Osirium Technologies warns on FY bookings and revenues

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Osirium Technologies

2.20p

16:55 27/10/23

0.00%

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Cybersecurity software provider Osirium Technologies warned on Monday that full-year bookings and revenues had fallen short of market expectations as a result of Covid-19 impacts on contract values.

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Osirium Technologies stated it had continued to make "good operational and strategic progress", with a roughly 70% year-on-year increase in new customers so far in the second half of the year.

However, the AIM-listed firm stated that average initial contract values had fallen and that decision times had increased due to "ongoing caution and disruption" around customers' strategic IT plans due to the Covid-19 pandemic and that it now anticipates full-year bookings and revenues to be broadly flat year-on-year and slightly behind current market expectations.

Osirium added that it anticipates a normalisation of customer decision making in the New Year.

As of 1340 GMT, Osirium Technologies shares were down 8.49% at 16.70p.