Osirium Technologies provides the following trading update ahead of the Group’s final results for the year ended 31 December 2018. Trading has continued to improve year on year, as anticipated, and is in line with the Board’s expectations with booking levels expected to be significantly ahead of the prior period. Revenue for the 12 months to 31 December 2018 is anticipated to be at least £0.95 million with cash balances as at 31 December 2018 of £2.3 million. Both figures are subject to audit.
David Guyatt, Chief Executive Officer, commented: “We are pleased with the strong progress made during the period. As well as winning new UK accounts in sectors such as financial services and retail, where we had an established presence, the Group also secured customers in the drinks manufacturing, energy and utilities sectors.
“Outside the UK, we were awarded a contract with a significant provider of financial services in the Middle East, and were delighted that a major account in the same region underlined its commitment to Osirium with the renewal of its contract.
“Our Proof of Concept (POC) programme continues to be a strong key performance indicator enabling us to better predict when our pipeline opportunities will close. At the beginning of 2019, the Group has more POCs scheduled for the first quarter than occurred in the whole of 2018. The POC rate of conversion to sale has likewise continued to increase.
“Finally, in December we were delighted to be included in the Gartner Magic Quadrant for Privileged Access Management, and to be positioned as the highest European vendor of PAM solutions in terms of completeness of both vision and execution.
“The Group is confident that there will be further progress as new prospects are converted through our UK and international channel partners as the market for PAM becomes ‘mainstream’. In addition we expect to see further revenues from existing customers through the implementation of our ‘land and expand’ approach.
“The Board remains very confident in the Group’s prospects. We believe Osirium has a unique proposition and is well placed to prosper as cyber-security remains a key priority for corporates.”