Falanx loss widens after recent investments to protect profit margins
Falanx Group Ltd’s shares took a big knock on Tuesday after the cybersecurity company revealed its underlying loss had deepened because of the company’s recent investments to combat falling profit margins.
In its half-year results to the end of September, the AIM-listed company reported a pre-tax loss of £1.55mln, up from a £0.97mln loss in the previous year.
Overall, revenues were up 21% to £2.6mln, two-thirds of which was generated by Falanx’s cybersecurity division.
Here, the company said that the “product mix and certain utilisation issues” contributed to margins falling to 30% from 42%.
Falanx said that these have now been remedied and improved performance has continued into the second half of the year, thanks to significant investments in new hires, marketing capabilities, as well as the planned partnership with American software company SolarWinds.
In October last year, Falanx was selected by SolarWinds to be its threat monitoring service provider in the UK and South Africa.
In a statement, Mike Read, Falanx's chief executive said: “The second half has been historically a stronger period in terms of demand and delivery of our services, and we are delighted that it has started well with increased activity for our cyber business.”
Falanx shares dropped 13% to 1.4p in early trading on Tuesday.
Industry: Cyber Security
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