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Thursday 22 September 2022

Osirium continue to be in the red despite strong growth

OsiriumUK based Osirium Technologies (AIM: OSI), a cybersecurity software vendor delivering Privileged Access Management (PAM), Privileged Endpoint Management (PEM) and Automation solutions has provided an update to its H1 results which we covered back in July, where bookings increased 30% to £1.18m, and revenue grew 23% to £0.91m – see here

There was no update on profitability at the time, but the business has now reported further operating losses, growing to £1.63m (1H 2021: £1.52m). Osirium has continued to invest in sales and marketing looking to rapidly grow its business, also raising £1m back in February to fund these activities. Management continues to remain very aware of the need to reach cash flow breakeven and take steps to rationalise its cost base without compromising sales and marketing momentum. The company’s cash balance is expected to be £0.68m as of 17 September 2022.

Osirium’s growth strategy is built around three key strategic areas: commitment to innovation, customer focus and market expansion. The company is well placed to take advantage of the growing demand for privileged security, assuming they can find a profitable way of doing so.

One trend of note is the increasing price and higher criteria needed to attain cybersecurity insurance. According to data from Marsh, cyber-insurance prices increased 102% in the UK in Q1 2022, reflecting the increased cost of failure in this area. Privileged security is quickly becoming an essential product for cybersecurity insurance and, in some geographies, is seen as a necessary component for such insurance. In July, Osirium won a three-year PAM subscription with a UK university, worth c. £140,000, where PAM was a key prerequisite for its cybersecurity insurance provider, before any deal was agreed.

Posted by: Simon Baxter at 09:19

Tags: cybersecurity  

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