TIDMOSI
RNS Number : 6341R
Osirium Technologies PLC
25 September 2017
For immediate release
25 September 2017
Osirium Technologies plc
("Osirium" or "Group")
Interim Results
Osirium Technologies plc (AIM: OSI.L), a UK headquartered
cyber-security Software-as-a-Service ("SaaS") provider, today
announces its unaudited interim results for the six months ended 30
June 2017. The results reflect a period in which strong progress
has been made and sales momentum with existing and new customers
has increased, driven by the investment in its sales, marketing and
channel engagement strategy.
Operational highlights
-- Strong progress made building sales momentum with existing
and new customers in the UK and abroad, demonstrated by invoiced
sales up 393% and total revenues up 59% YoY
-- 8 new blue chip customers across several new industry verticals
-- 6 upsells and renewals reflecting high customer retention and increasing awareness of PAM
-- Largest contract win to date with a leading global asset
management company renewed for a further 12 months, with the
project progressing according to plan
-- Senior sales and marketing team in place and Business
Development Directors appointed in Middle East and Asia Pacific
region and Germany
-- Signed distribution and reselling agreements with multiple
channel partners globally including Distology (UK), ectacom
(Germany, Austria, Switzerland & Poland), Spectrami (Middle
East), CHJ Technologies (Singapore) and EB2BCOM (Singapore &
Australia)
-- Osirium named as a 'Cool Vendor' by Gartner for Identity & Fraud Management
Financial highlights
-- Total bookings of GBP445,169 (H1'2016: GBP90,367) increase of 393%
-- Total Revenue of GBP261,600 (H1'2016: GBP164,501) up 59% YoY, comprising:
o SaaS Revenue of GBP207,433 (H1'2016: GBP160,501) an increase
of 29%
o Professional Services Revenue of GBP54,167 (H1'2016:
GBP4,000), driven by strong SaaS revenues
-- Operating loss of GBP1,344,268 (H1'2016: GBP518,396), given
increased investment in sales and marketing following AIM IPO in
2016 to drive bookings and future revenue
-- Cash and cash equivalents at 30 June 2017 of GBP2,015,948 (H1' 2016: GBP4,518,173)
David Guyatt, Chief Executive Officer, commented:
"During 2017, there has been a continuation of high profile data
breaches and preparation for the onset of General Data Protection
Regulation (GDPR) from May 2018. Osirium, as a leading provider of
Privileged Access Management software, is well positioned to help
our clients protect their organisations against breaches that have
penetrated their perimeter wall across both local and cloud-based
infrastructure, including against internal threats. Furthermore, we
are seeing increased interest with GDPR as the market increasingly
acknowledges that data security requires privileged security.
We are pleased with our progress, both operationally and
financially, during the period as demonstrated by our new customer
wins and renewal contracts.
Since becoming a public company, our corporate profile has also
increased considerably and we have seen a growing and positive
recognition of Osirium's innovative approach, culminating in our
being named as a 'Cool Vendor' by Gartner, the leading independent
IT research firm.
Our primary operational focus will be to continue to develop new
technology for our Next Generation PAM solution and drive growth
within our UK and global distribution network by expanding our
sales and marketing commitments through our channel and direct
sales capabilities.
This global footprint will enable the Group to take advantage of
the opportunities in the growing international cyber-security
market. Osirium continues to execute a proactive sales and
marketing strategy, raising its brand profile in the marketplace,
continuing to grow our customer base and investing in the continued
research and development of our software modules.
Osirium's simple to use and easy to deploy technology, combined
with our strengthened team and global partnerships, provides a
strong platform for future growth."
- Ends -
For further information:
Osirium Technologies plc Tel: +44 (0) 118 324
2444
David Guyatt, Chief Executive
Officer
Rupert Hutton, Chief Financial
Officer
www.osirium.com
Stifel Nicolaus Europe Tel: +44 (0) 20 7710
Limited 7600
(Nominated Adviser and
Broker)
Fred Walsh / Neil Shah
/ Ben Maddison
Yellow Jersey PR Tel: +44 (0) 7764 947137
(Financial PR)
Sarah Hollins
Photography:
Photography is available, please contact Sarah Hollins at
sarah@yellowjerseypr.com
Notes to Editors:
About Osirium
Osirium Technologies plc (AIM: OSI.L), is a UK headquartered
cyber-security Software-as-a-Service ("SaaS") provider. Osirium
protects critical 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.
Osirium has defined and delivered what the Directors view as the
next generation PAM (Privileged Access Management) solution. The
team has developed the concept of Virtual Air Gap to separate users
from passwords, with Osirium's Privileged Task Management module
further strengthening Privileged Account security and delivering
impressive return on investment benefits for customers.
Founded in 2008 and with its headquarters in Reading, UK, the
Group was admitted to AIM in April 2016. For further information
please visit www.osirium.com
Chief Executive's Review
Introduction
We have made strong progress during the first half of 2017 and
are pleased to see the sales momentum continuing to build.
Our transition to a channel-based go-to-market strategy has
opened up new customer prospects in key market sectors including
Financial Services, Managed Security Service Providers ("MSSPs"),
Government, Critical National Infrastructure and Insurance.
Evidence of our progress in this regard can be seen by the fact
that bookings were up 393% to GBP445,169 for the six months to 30
June 2017, compared to GBP90,367 for the same period in 2016 with
revenue up 59% YoY from GBP164,501 to GBP262,600.
As a result, the Group has also witnessed a significant increase
in the quality and visibility of its pipeline, which has been
driven over the period by new contract wins and renewal orders from
existing customers, with many expanding the use of Osirium's
product suite.
Financial summary
Revenue was GBP261,600 compared with GBP164,501 in the same
period of 2016, however bookings were up 393% to GBP445,169 for the
six months to 30 June 2017 from GBP90,367 for the same period in
2016.
Osirium's loss before tax for the six months to 30 June 2017 was
GBP1,341,883, compared with a loss of GBP515,282 for the six months
to 30 June 2016.
As at 30 June 2017, the Group had cash balances of GBP2,015,948
(2016: GBP4,518,173).
The Group continued to increase its investment in research and
development during the period, with GBP545,208 capitalised in the
period (2016: GBP392,347), an increase of 39%, which has been
focussed on refining and further developing our next generation
Privileged Account Management (PAM) proposition and working to meet
new and prospective clients' expectations. The Group expects SaaS
revenues to increase further during the remainder 2017 and, with
the addition of extra consultancy resource, increased service
revenues are also being targeted.
Business Review
Strategy and market
The Privileged Access Management (PAM) market is growing
strongly. The increasing dependency of companies and governments on
web applications is leading to an unprecedented rise in
cyber-attacks and advanced threats.
Market forecasts conducted by analyst firm Gartner report
cybersecurity spending is expected to grow by 7% to a total of
$86.4 billion in 2017. Gartner also predict the PAM market is set
for continued growth at a CAGR of 22%, as companies concentrate on
implementing robust security policies and shrinking their internal
cyber-attack surface looking to reduce the risk posed by third, and
even fourth parties, who can be granted access to a company's
systems thereby exposing them to potential risks.
As part of the on-going recognition of the Osirium brand across
all markets, the Group was recently awarded the 2017 Cool Vendor
Award by Gartner amongst other cyber-security and risk management
vendors for being at the forefront of technological innovation.
Customers and marketing
Osirium has substantially achieved the targets it set at IPO,
including strengthening the senior management team with the
appointments of Stephen Roberts as Marketing Director and Tim Ager
as Sales Director and building a UK and global distribution channel
to access the growing number of potential mid-market accounts.
In February 2017, Duncan Fisken was appointed Business
Development Director for the Middle East North Africa region (MENA)
followed shortly by the Group signing a distribution agreement with
Spectrami in the MENA region. Spectrami is a Dubai-based value
added distributor in the MENA region which is armed with an
innovative approach to channel empowerment through knowledge
sharing and skill building in the cyber market.
In March 2017, the Group announced that its market leading PAM
product is now available in the Asia Pacific region (APAC). Hugh
Sunderland and Mike Stephens were appointed as Business Development
partners for the region. Regional partner EB2BCOM has recently been
signed to take the Osirium platform into Australia and to its
existing customer base in Singapore. In addition, Distology, a
value-added distributor in the UK IT security field, was appointed
to strengthen Osirium's UK channel distribution presence. Riko
Andreas Schick was also appointed as Business Development Director
for German, Austrian, Swiss and Polish regions. Riko joins Osirium
with extensive experience developing businesses in the global
cyber-security market space.
In May 2017, the Group appointed a Business Development Director
in Germany to address the opportunity in this significant market
and subsequently appointed ectacom, GmbH as its DACH (Germany,
Austria and Switzerland) and Poland regional distribution
partner.
With a significant investment in the new www.osirium.com website
earlier in the year, the goal has been set to attract and drive new
prospects to a platform that now reflects the global ambitions of
Osirium, with separate but integrated websites now in place to
cover the Middle-East, APAC and a local language site to support
the DACH region. The reach of this new digital presence has been
extended to portray the truly global presence but offering a local
connection wherever Osirium does business.
Osirium will continue to raise brand awareness by being visible
where prospects are looking for solutions to solve critical
business issues. A program of high profile event activities will
continue and extended to reach prospects across the global
footprint including GITEX Technology Week Conference in Dubai,
it-sa, Europe's largest expo for IT security in Germany, and IP
Expo in London during October 2017.
As PAM Cyber Protection moves from being a technology only
considered by large corporations to a "must-have" solution for
mid-sized companies as a variety of regulatory compliance standards
are helping to drive mainstream and mid-market adoption. Now,
companies with 200 to 2,000 employees are looking at PAM as a way
to protect their internal and external layers of security, and this
continues to present a significant and immediately actionable
opportunity.
Finally, we are pleased to announce that the first six months of
the current financial year have included several new customer wins
- one of the world's largest insurance companies, our first sale
into a critical national infrastructure business and a Middle
Eastern mobile technology provider.
Research and development
When looking at Innovation Leadership, our continued investment
in the product remains strong with the latest iteration of the
Osirium Platform being recognised by analysts KuppingerCole in
their June Leadership Compass Report.
The Osirium platform performed strongly positioned alongside
larger competitors in the Innovation Leaders segment due to its
breadth of capability.
The Group has four pending patent applications for inventions
related to Osirium's PAM technology.
Summary and Outlook
"During 2017, there has been a continuation of high profile data
breaches and preparation for the onset of General Data Protection
Regulation (GDPR) from May 2018. Osirium, as a leading provider of
Privileged Access Management software, is well positioned to help
our clients protect their organisations against breaches that have
penetrated their perimeter wall across both local and cloud-based
infrastructure, including against internal threats. Furthermore, we
are seeing increased interest with GDPR as the market increasingly
acknowledges that data security requires privileged security.
We are pleased with our progress, both operationally and
financially, during the period as demonstrated by our new customer
wins and renewal contracts.
Since becoming a public company, our corporate profile has also
increased considerably and we have seen a growing and positive
recognition of Osirium's innovative approach, culminating in our
being named as a 'Cool Vendor' by Gartner, the leading independent
IT research firm.
Our primary operational focus will be to continue to develop new
technology for our Next Generation PAM solution and drive growth
within our UK and global distribution network by expanding our
sales and marketing commitments through our channel and direct
sales capabilities.
This global footprint will enable the Group to take advantage of
the opportunities in the growing international cyber-security
market. Osirium continues to execute a proactive sales and
marketing strategy, raising its brand profile in the marketplace,
continuing to grow our customer base and investing in the continued
research and development of our software modules.
Osirium's simple to use and easy to deploy technology, combined
with our strengthened team and global partnerships, provides a
strong platform for future growth."
David Guyatt
Chief Executive Officer
25 September 2017
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months 6 months 14 months
to to to
30-Jun-17 30-Jun-16 31-Dec-16
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
CONTINUING OPERATIONS
Revenue 261,600 164,501 477,577
Administrative
expenses (1,605,868) (682,897) (2,300,074)
------------ ------------ ------------
OPERATING
LOSS (1,344,268) (518,396) (1,822,497)
Finance
costs (225) (168) -
Finance
income 2,610 3,282 9,654
------------ ------------ ------------
LOSS BEFORE
TAX (1,341,883) (515,282) (1,812,843)
Income tax
credit 175,000 163,288 453,288
------------ ------------ ------------
LOSS FOR THE PERIOD
ATTRIBUTABLE TO
THE OWNERS OF OSIRIUM
TECHNOLOGIES PLC (1,166,883) (351,994) (1,359,555)
============ ============ ============
Loss per share from continuing operations: (11p) (3p) (13p)
Basic and diluted loss per share
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30-Jun-17 30-Jun-16 31-Dec-16
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
ASSETS
NON-CURRENT
ASSETS
Intangible
assets 1,415,299 988,225 1,134,452
Property, plant
& equipment 81,972 31,222 44,315
------------ ------------ ------------
CURRENT ASSETS
Trade and other
receivables 772,489 149,153 380,891
Cash and cash
equivalents 2,015,948 4,518,173 3,572,794
------------ ------------ ------------
2,788,437 4,667,326 3,953,685
------------ ------------ ------------
TOTAL ASSETS 4,285,708 5,686,773 5,132,452
============ ============ ============
LIABILITIES
CURRENT LIABILITIES
Trade and other
payables 808,683 411,204 648,530
------------ ------------ ------------
808,683 411,204 648,530
------------ ------------ ------------
TOTAL LIABILITIES 808,683 411,204 648,530
============ ============ ============
EQUITY
SHAREHOLDERS EQUITY
Called up share
capital 103,944 103,944 103,944
Share premium 5,008,619 5,008,619 5,008,619
Share option
reserve 497,545 296,031 337,559
Merger reserve 4,008,592 4,008,592 4,008,592
Retained
earnings (6,141,675) (4,141,617) (4,974,792)
------------ ------------ ------------
TOTAL EQUITY ATTRIBUTABLE
TO THE
OWNERS OF OSRIRIUM
TECHNOLOGIES PLC 3,477,025 5,275,569 4,483,922
------------ ------------ ------------
TOTAL EQUITY AND
LIABILITIES 4,285,708 5,686,773 5,132,452
============ ============ ============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
attributable to the owners of Osirium Technologies plc
Called
up Share
share Retained Share Merger option Total
capital earnings premium reserve reserve equity
GBP GBP GBP GBP GBP GBP
Balance at 1
January 2016 65,482 (3,789,623) - 4,008,592 254,504 538,955
Changes
in equity
Issue of
share capital 38,462 - 5,961,537 - - 5,999,999
Issue costs - - (952,918) - - (952,918)
Total
comprehensive
loss - (351,994) - - - (351,994)
Share option
charge - - - - 41,527 41,527
-------- ------------ ---------- ---------- -------- ------------
Balance at 30
June 2016
(unaudited) 103,944 (4,141,617) 5,008,619 4,008,592 296,031 5,275,569
======== ============ ========== ========== ======== ============
Balance at 1
November 2015 65,482 (3,615,237) - 4,008,592 240,662 699,499
Issue of
share capital 38,462 - 5,961,537 - - 5,999,999
Issue costs - - (952,918) - - (952,918)
Total
comprehensive
loss - (1,359,555) - - - (1,359,555)
Share option
charge - - - - 96,897 96,897
-------- ------------ ---------- ---------- -------- ------------
Balance at 31
December 2016
(audited) 103,944 (4,974,792) 5,008,619 4,008,592 337,559 4,483,922
======== ============ ========== ========== ======== ============
Balance at 1
January 2017 103,944 (4,974,792) 5,008,619 4,008,592 337,559 4,483,922
Changes
in equity
Total
comprehensive
loss - (1,166,883) - - - (1,166,883)
Share option
charge - - - - 159,986 159,986
-------- ------------ ---------- ---------- -------- ------------
Balance at 30
June 2017
(unaudited) 103,944 (6,141,675) 5,008,619 4,008,592 497,545 3,477,025
======== ============ ========== ========== ======== ============
CONSOLIDATED STATEMENT OF CASHFLOWS
6 months 6 months 14 months
ended ended ended
30-Jun-17 30-Jun-16 31-Dec-16
(unaudited) (unaudited) (audited)
GBP GBP GBP
Cashflows from operating
activities
Cash used in operations (963,346) (317,495) (909,873)
Interest
paid (225) (168) -
Tax received - - 120,430
------------- ------------- -----------
Net cash used in operating
activities (963,571) (317,663) (789,443)
------------- ------------- -----------
Cash flows from investing
activities
Purchase of intangible
fixed assets (545,208) (392,347) (915,476)
Purchase of tangible
fixed assets (50,677) (29,164) (52,508)
Interest
received 2,610 3,282 9,654
------------- ------------- -----------
Net cash used in investing
activities (593,275) (418,229) (958,330)
------------- ------------- -----------
Cashflows from
financing activities
Share issue (net
of issue costs) - 5,047,081 5,047,081
------------- ------------- -----------
Net cash from
financing activities - 5,047,081 5,047,081
------------- ------------- -----------
Increase/(decrease) in cash
and cash equivalents (1,556,846) 4,311,189 3,299,308
Cash and cash equivalents
at beginning of period 3,572,794 206,984 273,486
------------- ------------- -----------
Cash and cash equivalents
at end of period 2,015,948 4,518,173 3,572,794
============= ============= ===========
GENERAL INFORMATION
Osirium Technologies PLC was incorporated on 3 November 2015,
and registered and domiciled in England and Wales with its
registered office located at One Central Square, Cardiff CF10
1FS.
The principal activity of the Group in the periods under review
was that of the development of security software.
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation
The Group financial information is presented in pounds sterling
which is the Group's presentational currency and all values are
rounded to the nearest whole pound.
The financial information does not comprise statutory accounts
within the meaning of section 435 of the Companies Act 2006. The
financial information together with the comparative information for
the six months ended 30 June 2016 are unaudited with the audited
information included for the 14 month period ended 31 December
2016. The audited information received an audit report which was
unqualified and did not include a statement under section 498(2) or
section 498(3) of the Companies Act 2006.
The financial information was approved by the Board of Directors
and authorised for issue on 22 September 2017.
Accounting Policies
The accounting policies used in the preparation of the financial
information for the six months ended 30 June 2017 are in accordance
with the recognition and measurement criteria of the International
Financial Reporting Standards as adopted by the European Union
('IFRS') and are consistent with those which will be adopted in the
annual financial statements for year ending 31 December 2017.
Merger Accounting
On 6 April 2016 Osirium Technologies PLC acquired Osirium
Limited ("Osirium Ltd"). This transaction did not meet the
definition of a business combination as set out in IFRS 3. It is
noted that such transactions are outside the scope of IFRS 3 and
there is no other guidance elsewhere in IFRS covering such
transactions. IAS 8 Accounting Policies, Changes in Accounting
Estimates and Errors, requires that where IFRS does not include
guidance for a particular issue, the Directors may also consider
the most recent pronouncement of other standard setting bodies that
use a similar conceptual framework to develop accounting standards
when developing an appropriate accounting policy. In this regard,
it is noted that the UK accounting Standards Board has, in issue,
an accounting standard covering business combinations (FRS6) that
permits the use of the merger accounting principles for such
transactions. The Directors have therefore chosen to adopt these
principles and the financial information has been prepared as if
Osirium Ltd had been owned and controlled by Osirium Technologies
PLC throughout the 14 months ended 31 December 2016 and the periods
ended 30 June 2016 and 30 June 2017. Accordingly, the assets and
liabilities of Osirium have been recognised at their historical
carrying amounts, the results for the periods prior to the date the
company legally obtained control have been recognised and the
financial information and cash flows reflect those of Osirium Ltd.
The amount recognised in equity is based on the historical carrying
amounts recognised by Osirium Ltd. However, the share capital
balance is adjusted to reflect the equity structure of the
outstanding share capital of Osirium Technologies PLC and any
corresponding differences are reflected as an adjustment to a
merger reserve.
Going concern
As part of their going concern review the Directors have
followed the guidelines published by the Financial Reporting
Council entitled "Guidance on the Going Concern Basis of Accounting
and Reporting on Solvency and Liquidity Risks (2016)".
The Directors have prepared detailed financial forecasts and
cash flows looking beyond 12 months from the date of the Interim
Statement. In developing these forecasts the Directors have made
assumptions based upon their view of the current and future
economic conditions that will prevail over the forecast period.
On the basis of the above projections, the Directors are
confident that the Group has sufficient working capital to honour
all of its obligations to creditors as and when they fall due.
Accordingly, the Directors continue to adopt the going concern
basis in preparing the Interim Statement.
Intangible Assets
An internally-generated, development intangible asset arising
from Osirium's product development is recognised if, and only if,
Osirium can demonstrate all of the following:
-- The technical feasibility of completing the intangible asset
so that it will be available for use of sale.
-- Its intention to complete the intangible asset and use or sell it.
-- Its ability to use or sell the intangible asset.
-- How the intangible asset will generate probably future economic benefits
-- The availability of adequate technical, financial and other
resources to complete the development and to use or sell the
intangible asset.
-- Its ability to measure reliably the expenditure attributable
to the intangible asset during its development.
Internally-generated development intangible assets are amortised
on a straight-line basis over their useful lives. Amortisation
commences in the financial year of capitalisation. Where no
internally-generated intangible asset can be recognised,
development expenditure is recognised as an expense in the period
in which it is incurred.
Development costs 20% per annum, straight line.
Share based payments
Osirium issues equity-settled share-based payments to certain
employees and others under which Osirium receives services as
consideration for equity instruments (options) in Osirium.
Equity-settled share-based payments are measured at fair value at
the date of grant by reference to the fair value of the equity
instruments granted. The fair value determined at the grant date of
equity-settled share-based payments is recognised as an expense in
Osirium's Statement of Comprehensive Income over the vesting period
on a straight-line basis, based on Osirium's estimate of the number
of instruments that will eventually vest with a corresponding
adjustment to equity. The expected life used in the valuation is
adjusted, based on management's best estimate, for the effect of
non-transferability, exercise restrictions, and behavioural
considerations.
Non-vesting and market vesting conditions are taken into account
when estimating the fair value of the options at grant date.
Service and non-market vesting conditions are taken into account by
adjusting the number of options expected to vest at each reporting
date.
When the options are exercised Osirium issues new shares. The
proceeds received net of any directly attributable transaction
costs are credited to share capital (nominal value) and share
premium.
INTANGIBLE FIXED ASSETS
Development
Costs
GBP
Cost
At 1 January
2016 2,441,353
Additions to
30 June 2016 392,347
Cost c/f as at
30 June 2016 2,833,700
============
At 1 November
2015 2,310,571
Additions to
31 December 2016 915,476
Cost c/f as at
31 December 2016 3,226,047
============
At 1 January
2017 3,226,047
Additions to
30 June 2017 545,208
Cost c/f as at
30 June 2017 3,771,255
============
Amortisation
At 1 January
2016 1,599,355
Charge to 30
June 2016 246,120
Amortisation c/f as
at 30 June 2016 1,845,475
============
At 1 November
2015 1,517,315
Charge to 31
December 2016 574,280
Amortisation c/f as
at 31 December 2016 2,091,595
============
At January
2017 2,091,595
Charge to 30
June 2017 264,361
Amortisation
as at 30 June
2017 2,355,956
============
Carrying
Amount:
At 30 June
2016
(unaudited) 988,225
============
At 31 December
2016 (audited) 1,134,452
============
At 30 June
2017
(unaudited) 1,415,299
============
All development costs are amortised over their estimated useful
lives, which is on average 5 years.
Amortisation is charged in full in the financial year of
capitalisation.
All amortisation has been charged to the administrative expenses
in the statement of comprehensive income and total comprehensive
loss.
RECONCILIATION OF LOSS BEFORE ANY INCOME TAX TO CASH GENERATED
FROM OPERATIONS
6 months 6 months 14 months
ended ended ended
30-Jun-17 30-Jun-16 31-Dec-16
(unaudited) (unaudited) audited
GBP GBP GBP
Loss before income
tax (1,341,883) (515,282) (1,812,843)
Depreciation
charges 13,019 4,865 14,632
Amortisation
charges 264,361 246,120 574,280
Share option
reserve 159,986 41,527 96,897
Finance
costs 225 168 -
Finance
income (2,610) (3,282) (9,654)
------------- ------------- ------------
(906,902) (225,884) (1,136,688)
(Increase)/decrease in
trade and other receivables (216,597) (104,964) (56,674)
Increase/(decrease) in
trade and other payables 160,153 13,353 283,489
------------- ------------- ------------
Cash generated
from operations (963,346) (317,495) (909,873)
============= ============= ============
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
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