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Falanx Group Ltd on Thursday said its interim loss widened amid a revenue fall, but pointed to core order growth in two consecutive months after the half-year period.
The Reading, England-based cyber-defence and intelligence services company said pretax loss in the six months that ended September 30 was £1.5 million, more than doubled from £707,506 a year earlier. Revenue was marginally down to £1.788 million from £1.794 million.
The increased loss was primarily caused by administrative expenses increasing by 41% to £2.0 million from £1.4 million, alongside multiplying finance expenses to £167,581 from £36,071.
Falanx stressed orders for core services were up 17% to £1.9 million from £1.6 million a year earlier, while it also reported core order growth of 44% in October and November from a year earlier, following the half-year period.
It also reported a cash balance on September 30 of £2.0 million, multiplied from £510,000 a year earlier, of which around £1.5 million is reserved for use on acquisitions and investments. In October, it received the final £345,000 cash consideration from the sale of Assynt in October 2021.
‘The drivers to spending on cyber security are ever increasing, and we look forward to growth in this year and next year. Our focus is to get to sustainable profitability within our existing resources and we are planning on achieving this by both recurring revenue growth and cost management,’ said Chair Alex Hambro.
Shares in Falanx were down 4.0% to 0.60 pence in London on Thursday afternoon.
By Greg Rosenvinge, Alliance News reporter
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