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Cybersecurity and intelligence provider Falanx booked wider losses in the first half of the year as lower margins offset a rise in revenue.
For the six months ended 30 September 2019, pre-tax losses widened to £1.55m from £0.97m on-year, while revenue increased 21% to £2.64m
The intelligence business unit increased sales by 31% to £0.93 and its cyber business unit increased by 16% to £1.71m.
Gross margins fell to 30% from 42%, largely driven by the result of product mix and certain utilisation issues which reduced gross profit by approximately £0.15m, the company said.
'Demand for our services is increasing as the company sees strong growth in its sales pipeline. As a result, the board is confident that the Company will deliver on its growth strategy and continues to view the future with optimism,' Falanx said.
At 9:40am: (LON:FLX) Falanx Group Plc share price was -0.1p at 1.5p