(Alliance News) - Osirium Technologies PLC on Tuesday reported growth in sales and a slightly narrowed loss in the first half of 2021, and said momentum has continued in the second half.
Revenue increased 4.8% year-on-year to GBP736,711 from GBP702,649. Its pretax loss narrowed to GBP1.6 million from GBP1.7 million.
Shares were down 12% to 22.00 pence in London on Tuesday morning, on thin volume.
Reading, England-based Osirium provides cybersecurity services, specialising in products that prevent attacks on privileged access accounts.
The company said bookings recovered in the period, as the delay in buying decisions from customers started to unwind, and it achieved significant new customer wins, particularly in the National Health Service.
Deferred revenue increased by 17% year-on-year in the first half, to GBP1.68 million from GBP1.43 million, providing visibility on future earnings, Osirium added.
Trading momentum continued in the second half, with new customer wins and high customer retention levels.
"Whilst we remain mindful of the ongoing implications of the Covid-19 environment, the long-term outlook remains unchanged as we continue to execute against our strategic objectives," the company said.
By Ivan Edwards; ivanedwards@alliancenews.com
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Osirium Tech (OSI)