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(Alliance News) - Osirium Technologies PLC on Thursday said revenue increased as its loss narrowed in the first half of 2023.
The Theale, England-based vendor of cloud-based cybersecurity and IT automation software reported that revenue increased to GBP1.1 million in the first half ended June 30, from GBP909,577 the year prior. It noted that annualised recurring revenue surged 34% to GBP2.2 million, from GBP1.6 million.
The company said its pretax loss narrowed to GBP1.4 million, from GBP1.7 million a year ago.
The firm did not declare a dividend for the first half.
Osirium said it has made a positive start to the second half, noting it has seen multiple contract renewals in the period so far. Based on its "network and strong reputation", the firm said it expects further renewals and new customer wins in the second half.
In August, the firm said it had agreed to a takeover by SailPoint Technologies UK Ltd. The firm said it will be acquired for 2.35 pence per share, or GBP3.1 million. The takeover is subject to shareholder approval.
Osirium shares closed down 3.4% at 2.13p per share in London on Thursday.
By Harvey Dorset, Alliance News reporter
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