Positive trading update sees Osirium Technologies shares leap

Shares in cloud-based cybersecurity and IT automation software vendor Osirium Technologies plc more than doubled today (1 November) following a positive Q3 trading update.

The jump comes after the Theale-based company announced bookings for the nine months ended September 2022 of £2.52 million – its strongest nine-month bookings performance ever. This is on top of an annual recurring revenue (a metric of predictable and recurring revenue generated by customers within a year typically used by firms operating a subscription-based model) of £1.74 million.

In the update, Osirium notes the continued growth of its customer base as well as the expansion of the products and services delivered to existing customers, and points to healthcare, financial services and education as key growth drivers.

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With cybersecurity increasingly in the news, Osirium says it is seeing growing awareness of the benefits of privileged cybersecurity protection, leading to greater average contract values as its clients recognise a need to invest in long-term cybersecurity.

David Guyatt, Chief Executive Officer at Osirium Technologies, said: "Our team continues to progress with great strides, in what has been another strong quarter for Osirium.

“We have maintained our focus on attracting new customers alongside expanding with existing customers, as evidenced by our significant, multi-year contract renewals with customers in the financial services and IT sectors previously announced in Q3.

"In line with the increasing recognition of privileged security as an essential product for cybersecurity, we remain confident in our long-term growth opportunities."

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