- Falanx announced its annual results for the year-ended 31 March 2019.

Revenues increased 73% to £5.2m (2018: £3.0m), and gross margin increased significantly to 44% (2018: 31%) driven by favourable revenue mix and strong services utilisation.

Contribution from monthly recurring revenue represented 56% of revenue (2018: 62%) with the lower % being attributable to strong growth in professional services. The monthly recurring revenue run rate at 31 March 2019 was £0.24m (2018: £0.19m) and monitoring recurring revenues grew by 91% to £1.0m (2018: £0.52m).

However, losses decreased only slightly from £2.1m to £1.8m. Chairman Alex Hambro commented:

'The Board is confident that the investment programme in the first half of the year is starting to produce positive results which will be reflected in the second half of the year. Our drive to achieve cashflow breakeven is the Board's primary objective and we are confident of reaching this goal in the near term. In addition, our thanks go to our loyal shareholders, for providing the funding and support to facilitate the ongoing delivery of our objectives.'

At 8:01am: [LON:FLX] Falanx Group Plc share price was +0.15p at 1.48p

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