(Alliance News) - Osirium Technologies PLC's shares slumped on Wednesday after it reported a widened first half loss on increased investment costs.
Shares in the cybersecurity firm were 15% lower at 47.10 pence each in London on Wednesday afternoon.
In the six months to June 30, revenue rose by 11% year-on-year to GBP515,450 from GBP466,333, but the pretax loss worsened to GBP1.7 million from GBP1.4 million.
Administrative expenses rose by 22% to GBP2.2 million from GBP1.8 million. The company said it "made significant investment in research & development and sales & marketing to support future growth".
Total bookings increased by 69% to GBP1.0 million from GBP610,000 a year ago, and deferred revenue rose by 70% to GBP1.2 million from GBP730,000, "providing good visibility into future periods", Osirium added.
The company reported that it acquired new clients "across a variety of sectors" during the period and achieved 100% customer retention.
Looking towards the second half, Osirium said it has experienced "strong trading momentum and a growing pipeline".
Chief Executive David Guyatt said: "The group has made significant progress against its scale-up strategy during the first half of the year, with growing traction for its specialist Privileged Access Security solutions.
"The market awareness for Privileged Access Security in the UK continues to gain pace and the reputation of our purpose-built, differentiated offering is growing. We have the right people and strategy in place for sustained further growth, evidenced by new customer wins, high retention levels and additional product offerings enhancing our opportunity. This provides the board with confidence as we look to the remainder of the year and beyond."
Osirium Tech (OSI)