Osirium reports best ever nine-month booking performace

Cybersecurity and IT automation specialist Osirium Technologies reported continued increasing revenues in a third-quarter update on Tuesday, with bookings for the nine months to 30 September rising to £2.52m, from £1.6m year-on-year.

The AIM-traded firm said it was its best nine-month bookings performance to date, adding that annual recurring revenue totalled £1.74m for September, up from £1.34m a year earlier.

Its cash balance at period end was £0.32m, and trade debtors totalled £0.5m.

In the third quarter, Osirium said it continued to grow its customer base alongside expanding its products and services being delivered to existing customers.

Healthcare, financial services and higher education were representing “key growth drivers” supporting its year-on-year growth.

As it previously reported, the company said it was seeing a “greater awareness” of the benefits of privileged protection, and as a result, privileged security was fast becoming an “essential product” for cybersecurity insurance.

It said such wider market trends were helping to underpin demand for its offering, while continued investment into its sales and marketing arm was enabling it to capitalise on the increased quantity and quality of sales opportunities across a range of sectors.

Average contract values also continued to grow, as a result of a “greater preparedness and need” on behalf of customers to spend on cybersecurity for the long-term.

“Our team continues to progress with great strides, in what has been another strong quarter for Osirium,” said chief executive officer David Guyatt.

“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 the third quarter.

“In line with the increasing recognition of privileged security as an essential product for cybersecurity, we remain confident in our long-term growth opportunities.”

At 1601 GMT, shares in Osirium Technologies were up 64.91% at 4.54p.

Reporting by Josh White for Sharecast.com.