- Cyber security services provider Falanx Group said its annual losses deepened after it booked £0.7m of one-off restructuring and transaction costs.

Pre-tax losses for the year through March amounted to £2.5m, compared to £1.7m of red ink on-year.

Revenue rose 11% to £3.0m and gross margin increased to 31%, up from 20%.

Falanx said it had achieved profitability at the Ebitda level in the month of July following 'strong deliveries'.

'The board has received favourable indications from our most significant partners and vendors that our strategy to scale our security services is appropriate and will be supported,' the company said. 'As such, the board targets a much-improved financial performance for this year.'

At 2:12pm: [LON:FLX] Falanx Group Plc share price was -0.83p at 4.18p

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