Falanx Group Limited Revenues increased 73% after operational improvements

Falanx Group Ltd

Falanx Group Limited (LON: FLX), the global cyber security and intelligence services provider, has today provided its audited results for the year-ended 31st March 2019.

Financial highlights

· Revenues increased 73% to £5.2m (2018: £3.0m)

· Gross margin increased significantly to 44% (2018: 31%) driven by favourable revenue mix and strong services utilisation

· Contribution from monthly recurring revenue represented 56% of revenue (2018: 62%) with the lower % being attributable to strong growth in professional services. The monthly recurring revenue run rate at 31 March 2019 was £0.24m (2018: £0.19m) and monitoring recurring revenues grew by 91% to £1.0m (2018: £0.52m)

· Adjusted EBITDA loss reduced by 25% to £1.2m (2018: £1.6m), reported loss £1.9m (2018: £2.4m)

· £3.2m future contracted revenues (2018: £2.3m) of which £1.1m (2018: £0.7m) was deferred income

· Debt free with cash balances of £2.4m (2018: £0.9m) following successful institutional share subscription in November 2018

· Loss per share reduced by 53% to 0.58p (2018: 1.24p)

· Shareholders’ funds £7.6m (2018: £5.3m)

Operational highlights

· Strong performance from our core business, Falanx Cyber buoyed by the successful integration and contribution of First Base acquisition

· Strategic partnership with SolarWinds continues to develop with Falanx appointed as the first Threat Monitoring Service Provider (“TMSP”) for the UK, continental Europe and South Africa

· Falanx Intelligence (Assynt) shifted efforts from one-off sales to high-quality recurring revenue income

· Increased customer base by over 10% to 400

· Management team strengthened and well placed for next stage of growth

Post period highlights

· Trading to the end of July 2019 in line with management’s expectations with professional services in Cyber growing by 10% compared with prior year

· New premises in Reading secured as part of planned Cyber expansion and current investment program largely complete

· Successful delivery of Cloud security service with our in-house developed CASB (Cloud Application Security Broker) capability

· Strong pipeline of business in each division from new name and existing accounts

· 50% growth in the Managed Service Providers (“MSPs”) channel since the start of the current year

*Adjusted EBITDA is a non-IFRS headline measure used by management to measure the Group’s performance and is based on operating profit before the impact of financing costs, share based payment charges, depreciation, amortisation, impairment charges and exceptional items.

Mike Read, Falanx Group Limited Chief Executive, said:

“This has been a very busy period for Falanx with a number of operational improvements made and a renewed focus on channelling our efforts towards the most profitable sales opportunities. We have seen strong organic growth across the core areas of our business, and we see growth continuing into the current financial year. We anticipate the SolarWinds partnership to start to bring benefits in the second half of the current financial year as they rollout their product.

The Board has set out its strategy of driving top line growth and reducing costs as it targets cashflow breakeven. We are confident of achieving this goal in the near term as our sales pipeline continues to grow with our enhanced cyber security offering. As a result, the Board views the future with optimism.

There is no doubt that the cyber security market is growing rapidly so it is essential that we focus our efforts on the best near term situations as we seek to increase shareholder value.”

Chairman’s statement

I am delighted to be writing to you as the recently appointed Chairman of Falanx. I joined the Group on 28 March 2019, but I have known the team for some time longer. I was impressed with the unique opportunity Falanx has available due to its relationship with SolarWinds and the Threat Monitor Service Provider (TMSP) program. The program allows Falanx to leverage its own security services through the scale of its international technology partner and immense MSP channel. This places Falanx in a strong position to take advantage of the obvious growth opportunities within the cyber security sector and was one of the reasons I decided to join.

Prior to any anticipated revenue growth as a consequence of the TMSP program, in the reporting period ending March 2019, I am pleased to report overall revenues increased by 73%, to a record £5.2m (2018: £3.0m). This has been achieved by a useful contribution from acquisitions as well as securing a number of new client wins which is testimony to the service we provide our clients. Of particular note is our second half performance which recorded a 39% increase in revenues to £3.0m and I am pleased to report that momentum has continued in the current financial year. Against our strong sales and margin performance we have reported a reduction in adjusted EBITDA losses to £1.2m (2018: £1.6m loss).

We were delighted to secure additional funding of £4.155m (before expenses) in a well-supported institutional placing which has strengthened our balance sheet and will help support our future growth plans. Our balance sheet is much stronger with £7.6m (2018: £5.3m) of shareholders’ funds of which £2.4m (2018: £0.9m) was cash.

Group strategy and corporate governance

Following the successful transition of both divisions during the year, we saw some significant client wins in Intelligence and Cyber sales as well as a strong contribution from the First Base and Securestorm acquisitions. This year we expect this success will act as the foundations for the Group to drive momentum and achieve further top line revenue growth. I am confident that, with continued focus on addressing high-growth market sectors, we can achieve sustainable profitability and enhance shareholder returns.

As the Group increases its scale and we continue to monitor levels of best practice, strengthening our corporate governance has been an area of focus. To this end, we reviewed our advisers, leading to a change of nominated adviser to Stifel (from Spark Advisory) and a change of Auditors, BDO LLP (from Kingston Smith LLP). We would like to express our thanks to both outgoing firms for their services and support over the years.

Outlook statement

As I mentioned above, I was drawn to Falanx partly by the opportunity its relationship with SolarWinds creates and partly by its strong services capabilities and robust organic growth in this reporting period. I have no doubt that a partner of SolarWinds stature would not have entertained Falanx as the inaugural TMSP for UK, Europe and South Africa, had it not been impressed with the breadth and quality of service which has underpinned our organic growth over this period.

In parallel to growth opportunities we continue to monitor and respond to technological changes. As our customers transition data and infrastructure away from traditional on premises solutions to the Cloud, we are developing and adapting our services and technology in order to maximise the full potential of our in-house technology development work, which has received positive industry and potential customer feedback from both the UK and US.

Although we look to automate as much as possible with the support of our technology developments, we are predominantly a people-based organisation, dependent on highly skilled and well-motivated staff. We recruit and retain great people by offering an excellent working environment with competitive salaries and benefits as well as share participation incentives. I would like to thank the management and staff for their continued resolve to achieve success in our pursuit of market leadership in cyber defence.

The Board is confident that the investment programme in the first half of the year is starting to produce positive results which will be reflected in the second half of the year. Our drive to achieve cashflow breakeven is the Board’s primary objective and we are confident of reaching this goal in the near term. In addition, our thanks go to our loyal shareholders, for providing the funding and support to facilitate the ongoing delivery of our objectives.

Approved by the Board on 18 September 2019 and signed on its behalf by

A Hambro


Chief Executive Officer’s Report


Falanx Group Limited is a provider of Cyber Security and Strategic Intelligence services across many geographies, to over 400 customers ranging from Government, large enterprises to the SME market. The operations of the business are supported by Falanx Technology who together with third parties provide the underpinning technology for our teams.

Falanx Cyber

Our core division recorded a much stronger performance in both revenue and EBITDA performance than in the prior year (see note 4). This was due to the acquisition of First Base (acquired 23 March 2018), increased contract momentum and stronger professional services utilisation. Revenues grew by 222% to £3.57m and the final 6 months were 46% greater than H1. Gross margins were 49% (2018: 21%) and this was attributable to business mix and stronger professional services performance. The division invested in sales and marketing expansion as well as infrastructure investment in the second half of the year to support growth plans such as SolarWinds which is expected to start benefiting in the year ended 31 March 2020. Overall adjusted divisional EBITDA was £0.05m (2018: loss £0.87m) and the division was profitable on a similar basis in the second half of the year, reversing similar losses in the first half of the year.

Falanx Cyber now offers an extended portfolio of professional cyber security services, complementing our MDR (Managed Detection and Response) service, through the successful integration of First Base and Securestorm, acquired in March and July 2018 respectively. These acquisitions have provided an additional customer base across a diverse range of sectors including Government, Finance, Legal, Insurance, Retail, IT and Telecoms.

To accelerate growth beyond the confines of traditional direct sales and cross-selling opportunities between service lines, Falanx Cyber exploits a ‘Channel’ model, providing security services via its growing network of MSP partners. These IT outsourcing organisations have longstanding and trusted status with their customers for the provision of essential business IT functions, as such they are natural partners for Falanx Cyber and a significant extension of our market reach.

The most significant addition to this growing ‘Channel’ model is the strategic partnership with SolarWinds (NYSE: SWI), a leading provider of powerful and affordable IT infrastructure management software, which was announced on 19 September 2018. SolarWinds appointment of Falanx as the first TMSP across Europe and South Africa creates the opportunity to access SolarWinds’ MSP customers. SolarWinds’ customer managers introduce Falanx as a preferred security provider, offering managed services support to its Threat Monitoring Service program, along with the Falanx Cyber portfolio of security services. In turn, each MSP can leverage the SolarWinds technology and Falanx services into their own client base. This multiplying effect offers Falanx Cyber access to a very significant market place of pre-qualified consumers.

SolarWinds has engaged with the three inaugural TMSP’s, of which Falanx Cyber is one, requesting feedback into the development and product specification of the SolarWinds Threat Monitor product. This preparatory work has been focused on creating a highly scalable platform and seeding this ‘mass market’ opportunity with education programmes and disruptive pricing. The significant marketing power of SolarWinds will be applied to fully launch the product with the support of the TMSP’s in the second half of our current financial year.

The combination of strong and growing demand for the Falanx Cyber portfolio of services, market pull of the MSP ‘Channel’ model and the unique opportunity offered by SolarWinds, indicate another year of high growth ahead. In 2019, the division had overall organic growth of 10% although our key service line of monthly recurring monitoring grew by over 90%. Overall the cyber sector is experiencing strong macroeconomic drivers and is forecast to grow significantly over the next few years. To keep pace with this continuing high growth, Falanx Cyber has further invested in people, processes and infrastructure to expand capacity and maximise the revenue growth opportunities of the current year and beyond.

Falanx Intelligence (Assynt)

Our strategic Intelligence business unit, Falanx Assynt, provides market-leading geopolitical reporting and analysis on major emerging markets to global corporate customers. The two principal business lines are now the subscription-based Assynt Report service and the Embedded Analyst business.

Revenue and EBITDA reduced in H1 as a consequence of remodeling and investing in the business to move away from historic ‘spot’ revenues and toward a greater proportion of high-quality recurring revenue. In 2018/19, the two recurring revenue product lines represented 85% (2017/18: 72%) of total Intelligence revenues. The remaining 15% of revenues were from one-off Business Intelligence (“BI”) and Strategic Intelligence consulting projects. These ‘re-balancing’ measures ensured a return to growth in H2, with revenues growing by 32% compared with H1. For the full period 2018/19, revenue of £1.64m (2017/18: £1.89m) was generated with an adjusted EBITDA loss of £0.05m (2017/18: profit £0.25m. The second half turnaround led to a much-improved monthly recurring revenue performance and was achieved after a planned increase in cost base to build expansion capability to support future growth and the division was profitable at an adjusted EBITDA level in the second half of the year.

The first half of the year was focused on consolidation and investment, including the first serious reformulation and upgrade of our flagship product, the Assynt Report, for ten years. We invested over £0.1m in the creation of our proprietary, customer focused, online portal. This has replaced the previous email-based distribution system which had reached ‘end of life’, while at the same time much improving customer experience, product presentation, ease of consumption and opportunity to scale service. Feedback from existing customers has been overwhelmingly positive, with the increased sophistication and presentation of the product, including the introduction of maps and graphics, generating great interest among new clients. The introduction of the new Assynt Report Mobile App in June 2019 will further improve the accessibility of our product to subscribing customers.

For our Assynt Report subscriber base of global corporates (many of which are headquartered outside of the UK), we have produced over 1,200 reports analysing events in 37 countries, including specialist analysis of international jihadist trends. Our overall international business grew by 20%. Over the course of the year we have expanded our country coverage to include regular reports on three additional countries in sub-Saharan Africa and Latin America. We plan to expand our Africa coverage further during the current financial year.

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The reputation and demand of the Embedded Analyst service, aimed firmly at the FTSE-100 and NASDAQ-100 market, continued to grow strongly, with three existing clients seeking additional capacity and strong interest from new clients, particularly in the USA. As a result, the total number of embedded analysts increased by 40% over the course of the financial year, with additional positions scheduled to come on stream in late 2019. This includes a major new contract with one of the largest global (US-based) technology companies, which has an annual revenue potential to make it the Division’s largest. This illustrates our growing reputation and has led to discussions ongoing with other similar organisations.

In addition to our increased focus on high quality recurring revenue via the Assynt Report and Embedded Analysts, we are now focusing on Strategic Intelligence projects which are more clearly aligned with our core geopolitical analysis and emerging market expertise. This has enabled us to pitch at a higher price point and increase share of the ‘value-add’ components of projects with in-house resources, further improving traditionally high levels of customer retention and account expansion.

The Assynt business has a robust platform for growth over the next three years and the significant client wins since the start of 2019 provide strong validation for this being a separate division and a valuable asset

Falanx Technologies

Our technology development organisation continues to develop proprietary and innovative technology and integrate 3rd party technologies to support Falanx Cyber business lines MDR (formally known in Falanx as MidGARD) and professional services (Penetration Testing, Awareness and Consultancy).

Our strategic technology development program has shifted away from traditional ‘on-premise’ engineering, toward customers and applications that have embraced high growth and in particular, public Cloud such as Amazon Web Services, Microsoft Azure and Google Cloud Platform. A few years ago, only a small percentage of customers were considering public Cloud as a viable alternative to the traditional data infrastructure offerings from vendors such as Oracle, HPE Vertica and IBM, or on-premise solutions offered by their local data centre vendor. However, the landscape has now changed dramatically, and we are therefore focused on enabling Falanx Cyber to secure our customers in the Cloud.

As a result of this focus, the Falanx Technologies team have successfully developed our own proprietary CASB (Cloud Access Security Broker) capability. This functionality is required as many traditional network security monitoring tools are not ‘Cloud Native’ and therefore require additional third party software to bridge the gap to cloud hosted applications such as SalesForce, Office 365 and Sage. The development of our own capability is a significant resource, allowing Falanx Cyber secure its customers as they transition to the Cloud.

These technologies allow users to significantly reduce cost, increase security and gain greater insight to their security ‘Big Data’ assets. We are evaluating strategies to maximise the full potential of our development work, which could have uses beyond traditional security. It has already been evaluated by industry experts and the feedback has been positive and is currently being evaluated by US based organisations as an alternative to some of their existing infrastructure.

Approved by the Board on 18 September 2019 and signed on its behalf by

M D Read

Chief Executive Officer

Chief Financial Officer’s report


Group revenues grew by 73% to £5.2m (2018: £3.0m). Revenues in the second half of the year were approximately £3.03m and represented growth of 39% compared with the first 6 months. This was as a result of increased contract momentum in each division as well as much stronger professional services delivery and better utilisation of professional services resources in the Cyber division which followed the integration of First Base (which was acquired 23 March 2018). Assynt recorded stronger BI revenues in the second half and began to benefit from large recurring subscription and embedded analyst contracts which began to deliver at the end of the year.

The business has continued to benefit from a strong element generated from the recurring contracts in each division, and overall this was 56% (2018: 62%). Whilst the proportion fell, this was due to a much improved services performance, an overall an increase of circa £0.97m was recorded. At the end of the period monthly recurring revenues across the Group stood at approximately £240,000 per month (2018: £190,000). The majority of the growth was from monitoring contracts and managed Cyber services in line with the Board’s strategy of moving to higher quality revenues. At the period end the Group had approximately £3.2m of future revenue (2018: £2.3m) under contract including deferred income of £1.1m (2018: 0.7m).

We have added (through acquisition and organic efforts) several larger accounts (typically spending more than £0.1m per annum) and this, combined with our much expanded customer base with around 340 customers invoiced by us in the year, has reduced our customer concentration profile significantly with no single customer accounting for more than 6% of revenue.

Cost of sales

Cost of sales represents cost items which vary more closely as a function of sales demand and therefore revenues. The Intelligence division’s cost base is largely employment costs for full time and external consultants who produce intelligence reports for customers as well as certain database access licences. The Cyber division costs include the team who deliver the monitoring and professional services, external licence fees for technology platform and its support (some of which are fixed and some of which are variable).

Gross margin

The Group’s gross margin was 44% (2018: 31%). Each division experienced margin improvement as a result of favourable revenue mix with a significantly increased contribution from high margin recurring revenues, as well as improved utilisation of professional services staff. This grew overall gross margin from 36% in the first 6 months to approximately 49% in the second half.

Operational and cash based costs

Administrative expenses excluding depreciation and amortisation and exceptional costs increased from £2.5m to £3.5m as the Group grew its infrastructure and headcount to support growth. Average headcount in the year was 72 (2018: 51) reflecting the impact of acquisitions in 2018 and 2019. Both divisions expanded their sales and marketing capacity in support of growth plans, and the results for 2019 included a full year of management costs at both divisional and Group levels.

Exceptional costs

Exceptional costs were £0.18m (2018: £0.53m) mainly represented certain restructuring costs post acquisition and transaction related fees. Share option charge were £0.06m (2018: £0.05m). These are detailed in notes 5 and 12 to these accounts.


Adjusted EBITDA loss for the year was £1.2m (2018: £1.6m) after adjusting for the items highlighted above. Headline reported EBITDA loss was £1.5m (2018: £2.2m).

Depreciation and amortisation

Depreciation and amortisation was £0.37m (2018: £0.30m) and largely (£0.28m) represented amortisation of the intangible assets arising on the purchase of First Base in March 2018 and Securestorm in July 2018 where the customer base is amortised over 10 years and 3 years respectively on a straight-line basis. The remainder arose from depreciation of plant and equipment and software assets. The prior period represented software licences for the Cyber division purchased in 2014 and 2015. The remainder represented usual amortisation charges around the Company’s assets.

Financing costs

Financing costs were £4,257 (2018: £2,900) and arose from bank overdrafts operated in the year.

Taxation Charge

The Group recorded a non cash deferred taxation credit of £0.5m (2018: £nil) arising from revaluation of customer bases from acquired organisations. The corresponding amount has been treated as goodwill.

Result for the year

The Group’s operating loss was reduced by 10% to £1.8m (2018: £2.0m) and this was attributable to revenue growth, higher margins and less restructuring. Loss per share fell by 53% to 0.58p (2018: 1.24p).

Non-current assets

The Group continued to invest in technology during the year and a further £0.4m (2018: £0.5m) of development costs were capitalised in support of monitoring technology development of Project Furnace in the technology division. Spend on tangible and intangible fixed assets was £0.13m (2018: £0.07m) primarily on technology and infrastructure costs. The intangible assets from the customer base of First Base and Securestorm are amortised over a period of 10 years and 3 years respectively from date of acquisition (March 2018 and July 2018). This customer base has continued to grow during the year and experiences little churn. The intangible assets created from R&D investment in Project Furnace has been reviewed against likely expected cash flows. As referenced in the Falanx Cyber Technology section of the Chief Executive Officer’s report this ongoing development work has initial market interest.

The intangible assets arising from acquisition such as Goodwill and Customer bases were tested for impairment in the line with the Group’s policy and no adjustment to carrying value was required, although £0.46m of customer assets from the acquisition of First Base was reclassified as goodwill and this was reflected in opening balances. A further £0.5m of goodwill arose from deferred tax adjustments related to the acquisition of acquired customer bases, the majority of which arose in the prior year and this is described further below.

The Company continues to review optimal routes to market for this in conjunction with its advisors. The Company continues to invest in its corporate infrastructure and particularly its technology estate to ensure it is optimised for growth plans and risk management.

Working capital

Amounts due from customers, net of bad debt provision increased to £1.2m from £0.9m due to greater business volumes and timing of certain billings. Overall debtor days fell from 65 to 47 and showed the strong cash performance and record of collection. Other debtors increased, caused by slightly higher contract assets (accrued income) which was billed early in the new financial year and from the prepayment of certain 3rd party licence fees which has previously been paid on a monthly basis. The Group continued to have a very low incidence of delayed and/or non-payment of debts by customers and our average losses over the last two years were only 0.07% of revenue.

Contract liabilities (deferred income) increased to £1.1m (2018: £0.7m) on greater volume of advanced billings to customers in both divisions. This accounted for most of the increase in current liabilities which increased from £2.13m to £2.43m with a reduction in certain liabilities which were recorded in the March 2018 balance sheet. Creditors were within payment terms at the March 2019 balance sheet date.

Capital structure

The Company issued the following shares during the period:

On 16 July 2018 the company issued 2,222,222 ordinary shares at a price of 4.5p each to the vendors of Securestorm Limited as consideration of £100,000 for the acquisition of its entire share capital. On 14 November 2018 the Company issued 138,499,999 ordinary shares at a price of 3.0p each to institutional investors raising £4.155m gross (£3.977m net) after deducting commission and transaction related costs.

At the 31 March 2019 the Company had 400,401,185 ordinary shares of nil nominal value in issue. The Company also had 41,061,251 warrants outstanding at 31 March 2019 and full details are in note 20 to these financial statements. Approximately 26m of these warrants lapsed in May 2019. On 27 March 2019 the company varied its memorandum and articles of association and introduced a threshold of 1p below which shares cannot be issued without shareholder permission.

At the year-end shareholders’ funds stood at £7.6m (2018: £5.3m).

Statement of Cash Flows

During the year the Group raised £3.977m net by the issue of new shares in November 2018. A net working capital outflow of £0.35m (2018: inflow £0.01m) arose from the settlement of certain liabilities outstanding at the end of 2018 and also from the liabilities inherited from the acquisition of Securestorm Limited in July 2018. Operational cash flow remains closely aligned with EBITDA performance, and has averaged at circa 90% over the last 2 years with variations arising from short term timing issues. £0.46m was used in ongoing investment in technology platforms. Cash balances at 31 March stood at £2.4m (2018: £0.9m).

Restatement of Prior Year Results

£0.08m of foreign exchange losses were recorded as a charge against operating losses in the year ended 31 March 2018 and has been reclassified as Other Comprehensive Income. A deferred tax asset arising from the revaluation (under IFRS 3) of the customer base intangible acquired with First Base Technologies LLP in March 2018 resulted in a credit against corporation tax of £0.47m. £0.46m of intangible assets previously capitalised as customer base related on the same acquisition were reclassified as goodwill. Consequently, loss per share reduced from 1.56p to 1.24p per share for the year ended 31 March 2018.

Post balance sheet events

In July 2019 the Company entered into a lease for premises in Reading. This will form the basis of the operations of Falanx Cyber which will be moving its operations from Birmingham to Reading in August 2019. This was done after an extensive review of the optimal position to locate the Cyber Security Operations Centre (SOC) from an access to relevant skills perspective and to help the overall expansion of the business. This premises will be operationally leveraged for maximum utilisation. The net impact of the lease is expected to add an additional £0.1m to cash operating costs per annum and will be accounted for under IFRS 16.

Approved by the Board on 18 September 2019 and signed on its behalf by

I R Selby

Chief Finance Officer

Key Performance Indicators

Performance IndicatorDescriptionWhy measured20192018Comment
Group revenue – £’mChanges in total revenue compared to prior yearRevenue growth gives a quantified indication of the rate at which the Group’s business activity is expanding over time£5.2 £3.0Increase of 73% attributable to increased revenue in the Cyber division, with 39% growth in the second half of the year compared to the first half of the year
Gross marginPercentage of total revenue retained by the Group after direct costs deductionProvides an indication of sales profitability and proportion of revenue available to cover other running costs44%31%Improved margin due revenue mix and better utilisation in professional services following acquisition and integration
EBITDA – £’mA measure of profits excluding non-cash items such as depreciation and amortisationOffers a clearer reflection of the ability to generate cash£(1.5)£(2.2)Increase in revenue and reduced costs
Adjusted EBITDA – £’mA measure of profits adjusted for non-underlying items such as restructuring and acquisition relatedUnderlying performance of business operations£(1.2)£(1.6)Much reduced restructuring charges and acquisition related costs
Cash conversionOperational cash flow / EBITDAMeasures the ability of the business to convert profit into cash132%96%A close correlation between trading performance and cash generation/usage.
Recurring revenue %Recurring revenue lines / total revenueShows visibility of recurring revenue growth rate56%62%Reduction in % due to significant growth in non-recurring professional services revenue, although an underlying increase of circa £0.97m recorded 
Contracted revenue – £’mBinding commitments from customers for future revenuesShows visibility into contracted revenues underpinning future revenue forecasts£3.2£2.3Greater levels of advance customer commitments including advance payments (contract liabilities) 
Monthly recurring revenue – £’mRevenue from the provision of services on a recurring basisShows predictable monthly metrics to track progress against objective of becoming profitable solely on recurring revenue£0.24£0.19Increase in revenue from protective monitoring and consulting in the Cyber division and embed service in the Intelligence division
Number of Invoiced customersNumber of customers invoiced over the preceding 12 monthsMeasure of customer concentration (includes acquired customer base)340332Growth of 2.4% largely attributable to increased customer base of the Cyber division
HeadcountAverage headcount during the yearShows average number of employees in the year7251Increase in operations staff to deliver future revenue commitments
Contract liabilities (deferred income) – £’mContracted and invoiced revenue yet to be recognised (deferred income)Shows visibility into invoiced amounts to be recognised in future periods£1.1£0.7Increase due to growth in the Cyber division and contract value increases in Assynt

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