By Anthony O. Goriainoff
Falanx Group Ltd. said Wednesday that its cybersecurity division swung to an adjusted Ebitda profit in the first half of fiscal 2022, with revenue in the segment up 29% on-year.
The provider of cybersecurity and intelligence services said the division's adjusted earnings before interest, taxes, depreciation and amortization--a metric which strips out exceptional and other one-off items--was 100,000 pounds ($135,880) for the six months ended Sept. 30. This compares with an Ebitda loss of GBP280,000 for the same period of fiscal 2021.
Revenue in the division was GBP1.8 million, up from GBP1.4 million a year earlier.
"The Cyber division is now profitable on a routine monthly basis at an adjusted Ebitda level," Falanx said.
The company also said it has received the final GBP1.5 million balance on its GBP2.5 million loan, and that it will use the funds, alongside the net proceeds from the recent disposal of its Assynt division, on potential earnings-enhancing acquisitions within cybersecurity, among other things.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
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