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LONDON (Alliance News) - Intercede Group PLC on Wednesday said its pretax loss narrowed in its most recently ended financial year, thanks to double-digit revenue growth and reduced costs.
The digital identity solutions provider said its pretax loss in the year to the end of March narrowed to GBP451,000 from GBP5.0 million a year prior, as revenue increased by 10% to GBP10.1 million from GBP9.2 million, while operating expenses were reduced by 26% to GBP10.1 million.
Expenditure on research & development activities totalled GBP2.9 million, down from GBP3.7 million a year ago. The company highlighted that staff costs continue to represent the main area of expense, representing 79% of total operating costs. The average number of employees and contractors in the company's financial 2019 was 86, down from the previous year's average of 119.
The increase in revenue reflects growth from contract wins with new customers, Intercede said, as well as successfully upselling to existing customers.
"This represents a significant turnaround from the losses incurred in recent years," said Chair Chuck Pol, "and I am confident of the group's future prospects."
Intercede shares were trading 3.3% higher on Monday morning at 38.21 pence each.
