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Mike Read gives exciting company update to Beaufort Securities

Beaufort Securities say ‘Another contract wins from Falanx! It demonstrates growing momentum for MidGARD from multinational corporate clients, validating that its unique offering is adequately fulfilling client needs and superior than competing services. Today’s new contract and contract expansion further increases Managed Services as a proportion of total revenues, improving the quality and visibility of its future recurring revenue. Falanx remain funded in the near-to-medium-term and we expect organic cash flows likely to grow strongly during FY19 to achieve positive underlying EBITDA. We maintain our Speculative Buy rating on the shares with a target price of 10p.’

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