Osirium Technologies PLC (AIM:OSI), the cloud-based cybersecurity and IT automation software vendor, saw its shares more than double in value on Tuesday after it reported its best nine-month bookings performance to date, with demand for its products underpinned by greater cybersecurity awareness in its markets.
Bookings for the nine months ended 30 September 2022 rose to £2.52mln from £1.60mln last year, with annual recurring revenue (ARR) for September climbing to £1.74mln from £1.34mln, the company noted in a statement.
Osirium said it has continued to grow its customer base, while expanding the products and services it delivers to existing customers.
The healthcare, financial services and higher education sectors are the key drivers of growth, the company said.
Average contract values continued to grow during the period, as a result of a greater preparedness and need among customers to invest in cybersecurity for the long-term, it added.
The company said it continues to see “a greater awareness” of the benefits of privileged protection, with privileged security fast becoming an essential product for cybersecurity insurance.
“These wider market trends are helping to underpin demand for the group's offering,” Osirium noted, adding that investment in sales and marketing has enabled it to capitalise on the increased quantity and quality of sales opportunities across a range of sectors.
"In line with the increasing recognition of privileged security as an essential product for cybersecurity, we remain confident in our long-term growth opportunities," commented chief executive officer David Guyatt in the statement.
The company's cash balance as of 30 September 2022 was £0.32mln and trade debtors were £0.50mln.
Osirium shares soared 110.49% to 5.79p in midmorning trade.