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Cyber security and strategic intelligence services Falanx said it expected to report narrower annual losses owing to cost-cutting efforts.
Losses at an adjusted earnings before interest, taxes, depreciation, and amortisation, or EBITDA, level for the year ended 31 March 2021 were expected to narrow from a year earlier due to 'tight cost control,' the company said.
Revenues were expected to fall to about £5.2 million for the year, down from £5.8 million, which the company attributed to 'previously reported COVID-19 delays in the first half of the period.'
'In the second half of the financial year, the cyber division experienced a greater intake of customer orders which were ahead of the pre-COVID-19 period,' the company said.
'The utilisation of the cyber security professional services team significantly increased which supported an improvement in gross margin,' it added.
Looking ahead, the company said trading for the first four months of the current financial year had been encouraging and in line with management's expectations.
The company also announced a five-year growth loan facility with BOOST&Co, to support further investment.