For the six months ended 30 June 2018, revenue rose 78% YoY from £261,600 to £466,333 (comprising SaaS revenue of £387,441, up 87%, and Professional Services revenue of £78,892, up 46%), while bookings increased 37% YoY from £445,169 to £608,227.
Operating loss was stable and in line with management’s expectations at £1,363,731 despite increased investment in sales and marketing as well as additional headcount in the R&D and Customer Support teams.
Successful placing raised £4.2m in March 2018, with existing and new shareholders. As at 30 June 2018, OSI had cash balances of £3,337,242 (30 June 2017: £2,015,948).
OSI expects SaaS revenues to increase further during the rest of 2018 and, with the addition of extra consultancy resource, increased service revenues are also being targeted. OSI plans to continue to expand into new high growth sectors.
David Guyatt, OSI’s CEO, commented: “We are pleased with the group’s progress, both operationally and financially during the period as demonstrated by our new customer wins and renewal contracts. Osirium has a unique proposition and is building an increasingly strong pipeline of opportunities across a broad range of corporate sectors. Trading since the period end has continued to be encouraging and we are confident that Osirium will continue to build momentum and deliver significant future progress.”