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Osirium Technologies PLC - Theale, England-based vendor of cloud-based cybersecurity and IT automation software - Reports annual recurring revenue has increased 34% to £2.2 million over the 12 months to June 30 from £1.6 million the year prior. ARR is up 20% from £1.8 million since the start of 2023. Bookings for the six months ended June 30 are expected at £1.22 million, up from £1.18 million the year prior. Revenue in the six-month period is expected to be no less than £1.1 million, up from £900,000 the year prior. Says ARR growth was driven by new customer wins and a high rate of renewals. Notes a strong start to the second half of the year, with a ‘healthy’ pipeline underlined by a ‘growing pool’ of prospective new customers as well as expected customer renewals and contract expansions. ‘Notwithstanding the positive trading momentum in the first half of the year, the directors anticipate that the company will be required to raise additional capital before the end of the year and are exploring all options in this regard. The company has also identified additional cost saving measures which are being implemented,’ it cautions. Osirium expects to announce its interim results in September. Current stock price: 1.40 pence, down 3.4% in London on Tuesday afternoon 12-month change: down 76% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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