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LONDON (Alliance News) - Intercede Group PLC Thursday said it swung to a profit in the first half of the year as revenues jumped 32%, and said it was confident the performance will continue after it signed several major new contracts during the period.
The identity and credential management software company reported a pretax profit of GBP256,000 for the six months to end-September, compared with a loss of GBP185,000 a year earlier, as revenues grew to GBP4.6 million, from GBP3.5 million.
It said it had signed six new contracts in the half, with major telecoms, aerospace and defence, and law enforcement companies and agencies, and another contract since the period ended. All the deals are expected to contribute revenues in the current financial year.
"We have experienced one of our strongest ever six month trading periods and remain optimistic that this pattern will continue through the second half. We have also continued to invest in our own sales capacity and expanded our indirect channels to market," Chairman and Chief Executive Richard Parris said.
"The commercial outlook for the remainder of the year ending 31 March 2014 remains in line with expectations. Beyond that, I believe 2014 will be an inflexion year for the adoption of Intercede's technology by mainstream channel partners and large customers," he added.
Intercede shares were up 13.2% at 157.33 pence Thursday morning, one of the biggest rises on AIM.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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