Osirium Technologies plc (AIM: OSI.L), a leading vendor of cloud-based cybersecurity and IT automation software, is pleased to announce an update on the Group’s trading performance for the third quarter of the financial year ending 31 December 2022 (“Q3 FY 2022”).
The Group is pleased to report continued increasing revenues, with bookings for the nine months ended September 2022 of £2.52 million (FY 2021 bookings: £1.60 million), representing the Company’s best nine-month bookings performance to date, and annual recurring revenue* (“ARR”) of £1.74 million for September 2022 (September 2021 ARR: £1.34 million). The cash balance as at 30 September 2022 was £0.32 million and trade debtors were £0.50 million.
In Q3 FY 2022, Osirium has continued to grow its customer base alongside expanding the products and services it delivers to existing customers. Healthcare, financial services and higher education continue to represent key growth drivers that support the Group’s year-on-year growth. The Group maintains a strong track-record in these sectors, alongside growing opportunities in other verticals.
As previously reported, the Group is observing a greater awareness of the benefits of privileged protection and, alongside this, privileged security is fast becoming an essential product for cybersecurity insurance. These wider market trends are helping to underpin demand for the Group’s offering, and continued investment into the Group’s sales and marketing arm has enabled the team to capitalise on the increased quantity and quality of sales opportunities across a range of sectors.
Average contract values have also continued to grow during the period, as a result of a greater preparedness and need on behalf of customers to spend on cybersecurity for the long-term.
* ARR is calculated by annualising revenue recognised in a given month from all clients on deployed subscription contracts
David Guyatt, Chief Executive Officer, commented:
“Our team continues to progress with great strides, in what has been another strong quarter for Osirium. We have maintained our focus on attracting new customers alongside expanding with existing customers, as evidenced by our significant, multi-year contract renewals with customers in the financial services and IT sectors previously announced in Q3.
“In line with the increasing recognition of privileged security as an essential product for cybersecurity, we remain confident in our long-term growth opportunities.”
Osirium Technologies plc
Tel: +44 (0)1183 242 444
David Guyatt, CEO
Rupert Hutton, CFO
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