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Falanx reports wider annual losses as pandemic-fuelled weakness in H1 dents performance
StockMarketWire.com
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Cybersecurity group Falanx reported wider annual losses as lower margins offset a rise in revenue,
For the year ended 31 March 2020, pre-tax losses were £2.9 million from £1.9m year-on-year as revenue rose to 12% to £5.85m.
The rise in revenues was largely attributable to the increased performance shown in H2.
Overall gross margins fell to 38% from 44%, owing to service mix, and pandemic-led weakness in demand for professional services in the first half of the year.
In a sign of the recovery demand for its cybersecurity services, the company said monthly cyber services customer orders had returned to pre-COVID-19 levels since the period-end.
'Our order book is strengthening, cyber order levels are close to pre COVID-19 levels and our sale pipelines are building in terms of quantum and quality,' the company said.
At 9:37am: (LON:FLX) Falanx Group Plc share price was -0.06p at 0.92p
Story provided by StockMarketWire.com
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