14th Jan 2020 12:13
(Alliance News) - Osirium Technologies PLC said Tuesday it expects bookings for the year to be "slightly ahead" of market expectations, as trading continues to improve.
In an update for 2019, the cybersecurity software company said that trading has continued to improve year on year.
As a result, the company anticipated bookings for the year to be at least GBP1.8 million, "slightly ahead" of market expectations and "materially ahead" of the prior year.
The company expects revenue for the period to be "at least" GBP1.1 million, with deferred revenue of circa GBP1.3 million, "giving greater visibility of future revenues into 2020 and beyond."
As at December 31, cash balances were GBP3.8 million, the company noted.
The company said it continues to progress its land and expand strategy and grow its business presence.
David Guyatt, chief executive officer, said: "We are pleased to conclude the financial year with strong growth in bookings, our key financial measure, which is materially ahead of this time last year."
"Our growing customer base furthermore provides strong visibility as we enter the new financial year, with our SaaS model meaning that the majority of new contract revenue will be recognized in future periods," Guyatt said.
Back in September the company had said its revenue rose by 11% year-on-year to GBP515,450 from GBP466,333 for the six months to June 30, but the pretax loss worsened to GBP1.7 million from GBP1.4 million.
Total bookings increased by 69% to GBP1.0 million from GBP610,000 a year ago, the company had said in September.
Osirium Technologies shares were up 0.5% in London at 26.12 pence each on Tuesday.
By Loreta Juodagalvyte; [email protected]
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