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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.”

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