FLX.L Share News (FLX)

(Sharecast News) - Cybersecurity group Falanx expects to report improved revenues for the year ended 31 March, with that momentum also carrying over into the current year despite Covid-19 impacts.
Falanx said on Wednesday that revenues were in the region of £5.8m, up around £600,000 year-on-year, after its cyber division won 42 new customers in the period and its Assynt strategic intelligence division "benefitted significantly" from the rollout of major contracts.

As far as the quarter ended 30 June was concerned, the AIM-listed group said despite the disruption caused by Covid-19 and its impact on the delivery of certain aspects of consultancy work, revenues were approximately 5% ahead of those for the same period last year.

Sales orders were lower in April and May but began to accelerate from June into the second quarter of the financial year.

While Falanx acknowledged there had "clearly been some impact of Covid" on recent revenues, its overall underlying loss in the first quarter was reduced "significantly" by 60%.

As of 0945 BST, Falanx shares were up 6.86% at 1.12p.