Cyber security company increases revenue 13 per cent with £1m of new orders

A cyber security company has announced that its revenue has increased by 13 per cent in the past year.

Falanx Group, based in London, reported that it expects to deliver revenues of around £5.9m, up 13 per cent from 2018’s results.

The company said that it saw around £1m of new orders between December and February in its cyber division, which contributed to the growth.

Falanx said that it does not expect a significant negative impact from the coronavirus outbreak on its business, but that it does expect to see an upswing in cyber attacks.

The firm commented: “It is widely reported that the move to homeworking during COVID-19 will increase the vulnerability of all organisations to cyber attacks, as highlighted by the National Cyber Security Centre (NCSC) on 16 March 2020.

“Discussions with our customer base indicate that they expect to resume spending on cyber security-related measures once they move away from their immediate crisis planning, and their home-based working infrastructure has bedded in.

“Our cyber division has put together a ‘rapid response’ set of measures for newly-distributed networks of home workers.

“Overall, the company currently expects to be able to operate effectively within its existing resources and will closely monitor the ongoing situation.

“Recent measures announced by the UK Government may provide further support. The company has a solid base of recurring revenues (circa £3m per annum) and these provide resilience.

“The company does not have undue risk associated with customer concentration or economy sector exposure.”

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