Falanx Group cyber revenue grows more than 1000pc
Global intelligence, security and cyber defence provider Falanx Group announced its interim results for the six months to 30 September on Tuesday, with the board claiming significantly increased cyber revenue to £0.3m.
The AIM-traded company said that growth of 1130% was now contributing materially to the business after its start-up investment period.
It also reported increased Intelligence revenue to £0.9m, up 17%.
During the period, it made a successful acquisition of cyber security consultancy ASC.
It said the integration of the ASC and Falanx businesses had yielded meaningful cost reductions, with annualized savings now sitting at £350k.
The company raised £1.5m in May 2016 by way of a £1m equity placing and £0.5m in convertible loan notes, and had a cash balance of £830k at 30 September.
“I am delighted to join Falanx as CEO,” said new chief Stuart Bladen.
“I did so because I believe Falanx is well positioned within a rapidly growing market.”
Bladen said his and the board’s primary focus is to accelerate its strategy and deliver on the existing foundations.
“I will focus in particular on expanding our client relationships and on building high quality efficient delivery teams to help Falanx to grow profitably.”