Osirium anticipates 47% revenue growth after new UK customer wins

Osirium Technologies on Monday reported that results for 2018 are set to be “significantly ahead” of the year before as trading continues to improve.

The cyber-security company’s revenue for the 12 months ended 31 December is anticipated to be “at least” £0.95m, up 47% from the year before, with cash balances of £2.3m, up from £1.0m at the same point last year.

David Guyatt, chief executive of Osirium, said: "We are pleased with the strong progress made during the period. As well as winning new UK accounts in sectors such as financial services and retail, where we had an established presence, the group also secured customers in the drinks manufacturing, energy and utilities sectors."

Meanwhile, Osirium won a contract and contract renewal in the Middle East, amid reports that more proof of concepts have been scheduled for the first quarter of 2019 than occurred in the whole of the prior year, indicating a strong pipeline of opportunity.

"The group is confident that there will be further progress as new prospects are converted through our UK and international channel partners as the market for Privileged Access Management becomes 'mainstream'. In addition we expect to see further revenues from existing customers through the implementation of our 'land and expand' approach," said Guyatt.

Guyatt added that the board remained confident in the AIM traded company's prospects due to its "unique proposition" and the fact that the business is well placed to prosper as cyber-security remains a key priority for big corporations.

Osirium Technologies’ shares were unchanged at 122.50p at 1306 GMT.