Falanx Group’s Cyber Security Division achieves revenue growth of 29% to £1.8m

Falanx Group Ltd (LON:FLX), the AIM listed cyber security business, has updated on trading for the six months period to 30 September 2021, and to announce further strengthening of its cash position.

Cyber Security Division Trading Update for the six months to 30 September 2021

The division won sales orders of over £2.5m (2020: £1.5m).  This supported revenue growth of 29% to £1.8m (2020: £1.4m) and increased the gross margin to 40% (2020: 27%). Consequently, the division has recorded an adjusted EBTIDA profit of c£0.1m (2020: £0.28m loss). The Cyber division is now profitable on a routine monthly basis at an adjusted EBITDA level.

Second Tranche of BOOST&Co Loan

Falanx is pleased to announce that it has received the final £1.5m balance under its £2.5m loan facility with BOOST&Co (the “Loan”).

The proceeds of the Loan, together with the net proceeds of the recent sale of the Group’s Assynt division, will be used for potential earnings enhancing acquisitions within cyber security and also for organic investment into sales and marketing, ongoing product innovation as well as overall balance sheet strength.

The key terms of the Loan are:

·    £2.5m facility secured over the Group’s assets

·    Annual interest of 11% and straight-line amortisation of the loan commencing after 12 months

·    The loan carries a 3% early prepayment fee on the then amount outstanding

Following receipt of the Loan, Falanx has its strongest ever cash position, with current balances of over £5.5m following the adjustments referenced in the announcement of 6 October 2021.  Net (of Loan) cash is currently £3.0m.

Further details on the BOOST&Co loan are contained in the Company’s announcement on 18 August 2021. The Company’s announcement on 29 September 2021 includes further details on the Group’s current trading.

Alex Hambro (Non-Executive Chairman) said: “The receipt of this final tranche of funds from BOOST & Co completes the strategic repositioning of Falanx into a well-resourced “pure play” in the emerging field of cyber security service provision to UK SMEs.  With the recent disposal of our strategic business intelligence division, we can now focus on the 24/7 protection of our clients with our Triarii technology platform and the seamless onboarding of future clients that will emerge from our channel partners.”

“Both our financial performance and position have markedly improved, and I am confident in Falanx Group’s new direction and future.”

Click to view all articles for the EPIC:
Or click to view the full company profile:
Share on facebook
Share on twitter
Share on linkedin
Falanx Group Ltd

More articles like this

Falanx Group Ltd

Hospitals are at a high risk of cyberattacks

Are Hospitals at a High Risk of cyberattacks? Yes, they are! Since they store sensitive data and usually have weak cyber defences. Thus, putting Digital Health at stake. Even the pandemic has raised the increase in the rate of cyberattacks on Hospitals as they

Falanx Group Ltd

How to avoid the $1 million bill of a ransomware attack

Your business will be targeted by a cybercriminal this year. That’s not an exaggeration, or even a scare tactic. Unfortunately, it is the harsh reality: 61% of mid-sized businesses (the most popular target for hackers) experienced a cyberattack last year. With

Falanx Group Ltd

Finalists at the Cyber Security Awards 2022

Falanx Group are delighted to have 2 finalists at the Cyber Security Awards, 2022 being held at One Moorgate Place, London! Nicola Hartland, Chief Revenue Officer, is finalist in the category Woman of the Year. Rob Shapland, ethical hacker

Falanx Group Ltd

Charities Cyber Essentials fortnight 7-18th November

Cyber criminals are attracted to money. And that makes charities – and the information they hold – a target. Data on beneficiaries, supporters and volunteers as well as information on invoice and payment details can be sold by

Falanx Group Ltd

Most Inspiring Women in Cyber awards 2022

The nominations for the Most Inspiring Women in Cyber awards are out! It’s always wonderful to read about the incredible women in our industry, who are making fantastic contributions and paving the way for others. In no particular

Falanx Group Ltd

Almost half of Irish SMEs hit by multiple cyber attacks

Almost half of Irish small and medium businesses have experienced multiple cyber attacks in the last three years, according to a new study. The study from Microsoft and Vodafone states that the average financial loss per business was

Falanx Group Ltd

Falanx Group strengthens Board with new appointments

Falanx Group Ltd (LON:FLX), the AIM listed provider of cyber security services, has announced the appointment of William Kilmer as an independent Non-Executive Director and Richard “Rick” Flood as an Executive Director and with immediate effect. William Kilmer

Falanx Group Ltd

Rob Shapland speaking at International Cyber Security Expo 2022

Catch Rob Shapland our very own head of innovation and ethical hacker at this years International Cyber Security Expo. Where: Kensington Olympia, London.When: 28th September, 2022Session Time: 11.30am Rob will be presenting: How to Steal a Vaccine  The importance of vaccines in

Falanx Group Ltd

Falanx Group expecting further growth in orders in H2 FY23

Falanx Group Ltd (LON:FLX), the AIM listed provider of cyber security services, has announced its audited results for the year-ended 31 March 2022.    Financial highlights • Revenues £3.54m (2021: £3.12m), an increase of 14% • Closing Monthly Recurring Revenues (“MRR”) 25% greater

Falanx Group Ltd

Why cyber security operation centres should be UK based

The current financial environment has everyone money conscious, but many companies are still leaving themselves vulnerable to big pay-outs to cyber fraudsters. Cyber criminals earn three times the average salary of a FTSE 100 chief executive, according to

Falanx Group Ltd

You have to live and breathe entrepreneurship

Serial founder Nicola Hartland has scaled and sold several businesses from Aberdeen to Basingstoke. She reveals the secrets to her success. Falanx Cyber When Falanx Cyber – part of publicly listed Reading-headquartered Falanx Group – sought someone earlier

Falanx Group Ltd

Transport operator Go-Ahead flags cyber security breach

British transport operator Go-Ahead (GOG.L) said that it had detected “unauthorised activity” on its network earlier in the week, adding that the cyber security incident had no impact on its UK or international rail services. The incident has been notified

No more posts to show