Falanx shares plunge as company moves into the red

(ShareCast News) - Shares in security firm Falanx have lost more than a quarter after the company reported a pre-tax loss.At 0914 BST shares were down 25.78% to 9.37p as the company reported full-year revenue drop from £4.44m to £1.92m.In its full-year results, Falanx posted a pre-tax loss of £2.2m, from a £9,367 profit the year before.The company said it was impacted by the loss of a Middle Eastern contract which was suspended after the death of a leader. Falanx remained hopeful of being invited back to finish the assignment.Chief executive John Blamire said the company had invested carefully into its cyber offer and wider sales group functions."Our platform for growth, particularly with regard to Cyber, is now well established and we see considerable opportunities for cross sell across our divisions and strong customer base. We have a very strong pipeline for the year ahead and look forward to driving long term growth for our shareholders."