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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Falanx Group Limited | LSE:FLX | London | Ordinary Share | VGG3338A1075 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.525 | 0.50 | 0.55 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMFLX
RNS Number : 8361Z
Falanx Group Limited
20 December 2017
Falanx Group Limited
("Falanx" or "the Company")
Contract Win and Managed Services Update
Falanx (AIM:FLX), the global intelligence, security and cyber defence provider, announces a multi-year contract win with a Global 50 company.
Global 50 Financial Services Contract
The Board is pleased to announce that it has been appointed as the preferred supplier of cyber security services to a Global 50 Financial Services organisation, after a highly demanding and competitive selection process amongst numerous major cyber security vendors. The duration of the contract is for a minimum two year period. This initial phase is valued at circa GBP250,000 with significant growth potential and expansion opportunity into further territories.
MidGARD Managed Service Update
The MidGARD managed security service 'proof of concept' (POC) phase has been successfully completed on time, with commercial roll-out now in process. Clients are now being on-boarded to our industry leading platform which is comprised of our own intellectual property and third-party technologies. Early adopting clients are now converting to full implementation with more enterprise class clients in active negotiation to receive the full MidGARD service under multi-year contracts. The strong pipeline of potential clients provides the Board with high levels of assurance of doubling the number of current managed service clients within the next quarter. The MidGARD managed service benefits from high margin, strong cash generation and a significant level of automation. Annual contract values under such multi-year contracts are expected to be typically between GBP50,000 and GBP300,000 dependent on individual customer requirements and services delivered
Mike Read, Chairman and CEO, commented:
"Since taking over as CEO and conducting a far-reaching review of our business, I am pleased to report Falanx continues to grow and remains in-line with the Boards expectation to move into break even within our financial year.
The contract wins announced today provide visibility of high quality recurring revenue, which is further supported by our strong pipeline of MidGARD clients on-boarding now and in the future.
I have taken measures to strengthen the Board and a new, full time, AIM experienced Financial Director will join the Board in January. I have also agreed with the Board to accept the appointment of Chief Executive Officer on a permanent basis as we look to the future with great confidence."
Enquiries:
Falanx Group Limited www.falanx.com Mike Read, Chairman and CEO ----------------------------- ---------------------- SPARK Advisory Partners Limited Nominated Adviser Matt Davis / James Keeshan +44 (0) 203 368 3551 Turner Pope Investments (TPI) Ltd Joint-Broker Ben Turner / James Pope +44 (0) 203 621 4120 Beaufort Securities Joint-Broker Elliot Hance +44 (0) 207 382 8300 IFC Advisory Ltd Financial PR & IR Graham Herring Miles Nolan +44 (0) 203 934 6633
About Falanx
Falanx Group Limited, is a global intelligence and cyber defence provider working with blue chip and government clients. The Group listed on AIM in June 2013 under ticker FLX For more information: http://www.falanxgroup.com/
MAR
This announcement contains inside information for purposes of Article 7 of Regulation (EU) No 596/2014
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
December 20, 2017 02:00 ET (07:00 GMT)
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