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LONDON (Alliance News) - Intercede Group PLC Thursday said revenue in the financial year that ended on Tuesday will be around 10% lower than the previous year as it continued to face delays in the receipt of scheduled orders, mainly from US government customers.
The identity and credential management software provider said its revenue in the year to March 31 will be 10% lower to "reflect continuing delays in the receipt of scheduled orders mainly from existing US government customers and committed European projects".
"There are also a number of exciting new customers that have either recently been signed or are approaching signature that will not make a material contribution before next year and beyond," the company added.
Intercede said at the end of March it had a "strong" cash balance of GBP5.9 million.
The company said that although the delays will hit revenue in the 2015 financial year, they do not impact the future demand for Intercede's products or hit the company's "strong growth propsects".
"There are increasingly high levels of interest in the group's mobile digital identity technology and services from global original equipment manufacturers, governments and major corporations. Consequently, the Board is even more confident than previously stated in its business strategy and accordingly is driving forward with its investment plan," said Intercede.
Intercede shares were up 1% at 105.00 pence per share Thursday afternoon.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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