Osirium Technologies PLC Trading update (7054E)

TIDMOSI

RNS Number : 7054E

Osirium Technologies PLC

08 July 2019

8 July 2019

Osirium Technologies plc

("Osirium" or "Group")

Trading update

Osirium Technologies plc (AIM: OSI), a leading vendor of cloud-based cybersecurity software, today provides the following trading update ahead of the Group's interim results for the six months ended 30 June 2019, which are expected to be released in September 2019.

-- Bookings are significantly ahead of the prior period at GBP1.03 million (H1 2018: GBP0.61 million), an increase of 70%. The Board anticipates that this growth trend will continue and expects bookings at the year end to be in the region of GBP1.60 million.

-- Revenue for the six months to 30 June 2019 is anticipated to be GBP0.52 million (H1 2018: GBP0.46 million) with a strong level of deferred revenues at GBP1.24 million (H1 2018: GBP0.73 million), of which GBP0.46 million are expected to be released in H2 2019.

-- Cash and cash equivalents as at 30 June 2019 amounted to GBP0.89 million (H1 2018: GBP3.30 million) with 31 December 2018 cash balances being GBP2.40 million. The cash balance as at 30 June 2019 excludes the 2018 Research and Development tax credit of GBP0.47 million, which is expected to be received in July 2019.

David Guyatt, Chief Executive Officer, commented:

"We continue to see increasing demand for our PxM product, as demonstrated by the 70% bookings growth and the strong pick-up in sales momentum, with bookings converting to revenues over the life of the contract.

"Our Proof of Concept (POC) programme continues to be a key performance indicator (KPI) and we have seen the conversion rate of POCs to sales increase over the period, with more POCs having taken place in H1 2019 than in the whole of 2018.

"Furthermore, there has been a very positive reaction to Osirium's new OPUS security automation product, recently launched at InfoSec. We have already identified a sales pipeline of projects and these discussions convince us that we will be closing our first customers in H2.

"Our innovation continues with the release of our Privileged Endpoint Management (PEM) product, which manages privileges for applications running on laptops and workstations. We plan to launch mid-Q3, with early customer orders expected by late H2 2019.

"The Group believes these three complementary PAM solutions provide a compelling proposition for new and existing customers, as the PAM market becomes increasingly 'mainstream' and a 'must have' for organisations and managed service providers.

"The Board looks forward to updating shareholders on our progress as we continue to build momentum and expand market share."

This announcement contains inside information. The person responsible for arranging the release of this announcement on behalf of the Company is Rupert Hutton, CFO.

- Ends -

For further information:

 
 Osirium Technologies plc                 Tel: [phone] 
 David Guyatt, Chief Executive Officer 
  Rupert Hutton, Chief Financial 
  Officer 
  www.osirium.com 
 Stifel Nicolaus Europe Limited           Tel: [phone] 
  (Nominated Adviser and Broker) 
 Fred Walsh / Neil Shah / Alex Price 
 Yellow Jersey PR 
  (Financial PR) 
  Sarah Hollins                            Tel: [phone] 
  Henry Wlkinson                           Tel: [phone] 
 

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. Building on Osirium's Privileged Task Management module, in May 2019 Osirium launched "Opus", providing a highly-flexible platform for automating essential IT processes to set a new benchmark in Privileged IT Process Automation.

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

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 [e-mail] or visit www.rns.com.

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July 08, 2019 02:00 ET (06:00 GMT)