LONDON (Alliance News) - Osirium Technologies PLC on Wednesday reported a widening of its annual loss despite a 48% increase in revenue.
For 2018, the cyber-security software vendor posted pretax loss of GBP2.7 million compared to GBP2.3 million a year ago, which was described by the company as "in line with management expectations".
This was due to administrative expenses surging to GBP3.6 million from GBP2.9 million, overwhelming a jump in revenue to GBP957,461 from GBP647,580 a year before. Osirium explained it had increased investment in sales & marketing and in additional headcount in its research & development and customer support teams.
Looking at the current year, Osirium said that GBP725,000 in deferred revenue, compared to GBP505,000 a year ago, underpins "confidence in the current financial year".
Chief Executive Officer David Guyatt said: "We are pleased to report these final results and the group continues to gain market share from new and existing customers in the UK and internationally."
"Our unique proposition to address security controls in today's increasingly complex IT environment is accelerating our growth with new and existing customers. We are confident that there will be further progress as the group maintains this momentum and further expands our market presence," he concluded.
Osirium Technologies shares were down 5.3% on Wednesday at 85.20 pence each.
Osirium Tech (OSI)