September 2022

Osirium Announce Record 1st Half 2022 Results

Osirium Technologies plc

(“Osirium”, the “Group” or the “Company”)

Interim Results

 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 2022.

 Financial highlights 

  • Total recognised revenue up 23% to £0.91 million (1H 2021: £0.74 million), a record for the Group
  • Total bookings increased by 30% to £1.18 million (1H 2021: £0.91 million), also a record for the Group, reflecting the success of the Group’s continued customer acquisition strategy, alongside larger average contract values
  • Annualised Recurring Revenue(ARR) at £1.61 million, an increase of 29% over the past 12 months (June 2021:£1.25 million)
  • Deferred revenue increased 14% to £1.91 million (1H 2021: £1.68 million)
  • Operating loss of £1.63 million (1H 2021: £1.52million)
  • Cash balance at 30 June 2022 of £0.27 million (30June: £1.74 million), increasing to £0.68 million at 17 September 2022

Operational highlights

  • Growth in the size of the Group’s average contract value, as Information Technology spend recovers post-COVID, in combination with a growing need for privileged security
  • Privileged Process Automation (“PPA”) and Privileged Endpoint Management (“PEM”) now contributing materially to bookings growth alongside Privileged Access Management (“PAM”), providing an exciting opportunity for cross-selling and up-selling, and contributing to 8% of June2022 ARR
  • Continued customer acquisition across a range of sectors, with notable wins in healthcare, higher education and financial services
  • International expansion driven by the Group’s channel partner network, with first wins in the USA and Finland
  • £1 million fundraise in February to drive sales and marketing efforts                                                                      

Post period highlights

  • Significant £0.5 million three-year contract extension with global asset manager, representing c. 30% of the total bookings achieved by the Group for the financial year ended 31 December 2021
  • The Group secured its second largest initial contract and this was achieved in the Higher Education sector
  • Three-year contract extension with existing Privileged Access Management customer with 2,600 licences, for a total value of over £0.29 million, secured in September
  • Cash balance at 17 September 2022 of £0.68million (prior to the cash receipt due from the £0.29 million contract extension announced on 17 September 2022 and noted above)

Click here to see the full announcement