StockMarketWire.com - Management consulting services company Falanx reported wider annual losses as the pandemic impact hurt performance in its cyber division.

For the year to 31 March 2021, pre-tax losses widen to £3.55 million from £2.88 million year-on-year as revenue fell 10.4% to £5.24 million.

The wider loss was also attributed to a £1.44 million non-cash impairment of the Furnace investment and receivable following its spin out in December 2019.

There was, however, a 'significant recovery in gross margin in the H2 driven by high utilisation of the professional services teams in the Cyber Security division,' the company said.





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