Falanx books wider losses as lower margins offset rise in revenue

Tue, 3rd Dec 2019

Cybersecurity and intelligence provider Falanx booked wider losses in the first half as lower margins offset a rise in revenue. For the six months ended 30 September 2019, pre-tax losses widened to £1.55m from £0.97m on-year, while revenue increased 21% to £2.64m The intelligence business unit increased sales by 31% to £0.93 and its cyber business unit increased by 16% to £1.71m. Gross margins fell to 30% from 42%, largely driven by the result of product mix and certain utilisation issues which reduced gross profit by approximately £0.15m, the company said. 'Demand for our services is increasing as the company sees strong growth in its sales pipeline. As a result, the board is confident that the Company will deliver on its growth strategy and continues to view the future with optimism,' Falanx said. At 9:40am: (LON:FLX) Falanx Group Plc share price was -0.1p at 1.5p Story provided by StockMarketWire.com

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