(Alliance News) - Osirium Technologies PLC on Friday announced healthy annual revenue growth after securing a number of new contracts and a record fourth quarter.
The cybersecurity software specialist posted revenue for 2020 of GBP1.4 million, up 22% from GBP1.2m in 2019.
Rising revenue helped Osirium cut annual pretax losses to GBP3.1 million from GBP3.5 million the year before.
Reading-based Osirium said it had achieved record first and fourth quarters, however the pandemic had delayed customer buying decisions, impacting bookings in the second and third quarters. Bookings decreased 14% to GBP1.6 million for the year.
"2020 was a challenging year for Osirium, as it was for many companies, but we are particularly proud to have achieved record first and fourth quarters alongside a string of pitch wins against our largest competitors," said Chief Executive David Guyatt.
Looking to the future, Osirium said the company remains confident of progressing in its 2022 financial year and pointed to a "growing pipeline" of significant potential new contracts. The first quarter had already seen a "substantial number of contract wins", particularly with NHS trusts, it noted.
"Looking ahead, the pandemic will continue to provide for a degree of uncertainty as we move through 2021 with respect to both our direct and indirect sales channels.
"While the exact timing of deals will remain difficult to predict in the near-term, market conditions are gradually improving, there is momentum in the business, and our clear and proven strategy to capitalise on the vast opportunity ahead of us is strengthened by the recent fundraise," commented Guyatt.
As with the prior year, Osirium said it would not be making any dividend payments.
Shares were unchanged at 25.50 pence in London on Friday morning.
By Will Paige; willpaige@alliancenews.com
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Osirium Tech (OSI)