LONDON (Alliance News) - Software and services company Intercede Group PLC on Tuesday said its pretax loss widened slightly in the financial year that ended in March due to higher costs, but revenue grew.
Intercede, which focuses on identity, credential management and secure mobility software, made a pretax loss of GBP1.9 million for the year to March 31, widened from the GBP1.7 million loss it posted the year earlier.
The marginally wider loss was caused by operating costs rising to GBP12.5 million from GBP10.2 million as Intercede invested in infrastructure, technology development and its sales capacity.
Revenue, however, rose 25% to GBP11.0 million from GBP8.8 million the year before, following contract wins with a US healthcare group, a US federal agency, and a US West Coast bank.
"It has also been a year of organisational growth and transition as we position ourselves to be a leading enabler of digital trust services and technology for mobile devices and the Internet of Things," said Richard Parris, Intercede's chairman and chief executive.
"We continue to believe this is a large market opportunity for which Intercede has established a strong business and technology platform. Moreover, we see significant potential for growth in the total addressable market. Both of these factors mean the outlook for Intercede is very bright," Parris added.
The stock was down 0.4% at 118.00 pence Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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