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Falanx Group Ltd on Thursday reported improved annual results amid the sale of its Assynt Strategic Intelligence unit, and added it expects a better second half.
In the financial year that ended March 31, its pretax loss narrowed to £2.0 million from £3.5 million a year prior.
However, the Reading-based cybersecurity service provider turned to a post-tax profit of £1.5 million from a loss of £3.6 million. Revenue grew 14% to £3.5 million from £3.1 million.
Falanx shares rose 12% to 0.59 pence each in London on Thursday afternoon.
Discontinued business brought a profit of £3.5 million versus a loss of £64,212. Post-tax loss from continued business narrowed to £2.0 million from £3.5 million.
Administrative expenses decreased by 28% to £3.2 million from £4.5 million.
In October 2021, Falanx sold its Assynt Strategic Intelligence unit for £4.6 million in cash to Cross Atlantic Solutions LLC. Back then, Falanx said it believed ‘that its best prospects for future growth are by focusing as a pure play business focused on the fast-developing cyber security market, particularly given the sector's strong macro-economic drivers which have accelerated since the start of the Covid-19 pandemic.’
Looking ahead, the company expects an ‘improving financial performance in the second half’ of its financial year 2023, stating: ‘Our penetration testing business remains strong, and we have a growing customer base of around 400 organisations’.
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