LONDON (Alliance News) - Osirium Technologies PLC on Tuesday reported a widened pretax loss for 2017, but said that "fast" revenue growth will take it to the break-even.
The cyber-security software company posted a pretax loss of GBP2.3 million for 2017, widened from a loss of GBP1.8 million for the 14 months to the end of 2016.
Administrative expenses grew to GBP2.9 million from GBP2.3 million the prior year.
Osirium Tech said its research & development investments more than doubled to GBP1.3 million during the year, as it further develops next generation privileged access management solution, the PxM platform.
Revenue rose 63% year-on-year to GBP647,580 from GBP379,678, as bookings increased to GBP876,323 from GBP393,826.
The company said that its customers numbers were also up to 30 by the end of 2017 from 14 it had the year earlier.
Chief Executive David Guyatt told Alliance News that the challenges that organisations have securing their own data are escalating "at incredible rates" and Osirium Tech intends to take an advantage of the growth in the market, which is expected to reach USD2.2 billion by 2020.
"When it get at that level, it will help us to progress our revenues to the levels that we want," said Guyatt. "We have a very fast growth rate and that will continue for the next two or three years, taking us to the breakeven."
Despite that, Guyatt said that Osirium Tech will typically never enter into the dividend payment schedules.
Looking ahead, the company said that it is "very excited" by the results seen in the first quarter of 2018, as it more than met the board's expectations. "We had an exhilaration in demand and our pipeline is continuing to beat record levels, as it was last year," Guyatt added.
"We are in this growth curve, which is quite high, and that will continue as we see no reason why that is going to change, because the market is predicted to grow very quickly, as I already explained." Guyatt continued. "We intend to be inside that 'bubble' and growing as fast as we possibly can."
Shares in Osirium Tech were trading 0.1% higher at 133.60 pence per share on Tuesday.
Osirium Tech (OSI)