Falanx Cyber Security seeing organic growth of c.9% year on year

Falanx Cyber Security Limited (LON:FCS), the global cyber security provider, has provided an update on trading for the year ended 31 March 2023 (“FY23”). 

Total revenues for FY23 are expected to be c.£3.8m (2022: c.£3.5m) representing organic growth of c.9% year on year. The Group experienced steady growth on PenTest revenues of 5% and it also saw strong growth in SOC monitoring revenues which grew by c.21% when compared to FY22. Total SOC order values (New Logo, Renewals, Uplifts & extensions) were up by 58% on FY22, reflecting the continual achievement of service excellence (with a strong Net Promoter Score of 80%+). This resulted in a growing volume of SOC clients through high annual renewal levels as well as growth in the estate coverage of individual clients.

The business has a healthy pipeline of business and has significantly lowered its operating cost base recently and expects to improve its financial performance in the next few months against a backdrop of further sales order growth so far in the first quarter of this financial year.

Falanx Cyber Security will report its audited results prior to the end of September 2023.

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