8th Jul 2019 11:21
(Alliance News) - Osirium Technologies PLC on Monday said it saw an improved demand for its PxM product in the first half of 2019, resulting in 13% growth in revenue.
The cybersecurity software firm said it expects its revenue for the six months to the end of June to come in at GBP520,000, up from GBP460,000 reported for the same period in 2018.
Osirium said its bookings are "significantly" ahead of the prior year's GBP610,000, at GBP1.0 million, an increase of 70%. The company said it anticipates that this growth trend will continue and expects bookings at the year end to be in the region of GBP1.6 million.
"We continue to see increasing demand for our PxM product, as demonstrated by the 70% bookings growth and the strong pick-up in sales momentum, with bookings converting to revenue over the life of the contract," said Chief Executive David Guyatt.
The AIM-listed company noted that there has been a "very positive" reaction to its new OPUS security automation product, recently launched at InfoSec. Osirium said it expects to secure first InfoSec customers in the second half of 2019.
Osirium said it has released Privileged Endpoint Management product, which manages privileges for applications running on laptops and workstations. The firm expects early customer orders to be received by late 2019.
"The board looks forward to updating shareholders on our progress as we continue to build momentum and expand market share," added Guyatt.
Osirium said it expects its interim results to be released in September.
The stock was trading 0.7% higher in London on Monday at 72.00 pence a share.
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