Shares in Falanx Group (LON:FLX) ticked up on Tuesday, after the company issued a promising operational update to investors.
The global intelligence, security, and cyber provider announced it was on-track to breakeven for the year, amid “significant new sales contracts with recurring revenue”.
In addition, the company secured a new “Security-as-a-Service contract” with “a leading UK-based IT Service Provider”, estimated to be worth more than £200k.
Alongside this, Falanx has also confirmed new multi-year contracts for ‘Embedded Analysts’ with a large US-based Insurance company and a international high street beverage retailer.
Stuart Bladen, Chief Executive Officer of Falanx, commented on the update:
“It has been an incredibly busy time at Falanx, with key milestones delivered that underpin our business performance going forward. Falanx has secured significant new business contracts with ongoing revenue streams that provides us with confidence to reach operational breakeven during the financial year with sufficient cash to see all current operations through to profitability. “
He continued: “We are also delighted to launch both MidGARD and our US service this month whilst our new sales, new HQ and new Falanx Assynt Brand are all key steps in the rapid evolution of our business.”
Its newly opened Headquarters a Five Kings House will house both Falanx Group and its intelligence business, Falanx Assynt.
Located in the the heart of London’s financial district of the City, the company hopes to benefit from being close to its financial services clients and better facilities, which it said will help meet growing demand across all areas of business.
The company also confirmed successful expansion of its subsidiaries internationally in Spain and the U.S.
The company specialises in defending companies and businesses from the growing risk of cyber-attack and developing cyber-security systems.
Shares in Falanx Group are up as much as 15.71 percent as of 10.41AM (GMT), as the markets react to the encouraging update.