Falanx Group Ltd Recurring revenues of new business is at record levels

Mike Read, Chairman and Chief Executive Officer of Falanx, commented:

“The ever-growing threats which Cyber-attacks pose are becoming more prevalent, providing an increasing opportunity for Falanx. We have worked very hard to strengthen the management team and improve our routes to market – the result of this is bearing fruit.

We are extremely excited by the opportunity which our SolarWinds partnership creates and, though this has led to an increased investment in resource, we are highly confident the opportunity for Falanx is significant.

Recurring revenues continue to be a major focus for Falanx and our pipeline of new business is at record levels. As we continue to develop our suite of Cyber Security solutions, we view the future for Falanx and our loyal shareholders with considerable confidence.”

Falanx Group Ltd (LON: FLX), the global cybersecurity and intelligence provider, today announced its interim results for the six months ended 30 September 2018.

Highlights

· Group revenues increased 51% to £2.2m (2017: £1.4m) and gross margin increased to 36% (2017: 27%)

· 198% increase in Cyber division revenues to £1.4m (2017: £0.47m)

· Underlying EBITDA £0.71m loss (2017: £0.85m loss), reported £0.97m loss (2017: £1.0m loss)

· Recurring revenues remain strong and grew by 41% to £1.2m and provide a strong underpinning for the Group

Operational Highlights

· Sales force strengthened and delivering high levels of new revenue opportunities for the Group

· First Base now fully integrated and value of order levels are c20% ahead of last year

· SecureStorm, acquired on 16 July 2018, recently secured a significant £0.6m renewal contract from a high-profile UK Government department

Post Period Highlights

· In parallel with the transformational deal with SolarWinds MSP and leveraging the Threat Monitor Service Provider (TMSP) platform, we are pleased to announce a new client contract worth £60,000 for the provision of monitoring services over a three-year period which has annual payments in advance

· Our strategic intelligence business, Falanx Assynt, has recently secured a three year £0.2m+ contract with a major European oil & gas Company

· Post period end Falanx has won 14 further new logo contracts across the Group

· Tendering opportunities for new business are currently at record levels

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
Twitter
LinkedIn
Falanx Cyber Security

More articles like this

Falanx Cyber Security plc

How to develop a data infraction response plan

A dating breach response plan outlines how an economy be respond to a breach. Follow these five steps, both use our free template to develop your organization’s plan. Data breaches happen at all organizations. Even the

Falanx Cyber Security

Thwarting the most advanced cyber threats

Cyber security is no longer what it used to be. That’s because cyber threats have become more persistent, sophisticated and voluminous, and the switch to hybrid working has only accelerated this trend. Rob Shapland from Falanx

Falanx Cyber Security

Inspecs has eyes-on Security 24/7/365

Background Inspecs Group Plc is global leader producing large volumes of high quality eyewear for fashion, sports, lifestyle brands and patented concept eyewear. The Inspecs group of companies produce in-house for a global network of distribution to

Falanx Cyber Security

Don’t let hackers ruin your holidays

Holidays are approaching and now is the time of year when IT staff and business owners start to wind down. But this is the busy season for ‘holiday hackers’. The week prior to and during Christmas

Falanx Cyber Security

Falanx Group further progress in sales with good order growth

Falanx Group Ltd (LON:FLX), the AIM listed provider of cyber security services, has announced its interim results for the six months ended 30 September 2022. Financial Highlights for six months to 30 September 2022 • Orders for our core

Falanx Cyber Security

Hospitals are at a high risk of cyberattacks

Are Hospitals at a High Risk of cyberattacks? Yes, they are! Since they store sensitive data and usually have weak cyber defences. Thus, putting Digital Health at stake. Even the pandemic has raised the increase in the rate of cyberattacks on Hospitals

Falanx Cyber Security

How to avoid the $1 million bill of a ransomware attack

Your business will be targeted by a cybercriminal this year. That’s not an exaggeration, or even a scare tactic. Unfortunately, it is the harsh reality: 61% of mid-sized businesses (the most popular target for hackers) experienced a cyberattack last

Falanx Cyber Security

Finalists at the Cyber Security Awards 2022

Falanx Group are delighted to have 2 finalists at the Cyber Security Awards, 2022 being held at One Moorgate Place, London! Nicola Hartland, Chief Revenue Officer, is finalist in the category Woman of the Year. Rob Shapland,

Falanx Cyber Security

Charities Cyber Essentials fortnight 7-18th November

Cyber criminals are attracted to money. And that makes charities – and the information they hold – a target. Data on beneficiaries, supporters and volunteers as well as information on invoice and payment details can be

Falanx Cyber Security

Most Inspiring Women in Cyber awards 2022

The nominations for the Most Inspiring Women in Cyber awards are out! It’s always wonderful to read about the incredible women in our industry, who are making fantastic contributions and paving the way for others. In

Falanx Cyber Security

Almost half of Irish SMEs hit by multiple cyber attacks

Almost half of Irish small and medium businesses have experienced multiple cyber attacks in the last three years, according to a new study. The study from Microsoft and Vodafone states that the average financial loss per

Falanx Cyber Security

Falanx Group strengthens Board with new appointments

Falanx Group Ltd (LON:FLX), the AIM listed provider of cyber security services, has announced the appointment of William Kilmer as an independent Non-Executive Director and Richard “Rick” Flood as an Executive Director and with immediate effect.