Osirium Technologies PLC - cloud-based cybersecurity and IT automation software vendor - Pretax loss widens to GBP3.6 million in 2022 from GBP3.4 million in 2021. Says the loss is due to expenditure returning to a more normal level. The main expenditure of the business reflects significant investment in headcount and activity levels in the business's sales, pre-sales, marketing and engineering departments, Osirium says. Revenue increases to GBP1.9 million from GBP1.5 million, in-line with recently upgraded market expectations. Total bookings jump 86% to GBP3.0 million from GBP1.6 million the year prior. Says its customer base increases by 46% in 2022, while over 70% of existing customers increase their range of services or number of licences.
Chief Executive Officer Stuart McGregor says: "It has been another year of significant progress for Osirium in which we have achieved record levels in bookings and revenue and further grown our customer base while also taking substantial steps to reach cash breakeven and beyond."
Declares no final dividend for 2022, unchanged from a year prior. Looking forward, says it is focused on achieving cashflow breakeven by the second half of 2024 and has now implemented all the cost savings identified at the time of its December's fundraise. Does not recommend a dividend, the same as in 2021.
Current stock price: 2.19 pence each, down 16% on Thursday morning in London
12-month change: down 72%
By Xindi Wei, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Osirium Tech (OSI)