Falanx Group Limited AGM Statement (9005R)
December 15 2016 - 1:00AM
UK Regulatory
TIDMFLX
RNS Number : 9005R
Falanx Group Limited
15 December 2016
Falanx Group Limited
("Falanx" or "the Company")
ANNUAL GENERAL MEETING STATEMENT AND TRADING UPDATE
Falanx Group (AIM:FLX), the global intelligence, security and
cyber defence provider, is pleased to provide an update on its
current trading, ahead of the Company's Annual General Meeting,
which will be held today at 10:00am at the offices of DWF LLP at
31(st) Floor, 20 Fenchurch Street, London EC3M 3AGr.
Trading Update
The Company is pleased to announce further progress in its third
quarter, in line with the guidance given in its interim results
released on 1 November 2016, with highlights as follows:
-- Falanx Cyber Defence has secured its first FTSE100 Banking
and Retail Financial Services client. Initial revenue of GBP0.4m is
expected to be generated in the current financial year.
-- Falanx Intelligence has additional contracts to provide
embedded expertise and increased services to a FTSE100 Telecoms
Major and a FTSE100 Audit and Consultancy organisation, generating
GBP0.24m and GBP0.23m respectively in this financial year.
-- Focus on the Financial Services sector is proving successful,
with a total of GBP1.25m of revenue being generated in this
financial year by the provision of Intelligence and Cyber Defence
services to a wide range of Banking, Fund Management, Trading and
Financial Support services.
-- On track for planned organic growth in H2, with significant staff hiring programme.
-- Sufficient cash to fund H2 organic needs on a debt free basis.
The above described contracts, together with an ongoing focus on
the Financial Services sector, have contributed to a good financial
performance by the Company in the third quarter. It is clear that
cyber-security and hacking is only increasing as an issue, not just
for larger firms, but also for mid-sized firms who are handling
sensitive transactions and significant sums of capital, but often
unable to fund enlarged security teams within their smaller
operational budgets. These firms are now looking to buy in their
cyber defense and intelligence as a managed service and this
mid-market is maturing quickly as a result.
Outlook
Falanx continues to make considerable progress in 2016, both in
terms of its financial performance, contract wins and the
strengthening of our senior executive team. We are engaged in a
significant recruitment push across the business, which will, in
turn, underpin our continued drive to positive cash flow from
operations next year. As a consequence of the quality of our people
and our offering, and the continued growth of the markets in which
Falanx operates, we look forward to reporting full-year revenue in
line with our expectations and, with considerable confidence, to
2017.
A downloadable copy of the CEO's presentation for the 2016 AGM
can be found at;
http://www.falanxgroup.com/aim-rule-26/announcements/
Enquiries:
Falanx Group Limited via Walbrook PR
Stuart Bladen, Chief Executive www.falanxgroup.com
www.falanxassuria.com
www.falanxcyberdefence.com
Panmure Gordon (UK) Limited
Nominated Adviser & Joint
Broker
Andrew Godber / Peter
Steel +44 (0) 20 7886 2500
Whitman Howard Limited
Joint Broker
Nick Lovering / Francis
North +44 (0) 207 659 1234
Walbrook PR (Media and +44 (0) 207 933 8780
Investor Relations) Paul falanx@walbrookpr.com
Cornelius / Nick Rome
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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