29th Sep 2022 12:37
(Alliance News) - Falanx Group Ltd on Thursday reported improved annual results amid the sale of its Assynt Strategic Intelligence unit, and added it expects a better second half.
In the financial year that ended March 31, its pretax loss narrowed to GBP2.0 million from GBP3.5 million a year prior.
However, the Reading-based cybersecurity service provider turned to a post-tax profit of GBP1.5 million from a loss of GBP3.6 million. Revenue grew 14% to GBP3.5 million from GBP3.1 million.
Falanx shares rose 12% to 0.59 pence each in London on Thursday afternoon.
Discontinued business brought a profit of GBP3.5 million versus a loss of GBP64,212. Post-tax loss from continued business narrowed to GBP2.0 million from GBP3.5 million.
Administrative expenses decreased by 28% to GBP3.2 million from GBP4.5 million.
In October 2021, Falanx sold its Assynt Strategic Intelligence unit for GBP4.6 million in cash to Cross Atlantic Solutions LLC. Back then, Falanx said it believed "that its best prospects for future growth are by focusing as a pure play business focused on the fast-developing cyber security market, particularly given the sector's strong macro-economic drivers which have accelerated since the start of the Covid-19 pandemic."
Looking ahead, the company expects an "improving financial performance in the second half" of its financial year 2023, stating: "Our penetration testing business remains strong, and we have a growing customer base of around 400 organisations".
By Tom Budszus; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.