(Alliance News) - Osirium Technologies PLC on Friday said it expected revenue for the year to remain relatively flat despite claiming that its customer base has more than doubled in the same period.
The Reading-based cybersecurity company expects revenue for the year ended December 31 to be at least GBP1.45 million, up slightly from GBP1.43 million the year before.
Bookings saw a marginal improvement, up at GBP1.6 million from GBP1.57 million in 2020.
Despite the relatively steady trading results, Osirium said it had more than doubled its customer base in 2021 to over 100 customers. New customers signed in the fourth quarter included two NHS trusts, an unnamed international telecoms operator and a London-based law firm. Customer retention rates for the year were 95.4% by value, slipping from 98.5% in 2020.
Osirium started the new year with around GBP1.5 million of anticipated bookings from existing customer renewals due in 2022, which it stated will provide a "strong foundation for the group to execute its growth strategy".
"We are pleased with the strong growth in customer numbers and high customer retention rates during 2021, which is testament to the need for our offering across a range of sectors and geographies despite the effects of the pandemic upon customer decision making," commented Chief Executive David Guyatt.
"We expect this customer decision making to return towards normal levels in 2022."
Osirium shares were down 6.2% to 13.60 pence each on Friday in London.
By Will Paige; willpaige@alliancenews.com
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Osirium Tech (OSI)