StockMarketWire.com - Cyber security business Falanx reported a rise in first-half revenue as new business wins in its cyber security division bolstered growth.

For the six months period to 30 September 2021, revenue grew 29% to £1.8 million year-on-year.

The cyber security won sales orders of over £2.5 million in the half, up from £1.5 million.

Falanx also announced that it had received the final £1.5 million balance under its £2.5 million loan facility with BOOST&Co.

'The proceeds of the Loan, together with the net proceeds of the recent sale of the group's Assynt division, will be used for potential earnings enhancing acquisitions within cyber security and also for organic investment into sales and marketing, ongoing product innovation as well as overall balance sheet strength,' the company said.

Following receipt of the loan, Falanx current balances were over £5.5 million, following the adjustments referenced in the announcement of 6 October 2021.






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