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LONDON (Alliance News) - Intercede Group PLC on Monday said it is confident in returning to profit in its next financial year as it reported a significantly narrowed loss in the first half of its current financial year.
Intercede shares were trading up 19% on Monday at 34.00 pence each.
The authentication software firm said its pretax loss narrowed in the six months to the end of September to GBP823,000 from GBP3.3 million loss reported for the same period in 2017.
Revenue rose by 14% to GBP4.2 million from GBP3.7 million, on increasing number of orders from both new and existing customers.
Meanwhile, operating expenses reduced by 29% to GBP4.7 million, as the company initiated the cost-cutting review in the second half of its prior financial year.
"The new management team has made a promising start in the first half of the current year and it is pleasing to note the growth in revenue against the backdrop of the cost-cutting review," said Chairman Chuck Pol.
"The improved cost efficiency, and focus on the core MyID product, gives the board confidence that Intercede will return to profit during the next financial year," added Pol.
