We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Osirium Technologies Plc | LSE:OSI | London | Ordinary Share | GB00BZ58DH10 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.20 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMOSI
RNS Number : 7705B
Osirium Technologies PLC
25 September 2018
25 September 2018
Osirium Technologies plc
("Osirium" or "Group")
Interim results
Osirium Technologies plc (AIM: OSI.L), a leading vendor of cloud-based cybersecurity software,
today announces its unaudited interim results for the six months ended 30 June 2018.
Financial highlights
-- Total revenue of GBP466,333 (H1'2017: GBP261,600) up 78% YoY, comprising:
o SaaS revenue of GBP387,441 (H1'2017: GBP207,433) an increase of 87%
o Professional Services revenue of GBP78,892 (H1'2017: GBP54,167), up 46%
-- Record total bookings of GBP608,227 (H1'2017: GBP445,169) increase of 37%
-- Operating loss stable and in line with managements' expectations at GBP1,363,731 (H1'2017: GBP1,184,282) despite increased investment in sales and marketing as well as additional headcount in the R&D and Customer Support teams
-- Successful placing raising GBP4.2 million in March 2018, with existing and new shareholders -- Cash and cash equivalents at 30 June 2018 of GBP3,337,242 (H1' 2017: GBP2,015,948)
Operational highlights
-- Continued strong performance with:
o Contract wins with a global online fashion retailer and post period end, a major UK high street retailer
o Accelerating traction within the NHS: two new contract wins with the Norfolk and Norwich NHS and Great Western NHS and a growing pipeline of similar NHS prospects
o Renewal of largest customer, a leading global asset management company, for a further 12 months. Additional device licenses and professional services sales projected for H2
o Largest international contract renewal to date with one of the leading telecommunications companies in the Middle East. Additional device licence deployments scheduled in H2
o Thirteen POCs confirmed in H1, largely driven by the launch of the new free PxM Express offering
-- Continued investment in the business:
o Release of PxM Platform for Microsoft Azure and Amazon Web Services
o Investment in Established Strategic Technology Partnership with RazorSecure to deliver cybersecurity solutions for the Critical Infrastructure, Transport and Industrial IOT markets (post period end)
o Doubled the number of UK partners signed up to the Partner Programme to twelve, adding new partners including Avari, Smart Solutions, Threat Protect and Sep2
o Executed training and joint marketing exercises beyond the UK with Adyton (Germany, Austria and Switzerland) and Spectrami (Middle East) to boost local lead generation for H2
o Senior management team strengthened with appointment of Chris Heslop as Marketing Director
David Guyatt, Chief Executive Officer, commented:
"We are pleased with the Group's progress, both operationally and financially during the period as demonstrated by our new customer wins and renewal contracts. Osirium has a unique proposition and is building an increasingly strong pipeline of opportunities across a broad range of corporate sectors. The funds raised in March 2018 enables the Group to invest further in our sales, marketing, R&D and engineering teams to ensure Osirium's leadership momentum continues and we are beginning to see the first fruits of this investment come through.
The consolidation we are seeing in the market, with the acquisition by cybersecurity vendors of complementary technology businesses, illustrates increasing awareness of PAM and the market opportunity. In turn, this is underlined by the focus given by many organisations to GDPR and Gartner's recognition of PAM - both with its listing of PAM as the number one priority security project for 2018 and the launch of a PAM-specific Magic Quadrant survey.
The Group already has an exceptional reputation with its existing customers, which include small and medium-sized enterprises, as well as an increasing number of blue-chip enterprises in defence, telecommunications, retail and the financial services sector, and Osirium plans to continue expanding into new high growth sectors.
Trading since the period end has continued to be encouraging and we are confident that Osirium will continue to build momentum and deliver significant future progress."
- 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) 20 7710 7600 (Nominated Adviser and Broker) Fred Walsh / Neil Shah / Alex Price Yellow Jersey PR (Financial PR) Sarah Hollins Tel: +44 (0)7764 947 137 Abena Affum Tel: +44 (0)7555 159 808
Photography:
Photography is available, please contact Abena Affum at abena@yellowjerseypr.com
Notes to Editors:
About Osirium
Osirium Technologies plc (AIM: OSI.L) operates in one of the fastest growing parts of the cybersecurity market and is a leading vendor of Privileged Access Management ("PAM") software. 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 PAM solution. The team has developed the concept of a Virtual Air Gap to separate users from passwords. Built on Robotic Automation technology, Osirium's 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.
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
Chief Executive's review
Introduction
We have continued to take the business forward during the first half of 2018 as the Group builds sales momentum. In the period under review, revenue was up 78% YoY from GBP261,600 to GBP466,333, while bookings were up 37% to GBP608,227 for the six months to 30 June 2018, compared with GBP445,169 for the same period in 2017.
The quality and visibility of the Group's pipeline continues to increase driven by new customer wins and significant upsells and renewals during the period. A contract win was secured with a major online retailer, with a further order confirmed since the period end with one of the UK's largest clothing and homeware retailers. Building on earlier wins in the healthcare sector, the Group was awarded further contracts at Norfolk and Norwich NHS and Great Western NHS. Osirium's largest customer, a leading global asset management company, renewed for a further 12 months, as did the Group's largest international customer to date, one of the leading telecommunications companies headquartered in the Middle East.
Osirium has established itself further with its unique proposition and is building an increasingly strong pipeline of opportunities across a broad range of corporate sectors. In parallel, the Group has grown the number of POCs, a critical KPI, to a record number of thirteen by the mid-year. The funds raised in March 2018 have provided the Group with capital to invest further in our sales, marketing, R&D and engineering teams to ensure Osirium's momentum continues and we have seen the first fruits of this investment in recent contract wins.
Demand for the Osirium solution is being fuelled by a number of factors. Awareness of GDPR, the EU NIS Directive, and the need to demonstrate rigorous compliance has continued to grow. This has been matched by an increased recognition of the need to address PAM as an increasingly prominent and fast-growing element of cybersecurity. In combination these phenomena are providing fertile ground on which the Group can engage with new prospects, bring on board additional reseller partners, and carry out new product releases with additional functionality.
As the Group continues to innovate around the areas where we differentiate, the combined team at Osirium of employees, Non-Executive Directors and key associates is now nearing the fifty mark, providing strong operational and technical expertise to underpin our future growth.
Financial summary
Revenue was GBP466,333 compared with GBP261,600 in the same period of 2017. Bookings were up 37% to GBP608,227 for the six months to 30 June 2018 from GBP445,169 for the same period in 2017.
Osirium's loss before tax for the six months to 30 June 2018 was GBP1,363,163, compared with a loss of GBP1,181,897 for the six months to 30 June 2017.
As at 30 June 2018, the Group had cash balances of GBP3,337,242 (30 June 2017: GBP2,015,948).
The Group continued to increase its investment in research and development during the period, with GBP588,794 capitalised in the six month period to 30 June 2018 (six month period to 30 June 2017: GBP545,208), an increase of 8%, demonstrating consistent investment, which has been focussed on refining and further developing our next generation PAM proposition and working to meet new and prospective clients' expectations. The Group expects SaaS revenues to increase further during the remainder of 2018 and, with the addition of extra consultancy resource, increased service revenues are also being targeted.
Business review
Strategy and market
In the first half of this year the Group has seen increasing active signs of market consolidation as security vendors recognize PAM as a critical part of enterprise security. The nature and frequency of this consolidation (examples include Francisco Partners acquiring Bomgar, Bomgar acquiring Avecto, Lieberman and BeyondTrust, One Identity acquiring Balabit, Okta acquiring ScaleFT) underline both the significance of Privileged Accounts in an overall customer security strategy and the importance of the role played by PAM solution suppliers.
This has been given further market validation by Gartner, initially by its listing PAM as the number one consideration in a priority top ten list of security projects for 2018, and then additionally by launching a Gartner Magic Quadrant programme for the second half of 2018.
Both the consolidation of security vendors and the raised profile of PAM has helped drive a more exact understanding of the complementary nature of Identity Access Management (IAM) offerings and PAM solutions.
To maximise the resulting opportunities, Osirium has continued to expand its operational sales, marketing and support capabilities while maintaining its focus on innovation and development. In line with the market's increasing recognition of PAM as core to a comprehensive security strategy, the Group has been developing a sales and marketing model that enables Osirium to rapidly qualify and progress sales opportunities through a parallel direct sales-led approach and a partner-led model.
Customers and marketing
Regional partnerships are now in place with trusted distribution partners including Progress Distribution in the UK with a view to extending reach in the UK with the appointment of a complementary distribution partnership. With Spectrami covering the Middle East and Adyton establishing a 'bridge-head' into Germany, Austria and Switzerland, the Group has doubled the number of UK partners signed up to the Partner programme to twelve with additions including Avari, Smart Solutions, Threat Protect and Sep2.
Osirium's distribution and growing reseller community are looking for technologies to drive new revenue opportunities within their businesses, and the Group expects these resellers to refer their clients to Osirium's PAM solution in response.
At the same time, the Group has developed its ability to engage with, retain and expand our business with existing customers as part of Osirium's 'Land and Expand' strategy. The fortnightly internal Technical Stakeholder Meetings, where Consultants, Product Management and Engineering review feedback, requests and ideas from customers for new functionality, provides a forum to understand in detail the value customers uniquely derive from Osirium, as well as providing opportunities to expand our sales to these accounts.
Osirium has also strengthened its senior management team with the addition of Chris Heslop as an experienced Marketing Director. Chris previously held senior management positions in information security with the MIMEsweeper business and PolicyMatter at key stages in their growth, driving effective programmes for international customer acquisition, channel expansion, technology partnerships and brand development. More recently he held senior positions in Field Marketing for the supply chain software solutions business of Vocollect Inc. and Honeywell Inc.
Working in close alignment with Sales, the Marketing team is now engaged in a series of lead generation and awareness building programmes, including participation at the forthcoming IP Expo and e-crime events in the UK, and targeted telemarketing campaigns in Germany and the Middle East.
Looking ahead, Osirium sees scope to strengthen its market position through technology partnerships. For some time the Group has run a 'Works Well With' programme that lists and details the innovations from complementary technologies that we integrate with. Osirium now plans to take this to the next level with effective joint marketing exercises with technology partners that present powerful propositions addressing customer challenges and feature Osirium at their core. As an example, we have recently announced a Strategic Technology Partnership with RazorSecure, whereby for Critical Infrastructure, Transport and Industrial IOT markets the two vendors provide complementary parts of the security story. RazorSecure monitors what is happening at the process level, while Osirium defines who can access what, when and where at the login and task level.
Research and development
In the first half of the year the engineering team continued the Group's strategy of issuing product releases with new or enhanced functionality that further add value to customer Privileged Access and Privileged Task Automation deployments.
Recent releases include enhancements allowing customers to map Two Factor Authentication onto devices that do not have or cannot support this capability. The Group released improvements enabling us to support a wider range of legacy applications, which has particular value for IOT or CNI (Critical National Infrastructure) environments. Additional capabilities allow customers to benefit from more secure encryption and enable them to carry out predictive system and human behaviour risk analytics.
During the period under review Osirium progressed the Group's three PAM-related patents and started on a further two. A key focus of the Group's longer-term research has centred on our expertise in Privileged Task Automation. Having seen the need for securing the inherently insecure world of DevOps, the Group's OPUS R&D project is designed to deliver our next generation Robotic Process Automation engine and address the evolving needs of DevSecOps, including the ability to cope with multiple devices and tasks that need to ask questions and make decisions 'in-flight'.
Summary and outlook
We are pleased with the Group's progress, both operationally and financially during the period as demonstrated by our new customer wins and renewal contracts. Osirium has a unique proposition and is building an increasingly strong pipeline of opportunities across a broad range of corporate sectors. The funds raised in March 2018 enables the Group to invest further in our sales, marketing, R&D and engineering teams to ensure Osirium's leadership momentum continues and we are beginning to see the first fruits of this investment come through.
The consolidation we are seeing in the market, with the acquisition by cybersecurity vendors of complementary technology businesses, illustrates increasing awareness of PAM and the market opportunity. In turn, this is underlined by the focus given by many organisations to GDPR and Gartner's recognition of PAM - both with its listing of PAM as the number one priority security project for 2018 and the launch of a PAM-specific Magic Quadrant survey.
The Group already has an exceptional reputation with its existing customers, which include small and medium-sized enterprises, as well as an increasing number of blue-chip enterprises in defence, telecommunications, retail and the financial services sector, and Osirium plans to continue expanding into new high growth sectors.
Trading since the period end has continued to be encouraging and we are confident that Osirium will continue to build momentum and deliver significant future progress.
David Guyatt
Chief Executive Officer
25 September 2018
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Hot Features
Premium
6 months 6 months Year to
to to
30-Jun-18 30-Jun-17 31-Dec-17
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
CONTINUING OPERATIONS
Revenue 466,333 261,600 647,580
Administrative expenses (1,830,064) (1,445,882) (2,944,394)
------------ ------------ ------------
OPERATING LOSS (1,363,731) (1,184,282) (2,296,814)
Finance costs (280) (225) -
Finance income 848 2,610 4,190
------------ ------------ ------------
LOSS BEFORE
TAX (1,363,163) (1,181,897) (2,292,624)
Income tax
credit 205,000 175,000 409,421
------------ ------------ ------------
LOSS FOR THE PERIOD ATTRIBUTABLE
TO
THE OWNERS OF OSIRIUM TECHNOLOGIES
PLC (1,158,163) (1,006,897) (1,883,203)
============ ============ ============
Loss per share from continuing
operations: 9p 11p 18p
Basic and diluted loss per
share
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30-Jun-18 30-Jun-17 31-Dec-17
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
ASSETS
NON-CURRENT ASSETS
Intangible
assets 1,967,522 1,415,299 1,731,856
Property, plant &
equipment 71,080 81,972 80,168
------------ ------------ ------------
CURRENT ASSETS
Trade and other receivables 1,186,613 772,489 622,618
Cash and cash equivalents 3,337,242 2,015,948 1,023,811
------------ ------------ ------------
4,523,855 2,788,437 1,646,429
------------ ------------ ------------
TOTAL ASSETS 6,562,457 4,285,708 3,458,453
============ ============ ============
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 1,128,369 808,683 857,734
------------ ------------ ------------
1,128,369 808,683 857,734
------------ ------------ ------------
TOTAL LIABILITIES 1,128,369 808,683 857,734
============ ============ ============
EQUITY
SHAREHOLDERS EQUITY
Called up share capital 135,542 103,944 103,944
Share premium 8,968,553 5,008,619 5,008,619
Share option reserve 337,559 337,559 337,559
Merger reserve 4,008,592 4,008,592 4,008,592
Retained earnings (8,016,158) (5,981,689) (6,857,995)
------------ ------------ ------------
TOTAL EQUITY ATTRIBUTABLE
TO THE
OWNERS OF OSRIRIUM TECHNOLOGIES
PLC 5,434,088 3,477,025 2,600,719
------------ ------------ ------------
TOTAL EQUITY AND LIABILITIES 6,562,457 4,285,708 3,458,453
============ ============ ============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
attributable to the owners of Osirium Technologies plc
Called Share
up
share Retained Share Merger option Total
capital earnings premium reserve reserve equity
GBP GBP GBP GBP GBP GBP
Balance at 1 January
2017 103,944 (4,974,792) 5,008,619 4,008,592 337,559 4,483,922
Changes in
equity
Total comprehensive
loss - (1,006,897) - - - (1,006,897)
-------- ------------ ---------- ---------- -------- ------------
Balance at 30 June
2017 (unaudited) 103,944 (5,981,689) 5,008,619 4,008,592 337,559 3,477,025
======== ============ ========== ========== ======== ============
Balance at 1 January
2017 103,944 (4,974,792) 5,008,619 4,008,592 337,559 4,483,922
Total comprehensive
loss - (1,883,203) - - - (1,883,203)
-------- ------------ ---------- ---------- -------- ------------
Balance at 31 December
2017 (audited) 103,944 (6,857,995) 5,008,619 4,008,592 337,559 2,600,719
======== ============ ========== ========== ======== ============
Balance at 1 January
2018 103,944 (6,857,995) 5,008,619 4,008,592 337,559 2,600,719
Changes in
equity
Total comprehensive
loss - (1,158,163) - - - (1,158,163)
Issue of share capital 31,598 - 4,202,609 - - 4,234,207
Issue costs - - (242,675) - - (242,675)
-------- ------------ ---------- ---------- -------- ------------
Balance at 30 June
2018 (unaudited) 135,542 (8,016,158) 8,968,553 4,008,592 337,559 5,434,088
======== ============ ========== ========== ======== ============
CONSOLIDATED STATEMENT OF CASHFLOWS
6 months 6 months Year
ended ended Ended
30-Jun-18 30-Jun-17 31-Dec-17
(unaudited) (unaudited) (audited)
GBP GBP GBP
Cashflows from operating
activities
Cash used in operations (1,078,837) (963,346) (1,523,979)
Interest paid (280) (225) -
Tax received - - 291,421
------------ ------------ ------------
Net cash used in operating
activities (1,079,117) (963,571) (1,232,558)
------------ ------------ ------------
Cash flows from investing
activities
Purchase of intangible fixed
assets (588,794) (545,208) (1,254,268)
Purchase of tangible fixed
assets (11,038) (50,677) (66,347)
Interest received 848 2,610 4,190
------------ ------------ ------------
Net cash used in investing
activities (598,984) (593,275) (1,316,425)
------------ ------------ ------------
Cashflows from financing
activities
Share issue (net of issue
costs) 3,991,532 - -
------------ ------------ ------------
Net cash from financing
activities 3,991,532 - -
------------ ------------ ------------
Increase/(decrease) in cash and
cash equivalents 2,313,431 (1,556,846) (2,548,983)
Cash and cash equivalents at beginning
of period 1,023,811 3,572,794 3,572,794
------------ ------------ ------------
Cash and cash equivalents at end
of period 3,337,242 2,015,948 1,023,811
============ ============ ============
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 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 2017 are unaudited with the audited information included for the 12 month period ended 31 December 2017. 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.
The financial information was approved by the Board of Directors on 24 September 2018 and authorised for issue on 25 September 2018.
Accounting Policies
The accounting policies used in the preparation of the financial information for the six months ended 30 June 2018 are in accordance with the recognition and measurement criteria of the International Financial Reporting Standards as adopted by the European Union ('IFRS') and are consistent with those which will be adopted in the annual financial statements for year ending 31 December 2018.
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 2017, except for; IFRS 9 'Financial instruments' and IFRS 15 'Revenue from contracts with customers', effective 1 January 2018.
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 2018, 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.
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 the Interim Statement. 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.
On the basis of the above projections, the Directors are confident that the Group has sufficient working capital to honour all of its obligations to creditors as and when they fall due. Accordingly, the Directors continue to adopt the going concern basis in preparing the Interim Statement.
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 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
2017 3,226,047
Additions to 30 June
2017 545,208
------------
Cost c/f as at 30
June 2017 3,771,255
============
At 1 January
2017 3,226,047
Additions to 31 December
2017 1,254,268
------------
Cost c/f as at 31 December
2017 4,480,315
============
At 1 January
2018 4,480,315
Additions to 30 June
2018 588,797
------------
Cost c/f as at 30
June 2018 5,069,112
============
Amortisation
At 1 January
2017 2,091,597
Charge to 30 June
2017 264,359
------------
Amortisation c/f as at 30
June 2017 2,355,956
============
At 1 January
2017 2,091,597
Charge to 31 December
2017 656,862
------------
Amortisation c/f as at 31
December 2017 2,748,459
============
At January
2018 2,748,459
Charge to 30 June
2018 353,131
------------
Amortisation as at 30 June
2018 3,101,590
============
Carrying Amount:
At 30 June 2017 (unaudited) 1,415,299
============
At 31 December 2017 (audited) 1,731,856
============
At 30 June 2018 (unaudited) 1,967,522
============
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 the administrative expenses in the statement of comprehensive income and total comprehensive loss.
RECONCILIATION OF LOSS BEFORE ANY INCOME TAX TO CASH GENERATED FROM OPERATIONS
6 months 6 months Year
Ended ended ended
30-Jun-18 30-Jun-17 31/12/17
(unaudited) (unaudited) (audited)
GBP GBP GBP
Loss before income
tax (1,363,163) (1,181,897) (2,292,624)
Depreciation charges 20,068 13,019 30,494
Amortisation charges 353,131 264,361 656,862
Finance costs 280 225 -
Finance income (848) (2,610) (4,190)
------------- ------------- ------------
(990,532) (906,902) (1,609,458)
Increase in trade and other
receivables (358,994) (216,597) (123,725)
Increase in trade and other
payables 270,689 160,153 209,204
------------- ------------- ------------
Cash used in operations (1,078,837) (963,346) (1,523,979)
============= ============= ============
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.
END
IR QZLFLVKFLBBD
(END) Dow Jones Newswires
September 25, 2018 02:00 ET (06:00 GMT)
1 Year Osirium Technologies Chart |
1 Month Osirium Technologies Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
