TIDMFLX
RNS Number : 6598M
Falanx Group Limited
17 October 2016
Falanx Group Limited
("Falanx" or "the Company")
Directorate Change, Post Period-end Trading Update and Notice of
Results
Appointment of CEO and Main Board Director
Falanx Group (AIM:FLX), the global intelligence, security and
cyber defence provider, is pleased to announce the appointment of
Stuart Bladen as Chief Executive Officer with immediate effect.
Falanx also today provides an update on its trading for the six
months ended 30 September 2016.
Appointment of Stuart Bladen
Stuart has a deep understanding of the Cyber Security industry,
in particular the arena of consulting and managed security
services. As Executive Chairman of Vistorm Limited, Stuart doubled
the company's size to 400 staff and annual turnover of GBP120m.
Vistorm was a provider of consulting, managed security services and
network solutions to companies needing a specialist security
partner and is now HP Information Security UK Ltd, part of the
Hewlett Packard group. Stuart's past track record also includes
leadership roles at Hewlett Packard as Vice President of UK Public
Sector and for the Middle East, Mediterranean and Africa, where he
managed a US$2Bn+ turnover operation. In addition he has held
senior roles at EDS, Hitachi, Unisys and PwC where he led teams of
up to 18,000 people with business units delivering revenue of more
than US$3Bn.
Stuart joins Falanx with a view to further driving cyber
security and intelligence opportunities, as the Company builds on
the momentum achieved following the streamlining of operations
earlier this year. A key focus for Stuart will be to ensure that
the Company continues to take advantage of the growing
opportunities across the cybersecurity and intelligence markets and
further develop its enlarged product suite, which was enhanced by
the acquisition of Advanced Security Consulting Limited ("ASC") in
May 2016.
As part of these arrangements, John Blamire steps down as CEO
but will continue to serve on the Board as an executive director,
working alongside Stuart to play a significant role in developing
new markets, strategic opportunities and assist in the further
development of the Company's core offering.
Trading Update
Trading for the six months to 30 September 2016 was in line with
management expectations with revenue for the period of GBP1.22m,
which is an increase of 54% compared to revenues achieved for the
same period last year. During the period, the Company continued to
focus on developing core cyber security skills to address the
significant market opportunities. Furthermore, the Company has now
successfully integrated the recent acquisition of ASC.
The Company benefited from increased revenue as it secured
long-term contracts with blue chip businesses and governments
worldwide. The Company's sales mix has benefited from a significant
increase in Cyber Security services and a very solid half year in
Intelligence services.
Segmentally, revenue for the six months to 30 September 2016 was
as follows:
- Intelligence revenue for the period of c.GBP0.9m, an increase
of 17% compared to revenues achieved for the same period last
year
- Cyber revenue for the period of c.GBP0.33m, an increase of
1130% compared to revenues achieved for the same period last year
and reflects that this unit is now contributing to the overall
business after its start-up investment period.
Post Period End
On 3 October 2016, the Company announced it had successfully
strengthened its balance sheet through an equity placing to raise
GBP0.75m (gross) and the early redemption of outstanding Loan Notes
held by Darwin Capital Ltd. A final repayment of GBP577,500 has
been made to Darwin Capital Ltd.
Outlook
Following the successful acquisition and integration of ASC,
Falanx now provides a full range of Cyber Security managed
services, including risk assessment, consulting, monitoring and
response. Moving forward, the Company will be able to offer a wider
suite of managed solutions to a greater range of customers, as it
takes advantage of the increasing number of opportunities across
the global cyber security market.
There is now significant scope to rapidly scale the business
across the Company's target markets with the contracts generated to
date, demonstrating both the capabilities of the refocused business
and providing a strong financial foundation for future profitable
growth.
Notice of Results
The Company will announce its results for the six month period
ending 30 September 2016 on Tuesday 01 November.
Appointment of Joint Broker
The Company announces the appointment of Whitman Howard Limited
as joint broker with immediate effect.
Chairman of Falanx, Mike Read said: "On behalf of the Board and
the Company, I am delighted to welcome Stuart to Falanx. Our
strategy of focusing on cyber defence and intelligence continues
and we are pleased that our recent acquisition of Advanced Security
Consulting Limited is proving successful. As announced today,
Falanx has traded strongly in the first half of the current year
and we look forward with confidence. I also want to thank John
Blamire for his significant contribution as the founder and CEO of
Falanx Group over more than 4 years. It is a testament to the
efforts and John and the team at Falanx that we have built a
company that can attract, in Stuart, an individual with extensive
experience and an exemplary track record in the Cyber Security
industry. I look forward to working with both Stuart and John in
the next phase of Falanx's growth."
Additional information: disclosures required pursuant to Rule 17
and Schedule 2(g) of the AIM Rules for Companies ("AIM Rules")
Peter Stuart Andrew Bladen, age 54, is currently a director of
Stuart Bladen Limited. Mr Bladen has also served as a director of
the following companies within the last five years:
Hewlett Packard Enterprise Services Limited
Hewlett - Packard Limited
Injazat Data Systems Limited (Abu Dhabi)
There are no further disclosures to be made in accordance with
Rule 17 and Schedule Two paragraph (g) of the AIM Rules.
Enquiries:
Falanx Group Limited via Walbrook PR
Stuart Bladen, Chief Executive www.falanxgroup.com
www.falanxassuria.com
www.falanxcyberdefence.com
Panmure Gordon (UK) Limited
Nominated Adviser & Joint
Broker
Andrew Godber / Peter
Steel +44 (0) 20 7886 2500
Whitman Howard Limited
Joint Broker
Nick Lovering / Francis
North +44 (0) 207 659 1234
Walbrook PR (Media and +44 (0) 207 933 8780
Investor Relations) Paul falanx@walbrookpr.com
Cornelius / Nick Rome
About Falanx
Falanx Group Limited, is a global intelligence, security and
cyber defence provider working with blue chip and government
clients. The Group listed on AIM in June 2013 under ticker FLX For
more information: http://www.falanxgroup.com/
MAR
This announcement contains inside information for purposes of
Article 7 of Regulation (EU) No 596/2014
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCMFBTTMBTBTJF
(END) Dow Jones Newswires
October 17, 2016 02:00 ET (06:00 GMT)
Falanx (LSE:FLX)
Historical Stock Chart
From Apr 2024 to May 2024
Falanx (LSE:FLX)
Historical Stock Chart
From May 2023 to May 2024