Osirium Technologies PLC (LON:OSIO)’s FY17 results confirmed that it is growing bookings for its subscription-based software in line with expectations and has kept tight control over costs. Funds raised in March should enable the company to accelerate investment in product development and sales and marketing to take advantage of the greenfield opportunity for PAM software within the mid-market.
Strong growth in FY17 revenues and bookings
Osirium reported FY17 revenues marginally ahead of our forecast (+62% vs CY16), and due to lower than expected operating costs, reported a £0.3m smaller EBITDA loss versus our forecast. Bookings received were substantially in line with our forecast, increasing 123% from the same period a year ago. The company ended the year with a cash position of £1.0m and, in March, raised gross proceeds of £4.2m from the issue of 3.14m shares at 134p per share.
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