjusted, based on management's best estimate, for the effect of non-transferability, exercise restrictions, and behavioural considerations.

Non-vesting and market vesting conditions are taken into account when estimating the fair value of the options at grant date. Service and non-market vesting conditions are taken into account by adjusting the number of options expected to vest at each reporting date. When the options are exercised Osirium issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium.


 At 1 January 2022                       11,349,999 
 Additions to 30 June 2022                  945,808 
 Cost c/f as at 30 June 2022             12,295,807 
 At 1 January 2022                       11,349,999 
 Additions to 31 December 
  2022                                    1,960,912 
 Cost c/f as at 31 December 
  2022                                   13,310,911 
 At 1 January 2023                       13,310,911 
 Additions to 30 June 2023                  853,601 
 Cost c/f as at 30 June 2023             14,164,512 
 At 1 January 2022                        7,792,689 
 Charge to 30 June 2022                     781,549 
 Amortisation c/f as at 30 
  June 2022                               8,574,238 
 At 1 January 2022                        7,792,689 
 Charge to 31 December 2022               1,766,120 
 Amortisation c/f as at 31 
  December 2022                           9,558,809 
 At 1 January 2023                        9,558,809 
 Charge to 30 June 2023                     824,508 
 Amortisation c/f as at 30 
  June 2023                              10,383,317 
 Carrying Amount: 
 At 30 June 2022 (unaudited)              3,721,569 
 At 31 December 2022 (unaudited)          3,752,102 
 At 30 June 2023 (unaudited)              3,781,195 

All development costs are amortised over their estimated useful lives, which is on average 5 years. Amortisation is charged in full in the financial year of capitalisation.

All amortisation has been charged to administrative expenses in the statement of comprehensive income.


                                & Buildings 
 At 31 December 2021                159,455 
 Additions                          234,569 
 Disposals                        (159,455) 
 At 31 December 2022                234,569 
 Additions                                - 
 At 30 June 2023                    234,569 
 At 31 December 2021                147,189 
 Charge for year                     47,451 
 Depreciation eliminated 
  on disposal                     (159,455) 
 At 31 December 2022                 35,185 
 Charge for year                     23,457 
 At 30 June 2023                     58,642 
 Net Book Value 
 At 31 December 2022                199,384 
 At 30 June 2023                    175,927 

Additions to the right of use assets during the period were GBPnil (year to 31 December 2022: GBP234,569).

The group leases land and buildings for its office under an agreement for 5 years running from 2022 to 2027.


                        As at       As at       As at 
                      30-Jun-23   30-Jun-22   31-Dec-22 
                         GBP                     GBP 
 Lease liability         54,609      19,125      45,216 
                     ==========  ==========  ========== 
 Non- current 
 Lease liability        167,050     212,084     194,660 
                     ==========  ==========  ========== 


                                       6 months      6 months        Year 
                                         ended         ended         ended 
                                       30-Jun-23     30-Jun-22     31-Dec-22 
                                      (unaudited)   (unaudited)    (audited) 
                                          GBP           GBP           GBP 
 Loss before income tax               (1,358,173)   (1,733,056)   (3,585,841) 
 Depreciation charges                      37,541        44,729        75,265 
 Amortisation charges                     824,508       781,549     1,766,120 
 Share option charge                        6,994         6,994        13,988 
 Profit on disposal of fixed 
  assets                                     (42)             -             - 
 Finance costs                            105,853       107,395       229,701 
 Finance income                               (3)             -             - 
                                     ------------  ------------  ------------ 
                                        (383,322)     (792,388)   (1,500,767) 
 (Increase)/decrease in trade 
  and other receivables                 (317,522)      (22,036)       213,190 
 Increase /(decrease) in trade 
  and other payables                       71,777       211,480     1,148,862 
                                     ------------  ------------  ------------ 
 Cash used in operations                (629,067)     (602,944)     (138,715) 
                                     ============  ============  ============ 

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