Global cybersecurity and intelligence provider, Falanx Group Ltd (FLX) released interim results today for the period of March to September 2018.
The report reflects a positive moment of growth for the company; the group’s revenues jumped by 51% to £2.2million, compared to 2017’s £1.4million in the same period, and a gross margin increase of 36%. Moreover, the cyber division reported a staggering 198% increase in revenue to £1.4million.
The company’s underlying earnings before interest, tax, depreciation, and amortization (EBITDA) did fall from £0.85m in 2017 to £0.71 this year. Yet, recurring revenues remained strong in this period, growing by 41% to £1.2m.
Falanx’s report also provided insights into the company’s expanding partnerships. Independent security consultancy First Base is now fully integrated into Falanx and order levels are currently around 20% ahead of last year.
SecureStorm, a responsive cyber security consultancy firm acquired by Falanx in July, has recently secured a £0.6m renewal contract from a “high-profile UK Government department.”
The report underlines Falanx’s solid strategy for moving forward. The company announced that, alongside their “transformational deal” with SolarWinds MSP, an IT service management solutions provider for MSPs, to leverage the Threat Monitor Service Provider platform, Falanx has obtained a new client contract worth £60,000 to provide monitoring services for a three year period.
Chairman and CEO Mike Read embodied the company’s excitement for the future in his comments; “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."
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