LONDON (Alliance News) - Falanx Group Ltd on Monday said it saw its first-half losses swell, as revenue fell and it continued to invest in being able to help corporate customers to protect themselves for cyber attacks.
The company earmarked the bulk of a GBP2.5 million share placing in May for the sales and marketing development of its cloud-based cyber security managed services, and on Monday said it has won new contracts with several UK government departments and corporate customers since the first half ended.
"During the period we have invested significantly in our cyber security capabilities, as we position ourselves to be first-movers in an industry that is increasingly in the public eye and the response of our customers is coming under increasing scrutiny. We are confident that we are reaching an inflection point, demonstrated by our recent contract wins, as businesses begin to prioritise the need for investment in protection from the well documented threat that cyber presents," Chief Executive John Blamire said in a statement.
Falanx's losses before and after tax widened to GBP1.3 million in the six months to September 30 from GBP708,997 in the corresponding half the prior year. Revenue fell to GBP792,430 from GBP971,306, while administrative expenses rose to GBP1.2 million from GBP903,560.
Shares in Falanx were down 15% at 11.50 pence on Monday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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