Falanx has provided investors with a trading update for its year ended 31 March 2020, together with a Q1 2020/21 update.
Broadly in line with expectations set out in its pre-close statement released on 31 March 2020, the Group expects to report revenues for the period of c.£5.8m (2019: £5.2m).
Based on this, the completion of a substantial cost reduction exercise including successful transfer of many of Group staff to remote working, the first quarter of the new financial year saw overall unaudited EBITDA losses reduce by c.60% despite coinciding with the peak of the UK’s COVID-19 Pandemic.
Retaining a strong balance sheet and with the current year presently sustaining a c.5% year-on-year revenue improvement, TPI considers Falanx has potential to deliver a positive operating profit for 2020/21.
The Board will possibly provide more detail regarding such expectations with the anticipated release of its 2019/20 results which is now scheduled for September.
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