Osirium Technologies shares plunge on widened interim loss, revenue up

(Alliance News) - Osirium Technologies PLC on Thursday reported a widened interim loss but a revenue rise, as it eyes full-year revenue to be in line with expectations

Shares were down 17% at 5.01 pence on Thursday morning in London.

For the six months to June 30, the cybersecurity and IT automation software firm posted a pretax loss of GBP1.7 million, widened from GBP1.6 million the previous year, as administrative expenses increased by 12% to GBP2.5 million from GBP2.3 million.

Revenue, meanwhile, rose by 23% to GBP909,577 from GBP736,711. The Cardiff-based company noted that it is a "record" for the firm. As a result, it said it is "confident" in achieving its full-year revenue expectations.

Total bookings increased by 30% to GBP1.2 million from GBP910,000 a year ago.

Chief Executive David Guyatt said the firm is "vigilant" around costs and is taking steps to "rationalise its cost base without compromising our sales and marketing momentum."

He added: "We are very pleased with the continued trading momentum in the second half of the financial year to date and look forward to the rest of the year with confidence."

Looking ahead, Osirium expects continued momentum in the second half of the year, underpinned by contract extensions.

By Xindi Wei; xindiwei@alliancenews.com

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