Osirium Technologies — Accelerating bookings

Osirium Technologies (LN: OSI)

Last close As at 01/11/2024

8.00

0.00 (0.00%)

Market capitalisation

4m

More on this equity

Research: TMT

Osirium Technologies — Accelerating bookings

Osirium reported a relatively flat year for bookings and revenue in FY21, although this masks the doubling of the customer base over the year. As customer decision-making returns to pre-pandemic norms, we expect accelerating growth in bookings. The company has made a strong start to the year with record order intake in Q122. We maintain our FY22 forecasts.

Katherine Thompson

Written by

Katherine Thompson

Director

TMT

Osirium Technologies

Accelerating bookings

FY21 results

Software & comp services

22 April 2022

Price

12p

Market cap

£6m

Net debt (£m) at end FY21

2.3

Shares in issue

46.0m

Free float

78%

Code

OSI

Primary exchange

AIM

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

71.4

0.0

(51.0)

Rel (local)

67.8

(0.5)

(54.5)

52-week high/low

26p

5p

Business description

UK-based Osirium Technologies designs and supplies subscription-based cybersecurity software. Its product portfolio includes privileged access management (incorporating privileged access, task, session and behaviour management), secure process automation and privileged endpoint management software.

Next events

H122 results

September 2022

Analyst

Katherine Thompson

+44 (0)20 3077 5730

Osirium Technologies is a research client of Edison Investment Research Limited

Osirium reported a relatively flat year for bookings and revenue in FY21, although this masks the doubling of the customer base over the year. As customer decision-making returns to pre-pandemic norms, we expect accelerating growth in bookings. The company has made a strong start to the year with record order intake in Q122. We maintain our FY22 forecasts.

Year end

Revenue (£m)

EBITDA*
(£m)

EPS*
(p)

DPS
(p)

P/E
(x)

EV/sales
(x)

12/19

1.17

(2.15)

(19.5)

0.0

N/A

5.8

12/20

1.43

(1.36)

(12.9)

0.0

N/A

4.8

12/21

1.47

(1.61)

(10.9)

0.0

N/A

4.6

12/22e

1.73

(1.51)

(6.9)

0.0

N/A

4.0

Note: *EBITDA and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

FY21: Customer base doubled

Osirium reported revenue of £1.47m for FY21, 3% higher y-o-y, and bookings of £1.6m, 2% higher y-o-y. As previously flagged, the company more than doubled its customer base in the year, although lower average contract values held back bookings and revenue growth. Partly, this was due to a slowdown in customer decision making due to the pandemic but also because Osirium sold some bespoke packages to NHS trusts that were of lower value. We believe the larger customer base provides good potential for cross-selling and upselling. The EBITDA loss for the year widened to £1.61m, reflecting a return to some of the spending that was cut during the peak of the pandemic in FY20. Osirium closed the year with gross cash of £0.4m and net debt of £2.3m. Post year-end, it raised gross proceeds of £1m from the placing and subscription of 16.7m new shares at 6p per share.

Reverting to pre-COVID trading in FY22

Trading in Q122 has been much stronger than in the prior year, with record bookings received. Already five deals have been signed that were larger than any deal signed in FY21. The company is seeing customers adopt multiple modules, adding privileged process automation (PPA) or privileged endpoint management (PEM) solutions to the core privileged access management (PAM) software. We maintain our recently upgraded forecasts, which reflect the more positive environment, supported by a higher level of the contract base due for renewal in FY22 and the potential to sell more to the large number of customers won in FY21.

Valuation: Bookings growth the key trigger

At 4.0x FY22e sales, Osirium is trading at a discount to peers on an EV/sales basis (the UK software sector is trading at 4.3x current year sales). Key to closing this gap will be evidence of sustained bookings momentum translating into revenue growth and progress towards break-even.

Review of FY21 results

Exhibit 1: FY21 results highlights

£’000s

FY20a

FY21e

FY21a

Diff

y-o-y

Bookings

1,568.7

1,568.7

1,600.0

2.0%

2.0%

Revenues

1,434.9

1,437.3

1,474.5

2.6%

2.8%

EBITDA

(1,363.5)

(1,668.1)

(1,609.3)

(3.5%)

18.0%

EBITDA margin

-95.0%

-116.1%

-109.1%

(6.0%)

Normalised operating profit

(2,872.4)

(3,293.9)

(3,230.8)

(1.9%)

12.5%

Normalised operating margin

-200.2%

-229.2%

-219.1%

10.1%

Reported operating profit

(2,872.4)

(3,293.9)

(3,230.8)

(1.9%)

12.5%

Reported operating margin

-200.2%

-229.2%

-219.1%

10.1%

Normalised PBT

(3,094.7)

(3,504.4)

(3,427.9)

(2.2%)

10.8%

Reported PBT

(3,094.7)

(3,504.4)

(3,427.9)

(2.2%)

10.8%

Normalised net income

(2,504.5)

(2,978.7)

(2,833.3)

(4.9%)

13.1%

Reported net income

(2,504.5)

(2,978.7)

(2,833.3)

(4.9%)

13.1%

Normalised basic EPS (p)

(12.85)

(11.43)

(10.87)

(4.9%)

(15.4%)

Normalised diluted EPS (p)

(12.85)

(11.43)

(10.87)

(4.9%)

(15.4%)

Reported basic EPS (p)

(12.85)

(11.43)

(10.87)

(4.9%)

(15.4%)

Gross cash

1,482.4

205.0

383.9

87.2%

Net debt/(cash)

1,020.5

2,500.3

2,325.0

(7.0%)

127.8%

Source: Osirium, Edison Investment Research

FY21 revenue was marginally ahead of our forecast, as was bookings intake (the company had provided a trading update in January). The EBITDA loss was smaller than forecast, due to the combination of slightly higher revenue and slightly lower than expected operating expenses. This also flowed through to the normalised operating loss. The company closed the year with gross cash of £384k and net debt of £2,325k. The company reported a tax credit of £595k compared to our £526k forecast. Combined with the smaller EBITDA loss, this resulted in a slightly lower net debt than we expected.

The company capitalised £1.85m in R&D costs (FY20: £1.81m) as it focused on the development of new and enhanced software offerings.

In February, the company raised gross proceeds of £1m and expects to seek further funding in H222.

Business update

Expansion of customer base

The company more than doubled its customer base to 105 by the end of FY21. A large proportion of new customers wins came from NHS trusts taking advantage of funding for privileged access security to protect against ransomware, for which Osirium developed a bespoke package. The company also saw and continues to see good demand from the higher education sector. In the commercial sector, the company signed up a London-based law firm, a financial services firm and cross-sold its PPA solutions to an existing PAM customer, which is a UK communications provider.

While average contract sizes during FY21 were lower, this has created a much larger customer base for Osirium to upsell and cross-sell to.

The renewal rate in FY21 was 95.4% by value.

Product adoption increasing

As well as adopting Osirium’s core PAM solution, new customers are increasingly adding PPA as part of a combined purchase and some customers are now taking PPA as a standalone product. The company expects to make similar progress with the more recently developed PEM product.

Product developments during the year include:

SAML Single Sign-On (SSO) capability: this integrates Osirium solutions with identity providers, making it easier for customers with existing SSO infrastructure to work with Osirium.

Desktop version of PAM for customers who prefer a local client.

Third-party database replication to enhance resilience and simplify product upgrades.

Improvements to PPA, including authentication tools and a simplified process for onboarding users.

Improvements to PEM, with four software releases during the year.

International expansion ongoing

Through channel partners, the company saw growth in overseas sales, with first sales in new countries in Europe (Hungary, Ireland, Netherlands, Poland) and new regions including South Africa (to a mobile network operator) and Singapore.

In-person marketing returning

During the pandemic, Osirium switched to digital marketing as in-person marketing events were cancelled. It intends to maintain its digital marketing activity in parallel with in-person events and trade shows as they resume.

Outlook

Earlier in April, the company provided an update on Q122 trading (see Positive Q1 update), noting that it achieved record bookings and signed up 20 new customers in Q122. It has signed up eight new NHS trusts so far this year.

At this point in the year, we see no need to change our FY22 forecasts, which factor in bookings growth of 50% and revenue growth of 18%. Our end-FY22 net debt forecast reduces from £4.3m to £3.7m, reflecting a normalisation in debtor days outstanding (which were higher than usual at the end of FY21).


Exhibit 2: Financial summary

£'000s

2016

2017

2018

2019

2020

2021

2022e

31-December

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

INCOME STATEMENT

Revenue

 

 

477.6

647.6

957.5

1,171.6

1,434.9

1,474.5

1,734.3

EBITDA

 

 

(1,136.7)

(1,609.4)

(1,767.3)

(2,152.1)

(1,363.5)

(1,609.3)

(1,514.8)

Normalised operating profit

 

 

(1,725.6)

(2,296.8)

(2,674.8)

(3,399.7)

(2,872.4)

(3,230.8)

(3,301.1)

Amortisation of acquired intangibles

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Exceptionals

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Share-based payments

(96.9)

0.0

0.0

0.0

0.0

0.0

0.0

Reported operating profit

(1,822.5)

(2,296.8)

(2,674.8)

(3,399.7)

(2,872.4)

(3,230.8)

(3,301.1)

Net Interest

9.7

4.2

(0.6)

(52.2)

(222.3)

(197.0)

(210.5)

Joint ventures & associates (post tax)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Exceptionals

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Profit Before Tax (norm)

 

 

(1,715.9)

(2,292.6)

(2,675.4)

(3,451.9)

(3,094.7)

(3,427.9)

(3,511.6)

Profit Before Tax (reported)

 

 

(1,812.8)

(2,292.6)

(2,675.4)

(3,451.9)

(3,094.7)

(3,427.9)

(3,511.6)

Reported tax

453.3

409.4

407.6

622.5

590.2

594.6

526.7

Profit After Tax (norm)

(1,286.9)

(1,883.2)

(2,267.8)

(2,829.4)

(2,504.5)

(2,833.3)

(2,984.9)

Profit After Tax (reported)

(1,359.6)

(1,883.2)

(2,267.8)

(2,829.4)

(2,504.5)

(2,833.3)

(2,984.9)

Minority interests

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Discontinued operations

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Net income (normalised)

(1,286.9)

(1,883.2)

(2,267.8)

(2,829.4)

(2,504.5)

(2,833.3)

(2,984.9)

Net income (reported)

(1,359.6)

(1,883.2)

(2,267.8)

(2,829.4)

(2,504.5)

(2,833.3)

(2,984.9)

Basic average number of shares outstanding (m)

10

10

13

15

19

26

43

EPS - normalised (p)

 

 

(12.38)

(18.12)

(18.14)

(19.45)

(12.85)

(10.87)

(6.90)

EPS - normalised fully diluted (p)

 

 

(12.38)

(18.12)

(18.14)

(19.45)

(12.85)

(10.87)

(6.90)

EPS - basic reported (p)

 

 

(13.08)

(18.12)

(18.14)

(19.45)

(12.85)

(10.87)

(6.90)

Dividend (p)

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Revenue growth (%)

64.6

35.6

47.9

22.4

22.5

2.8

17.6

EBITDA Margin (%)

-238.0

-248.5

-184.6

-183.7

-95.0

-109.1

-87.3

Normalised Operating Margin

-361.3

-354.7

-279.4

-290.2

-200.2

-219.1

-190.3

BALANCE SHEET

Fixed Assets

 

 

1,178.8

1,812.1

2,360.2

3,124.4

3,487.3

3,649.2

3,923.8

Intangible Assets

1,134.5

1,731.9

2,307.2

2,936.5

3,335.5

3,557.3

3,851.9

Tangible Assets

44.3

80.2

52.9

187.9

151.9

91.9

71.9

Investments & other

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Current Assets

 

 

3,953.7

1,646.4

3,134.6

4,837.3

2,300.8

1,466.1

2,204.5

Stocks

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Debtors

380.9

622.6

748.0

982.4

818.4

1,082.3

1,022.2

Cash & cash equivalents

3,572.8

1,023.8

2,386.6

3,854.9

1,482.4

383.9

1,182.3

Other

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Current Liabilities

 

 

(648.5)

(857.7)

(1,170.3)

(1,923.0)

(2,143.7)

(2,174.2)

(2,878.3)

Creditors

(648.5)

(857.7)

(1,170.3)

(1,889.1)

(2,088.7)

(2,158.5)

(2,852.6)

Tax and social security

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Short term borrowings

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Other

0.0

0.0

0.0

(33.9)

(55.0)

(15.8)

(25.8)

Long Term Liabilities

 

 

0.0

0.0

0.0

(2,422.4)

(2,518.6)

(2,708.9)

(4,911.4)

Long term borrowings

0.0

0.0

0.0

(2,345.4)

(2,502.9)

(2,708.9)

(4,911.4)

Other long-term liabilities

0.0

0.0

0.0

(77.0)

(15.8)

0.0

0.0

Net Assets

 

 

4,483.9

2,600.8

4,324.5

3,616.3

1,125.8

232.2

(1,661.5)

Minority interests

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Shareholders' equity

 

 

4,483.9

2,600.8

4,324.5

3,616.3

1,125.8

232.2

(1,661.5)

CASH FLOW

Op Cash Flow before WC and tax

(1,136.7)

(1,609.4)

(1,767.3)

(2,152.1)

(1,363.5)

(1,609.3)

(1,514.8)

Working capital

226.8

85.5

187.2

633.7

396.5

(191.0)

754.2

Exceptional & other

0.0

0.0

0.0

0.0

14.0

105.0

0.0

Tax

120.4

291.4

407.6

473.3

557.3

591.4

526.7

Net operating cash flow

 

 

(789.4)

(1,232.5)

(1,172.5)

(1,045.1)

(395.7)

(1,103.9)

(233.9)

Capex

(968.0)

(1,320.6)

(1,455.7)

(1,852.8)

(1,875.1)

(1,874.6)

(1,929.7)

Acquisitions/disposals

0.0

0.0

0.0

0.4

3.3

0.2

0.0

Net interest

9.7

4.2

(0.6)

0.0

(56.5)

14.7

(8.0)

Equity financing

5,047.1

0.0

3,991.5

1,726.4

0.0

1,925.7

1,000.0

Dividends

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Other

0.0

0.0

0.0

(60.6)

(48.5)

(60.7)

(30.0)

Net Cash Flow

3,299.3

(2,549.0)

1,362.8

(1,231.7)

(2,372.5)

(1,098.5)

(1,201.6)

Opening net (cash)/debt

 

 

(273.5)

(3,572.8)

(1,023.8)

(2,386.6)

(1,509.5)

1,020.5

2,325.0

FX

0.0

0.0

0.0

(0.0)

(0.0)

0.0

0.0

Other non-cash movements

0.0

0.0

(0.0)

354.6

(157.4)

(206.0)

(202.5)

Closing net (cash)/debt

 

 

(3,572.8)

(1,023.8)

(2,386.6)

(1,509.5)

1,020.5

2,325.0

3,729.1

Source: Osirium, Edison Investment Research

General disclaimer and copyright

This report has been commissioned by Osirium Technologies and prepared and issued by Edison, in consideration of a fee payable by Osirium Technologies. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2022 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

General disclaimer and copyright

This report has been commissioned by Osirium Technologies and prepared and issued by Edison, in consideration of a fee payable by Osirium Technologies. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2022 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

More on Osirium Technologies

View All

Latest from the TMT sector

View All TMT content

Research: Industrials

Solid State — Strong finish to FY22 to deliver record profit

Solid State’s trading update this morning notes that, following an exceptionally strong finish to FY22, it expects the group to announce a 28% increase in revenues year-on-year to a record c £85m and a 33% jump in adjusted profit before tax to c £7.2m, also a record. Consensus FY22 and FY23 adjusted PBT estimates, which were upgraded in February, have been raised by 11% and 12% respectively.

Continue Reading

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free