Osirium Technologies - New business recovering after weak Q2
After a strong order intake in Q1, potential customers delayed placing orders in Q2, resulting in a 25% bookings decline in H120. Revenue increased 36% y-o-y and tight cost control reduced the EBITDA loss over the same period. Osirium has adapted its marketing and customer support to remote working and bookings intake has picked up in Q3, with five new customers signed. We have revised our forecasts to reflect lower bookings in FY20 and FY21; the impact at the EBITDA level is mitigated by tight cost control.Osirium Technologies and its subsidiary are engaged as a U.K. based cyber-security software provider that protects critical information technology ("IT") assets, infrastructures and devices by preventing targeted cyber-attacks from directly accessing Privileged Accounts, removing unnecessary access and powers of Privileged Account users, deterring legitimate Privileged Account users from abusing their roles and containing the effects of a breach if one does happen.
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