Falanx Cyber Security Limited Trading Update (2791E)

TIDMFCS

RNS Number : 2791E

Falanx Cyber Security Limited

29 June 2023

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

FALANX CYBER SECURITY LIMITED

("Falanx" or the "Company")

Trading Update

Falanx Cyber Security Limited (AIM: FCS), the global cyber security provider, is pleased to provide an update on trading for the year ended 31 March 2023 ("FY23").

Total revenues for FY23 are expected to be c.GBP3.8m (2022: c.GBP3.5m) representing organic growth of c.9% year on year. The Group experienced steady growth on PenTest revenues of 5% and it also saw strong growth in SOC monitoring revenues which grew by c.21% when compared to FY22. Total SOC order values (New Logo, Renewals, Uplifts & extensions) were up by 58% on FY22, reflecting the continual achievement of service excellence (with a strong Net Promoter Score of 80%+). This resulted in a growing volume of SOC clients through high annual renewal levels as well as growth in the estate coverage of individual clients.

The business has a healthy pipeline of business and has significantly lowered its operating cost base recently and expects to improve its financial performance in the next few months against a backdrop of further sales order growth so far in the first quarter of this financial year.

The Group will report its audited results prior to the end of September 2023.

Enquiries:

 
 Falanx Cyber Security Limited           Via IFC 
  Alex Hambro Chairman 
  Mike Read CEO 
  Ian Selby CFO 
 WH Ireland 
  Mike Coe/ Sarah Mather (Nomad) 
  Fraser Marshall (Corporate Broking)    + 44 (0) 207 220 1666 
 IFC Advisory Ltd 
  Financial PR & IR 
  Graham Herring / Zach Cohen            [phone] 
 

About Falanx

Falanx Cyber Security Limited is a cyber security services provider, offering enterprise-class offensive and defensive security solutions to Small and Medium-sized Enterprises (SMEs). For further information visit: www.falanxcyber.com

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END

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June 29, 2023 02:00 ET (06:00 GMT)