Osirium Technologies issues business update

Osirium Technologies said it is impressed by the operational and commercial progress achieved in 2016.

"Activity levels for the 14 months ended 31 December 2016 were broadly in line with the Board's expectations, whilst the Company's administrative costs were lower than previously anticipated," it said in a statement.

The Company's cash position at 31 December 2016 was about £3.5m.

In August 2016 the Company announced its largest contract win to date with a leading global asset management company.

"Osirium is pleased to confirm that the deployment and integration of its enhanced PAM2 solution, now branded PxM, is on track and a broader scope of work with this client has been identified," it said.

"In October 2016 Osirium signed a pilot contract with a UK based contextual surveillance company, which by December was fully integrated and operational. All other existing contracts during the year were successfully renewed, with several expanded.

"The Company has also, in recent weeks, strengthened its management team with two senior hires. Tim Ager has joined as Osirium's Sales Director and Stephen Roberts joined as Marketing Director.

"This recruitment, as well as the addition of high calibre talent to the Company's Research & Development team, has taken longer than expected and although significantly ahead of the prior period, the revenue growth rate has been slower than the Board originally expected as a result.

"Notwithstanding this, the Board will remain disciplined and selective in its expansion of the Group's overhead base and believes that Osirium's now augmented and strengthened sales and marketing management will provide the momentum to accelerate trading in 2017 and beyond."