Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Management consulting services company Falanx reported wider annual losses as the pandemic impact hurt performance in its cyber division.
For the year to 31 March 2021, pre-tax losses widen to £3.55 million from £2.88 million year-on-year as revenue fell 10.4% to £5.24 million.
The wider loss was also attributed to a £1.44 million non-cash impairment of the Furnace investment and receivable following its spin out in December 2019.
There was, however, a 'significant recovery in gross margin in the H2 driven by high utilisation of the professional services teams in the Cyber Security division,' the company said.