(Sharecast News) - Cloud-based cybersecurity specialist Osirium Technologies reported positive first-quarter trading in an update on Tuesday.
The AIM-traded firm, which was holding its annual general meeting, reported annual recurring revenue (ARR) for March of £2.04m, representing a 31% increase over the prior 12 months, and a 10% increase for the quarter.
As at 31 March, the company's cash balance and debtor position was £0.69m.
Osirium said it expected to receive a research and development tax credit of at least £0.6m before the end of the first half, based on prior years.
The board said the positive momentum into the new year was a result of new customer wins in sectors including utilities, chemicals, and the public sector, as well as licence upsells and expansions with existing customers.
It added that it was continuing to see a growing awareness of the need for privileged security products across industries, underpinned by regulatory drivers, security best practices, and insurance prerequisites.
The company explained that its 'channel-first' approach was progressing well, delivering new opportunities that were successfully converted during the first quarter.
"The group has seen a healthy return to large-scale trade events, which attract a range of delegates from Osirium's primary audiences," said executive chairman David Guyatt.
"Recent events attended by the group include the BETT Education Technology Show, CyberWeek, and the National Cyber Security Show.
"Looking ahead, our healthy increase in annual recurring revenue in the first quarter of the year reflects the ongoing demand we are seeing for our offering, underpinned by a substantial market opportunity."
At 1329 BST, shares in Osirium Technologies were up 4.53% at 1.5p.
Reporting by Josh White for Sharecast.com.
Osirium Tech (OSI)