Shares in Osirium Technologies PLC were up on Friday as it said that it expects to meet full-year bookings and revenue guidance, after a record half year.

Shares in the vendor of cloud-based cybersecurity & IT automation software were up 16% to 6.66 pence each in London on Friday morning.

Osirium said that it expects to report its ‘best six-month figures for bookings and revenue’.

Revenue was up 23% to £910,000 in the first half of 2022, from £740,000 year-on-year. Annualised recurring revenue was also up 29% to £1.6 million from £1.3 million last year.

Bookings increased by 30% to at least £1.2 million from £910,000.

It added that more than 50% of bookings came from new customers, including notable wins in the healthcare, higher education and financial services sectors. Osirium expects these groups to be key drivers in the second half of the year.

The company also signed two deals in new geographies, the US and Finland, during the first six months of the year.

Osirium said that it is also generating revenue from cross-selling with its existing customers. A telecoms customer, which signed a three-year deal back in December 2020, is adding two other products to its contract the company added.

Looking ahead, Osirium said that with its ‘good pipeline of opportunity ahead’, it remains ‘confident’ of meeting revenue and bookings guidance for the full year.

The company will be required to raise additional capital in the second half of the year and the board continues to assess all available options, it said.

Chief Executive David Guyatt said: ‘Our record half for bookings and revenue shows the continued drive in the business as we increase our customer base as well as average total contract values. This is facilitated through the expansion of our products and additional licenses and our well-established channel partner network which extends into new territories underserved by our competitors.’

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