Edison Investment Research is terminating coverage on Avon Protection (AVON), Osirium Technologies (OSI), IQE (IQE), Kopy Goldfields (KOBY) and RhoVac (ROHVAC). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.
Osirium reported a relatively flat year for bookings and revenue in FY21, although this masks the doubling of the customer base over the year. As customer decision-making returns to pre-pandemic norms, we expect accelerating growth in bookings. The company has made a strong start to the year with record order intake in Q122. We maintain our FY22 forecasts.
Following on from its positive early-March update, Osirium confirms that strong order momentum continued to the end of Q122, resulting in a record bookings quarter. The company is seeing growth in contract values as customers expand usage and increasingly adopt Osirium’s wider privileged access security suite. Order intake year to date gives the board confidence in the full year outlook. We maintain our forecasts.
Osirium’s update on trading year to date confirms that it is seeing a return to pre-COVID levels of ordering. Nine new customers so far in Q1 at higher average contract values than a year ago mean that order intake is ahead of this period a year ago. We have upgraded our bookings and revenue forecasts for FY22 and incorporate the recent conditional £1m fund-raise.
Osirium’s year-end trading update was in line with its announcement in November; FY21 revenue is likely to be at least £1.45m and bookings at least £1.6m. While customer numbers more than doubled in the year, lower average contract values mean that bookings were essentially flat year-on-year. As customer decision making returns to more normal levels, we forecast stronger bookings growth in FY22. This is supported by a higher level of the contract base due for renewal and the potential to sell mo...
Osirium has signed up many more new customers year-to-date compared with FY20, but lower average contract values mean that bookings and revenue for FY21 are likely to be flat year-on-year. We have revised down our FY21 forecasts accordingly. We continue to expect stronger bookings growth in FY22 supported by a higher level of the contract base due for renewal and the potential to sell more to the large number of customers won in FY21.
Osirium has signed up many more new customers year-to-date compared with FY20, but lower average contract values mean that bookings and revenue for FY21 are likely to be flat year-on-year. We have revised down our FY21 forecasts accordingly. We continue to expect stronger bookings growth in FY22 supported by a higher level of the contract base due for renewal and the potential to sell more to the large number of customers won in FY21.
Osirium has seen demand improve during H121, with a 19% increase in bookings year-on-year and 31 new customers signed up. While average contract values were lower than in FY20, these new customers present an upsell and cross-sell opportunity for Osirium. The company continues to develop its partner channel, which should increase the international opportunity. Increasing awareness of the security risks inherent in remote working and recent high-profile ransomware attacks are driving demand for pr...
Osirium has seen demand improve during H121, with a 19% increase in bookings year-on-year and 31 new customers signed up. While average contract values were lower than in FY20, these new customers present an upsell and cross-sell opportunity for Osirium. The company continues to develop its partner channel, which should increase the international opportunity. Increasing awareness of the security risks inherent in remote working and recent high-profile ransomware attacks are driving demand for pr...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Osirium reported revenue growth of 22.5% for FY20 and, as a result of cost-control measures taken to manage the business during the pandemic, reduced the EBITDA loss from £2.15m in FY19 to £1.36m in FY20. Bookings declined 14% y-o-y, although the company achieved record intake in Q120 and Q420 and has seen positive momentum so far this year, particularly in the healthcare sector. We have revised our forecasts to reflect lower operating costs and the recent fund raise.
Osirium expects to report FY20 bookings ahead of our forecast, with revenue for the year in line. The flurry of contracts announced in Q4 reflects the pick-up in order activity after COVID-19 depressed activity in Q2/Q3. Management is confident that the momentum achieved in Q4 will continue into FY21. We maintain our forecasts pending FY20 results.
Osirium has announced a new customer in the telecoms sector, won in collaboration with partner Infradata. The three-year contract uses the full privileged access management (PAM) suite, including Osirium’s unique workflow automation technology. The company has also confirmed that bookings for FY20 are likely to be ahead of consensus expectations. We maintain our forecasts pending the year-end trading update in January, when the scale of bookings upside will be clearer.
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 ...
Osirium’s FY19 results were broadly in line with forecasts. The company saw strong bookings growth in FY19 from a combination of new customers, renewals and expansion of existing contracts. The product suite was expanded to include privileged process automation and privileged endpoint management solutions. While COVID-19 disruption has not yet had a noticeable impact on demand, we are taking a more cautious approach to our bookings and revenue forecasts for FY20 before factoring in a reacceler...
Osirium provided an update on trading and the impact of COVID-19 on its business. To date, it has not seen a material effect and customers are continuing to renew their contracts. However, management is aware that new business could take longer to sign up and costs are being managed accordingly. The need for secure IT systems is as relevant as ever, particularly with the current dispersed nature of the workforce; combined with the high level of recurring revenues, this should help Osirium to man...
Osirium made good progress in signing new business in H2, reporting FY19 bookings 13% ahead of our forecast and 53% higher year-on-year. FY19 revenue is slightly below our forecast due to the timing of multi-year bookings. With the proceeds of the recent fund raise, we expect the company to increase investment in headcount to accelerate growth. We have revised our forecasts to reflect the bookings intake, revenue recognition and higher staff costs.
Osirium has announced three new contracts that cover a diverse range of verticals and use cases. These wins highlight the attraction of the ease of use of the platform and the value of the PxM Express offering as a route to market. The contracts support our order estimates for H219 and we leave our estimates unchanged.
Osirium won a number of new customers and saw a 100% renewal rate in H119. It has signed up its first customer for the recently launched privileged process automation solution and is due to launch its first endpoint privilege management solution in Q4. With a broader product range, it has the opportunity to win new customers in the wider privileged access security market and cross-sell to its existing customer base.
Osirium Technologies has signed up its first customer for the recently launched Opus privileged process automation solution and two new customers for its PxM platform. Osirium has broadened its product range with Opus and the recent launch of its privileged endpoint management (PEM) solution, opening up access to a wider addressable market and providing support for our bookings forecasts.
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