Osirium Tech Share News (OSI)

(Sharecast News) - Cybersecurity software firm Osirium Technologies said on Friday that full-year bookings and revenues were expected to be broadly flat year-on-year.
Osirium stated bookings were projected to be at least £1.6m, up from £1.57m in 2020, while revenues of £1.45m were seen only slightly higher than the £1.43m reported a year ago.

Deferred revenues were £1.66m on 31 December 2021, providing visibility for the group as it starts the new year after more than doubling its customer base in 2021 to over 100 customers.

The AIM-listed group added that while average initial contract values had been lower due to delayed decision making on larger strategic IT projects throughout the pandemic, its "significantly increased customer base" provided it with increased up-sell opportunities, in line with its land and expand strategy.

Osirium expects to build on existing contracts and expand its services with new customers in 2022 while also accelerating new customer acquisition.

Chief executive David Guyatt said: "We are pleased with the strong growth in customer numbers and high customer retention rates during 2021, which is testament to the need for our offering across a range of sectors and geographies despite the effects of the pandemic upon customer decision making. We expect this customer decision making to return towards normal levels in 2022.

"With a significantly broadened customer base, our teams have the opportunity to focus on upselling and cross-selling in line with our land-and-expand strategy. We have made good progress in the year following a focus on growing our partner network which is yielding results, and we continue to assess the Company's go-to-market strategies to ensure the group remains well-positioned to capture the substantial market opportunity available."

As of 1000 GMT, Osirium shares were down 3.38% at 14.01p.