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Cyber security software firm Osirium Technologies announced a significant increase in first half bookings.
The company posted a trading update ahead of the group's interim results for the six months ended 30 June 2019, which are expected to be released in September 2019.
Bookings are significantly ahead of the prior period at £1.03m (H1 2018: £0.61m), an increase of 70%. It is anticipated that this growth trend will continue and expects bookings at the year end to be in the region of £1.6m.
Revenue for the six months to 30 June 2019 is anticipated to be £0.52m (H1 2018: £0.46m) with a strong level of deferred revenues at £1.24m (H1 2018: £0.73m), of which £0.46m are expected to be released in H2 2019.
Cash and cash equivalents as at 30 June 2019 amounted to £0.89m (H1 2018: £3.3m) with 31 December 2018 cash balances being £2.4m.
The cash balance as at 30 June 2019 excludes the 2018 Research and Development tax credit of £0.47m, which is expected to be received in July 2019.
David Guyatt, CEO, commented: 'We continue to see increasing demand for our PxM product, as demonstrated by the 70% bookings growth and the strong pick-up in sales momentum, with bookings converting to revenues over the life of the contract.'
At 8:38am: (LON:OSI) Osirium Technologies Plc share price was +2.5p at 74p