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LONDON (Alliance News) - Cyber security software provider Osirium Technologies PLC on Thursday said its pretax loss widened in the first half of its financial year on lower revenue, listing costs, and investments made in the business.
Osirium said its pretax loss for the half to the end of April was GBP512,769, widened from a GBP373,033 loss a year prior. Revenue fell to GBP162,000 from GBP175,000, hit by a sharp decline in professional services sales which offset higher revenue for software-as-a-service products.
The company floated on AIM in April, raising GBP5.1 million, which it has used to hire new staff, increase marketing activity and invest more in research and development.
Osirium said it had made an encouraging start to the year and was optimistic on further orders flowing through in the second half.
"We believe that there are significant opportunities to take advantage of the thriving cyber-security market and establish a leading position in the industry," said Chief Executive David Guyatt.
Osirium shares were down 15% to 160.00 pence Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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