StockMarketWire.com - Falanx Group saw further progress in its third quarter, in line with the guidance given in its interim results released on 1 November, according to an update issued ahead of today's annual general meeting.

- Falanx Cyber Defence has secured its first FTSE100 Banking and Retail Financial Services client. Initial revenue of £0.4m 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 £0.24m and £0.23m respectively in this financial year.

- Focus on the Financial Services sector is proving successful, with a total of £1.25m 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.

Looking ahead, the group says it continues to make considerable progress in 2016, both in terms of its financial performance, contract wins and the strengthening of its senior executive team.

It saus: "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."




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