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Osirium Technologies slides as losses widen in 2019

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Osirium Technologies PLC (LON:OSI) saw its shares slide on Friday as the cybersecurity software group saw losses widen in 2019.

For the year ended 31 December, the AIM-listed firm reported a pre-tax loss of £3.45mln, wider than the £2.68mln loss in 2018, despite revenues from continuing operations rising 22% to £1.17mln.

Post year-end, Osirium said it had entered the year with its “strongest pipeline to date”, with continues business momentum and further sales including in the NHS and Ambulance services. The group added that it has also achieved 100% renewals with existing customers.

The company also said it has established a presence in Benelux and had started sales and marketing initiatives in that region as well as in the Nordics.

Meanwhile, total bookings, the company’s key performance indicator, rose 54% to £1.82mln.

Osirium also reported that deferred revenues had increased by 89% to £1.37mln, which it said provided “enhanced visibility”.

The group also said as a result of the coronavirus pandemic it has taken action to ensure staff are working from home, which it said had allowed it to continue servicing customers with “no compromise on service levels or delivery”.

“The board remains cautious and vigilant in the very short-term as the full impact of [coronavirus] on the general economy is not yet known, however, we have contingency plans in place and factored these into our planning and are limiting the cash outflows out of the business as best as we can”, said Osirium chief executive David Guyatt.

Despite the significant challenge [coronavirus] presents we are moving forward this year with continued business momentum. Our focus on growing our market presence and customer-centric approach, coupled with our expanded offering and a solid foundation of visible revenue, gives the Board confidence in the group’s long-term prospects”, he added.

Despite the moderately upbeat outlook, the widened losses seemed to push the shares down 3.6% to 26.5p in early trading.

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