(Alliance News) - Intercede Group PLC said Tuesday it swung to an annual profit as costs fell as revenue edged upwards, with growth in Support & Maintenance and Professional Services.
Shares in the digital identity software firm were 14% higher at 78.80 pence on Tuesday in London.
For the year to the end of March 31, Intercede reported a pretax profit of GBP574,000, compared to a loss of GBP530,000 the year before, on revenue that grew slightly to GBP10.4 million from GBP10.1 million.
In addition, operating expenses declined to GBP9.2 million from GBP10.0 million.
Segementally, the Support & Maintenance division's revenue grew by 14% to GBP5.5 million due to a steady increase in deployments. Meanwhile, the implementation of large licence orders received in the prior year and upgrade activity led to a 35% rise in Professional Services to GBP2.3 million.
Looking ahead, Intercede said it is well placed to withstand the Covid-19 pandemic, due to its products and services being extremely relevant in the current climate, allowing workers to continue remote operations securely.
"Just over two years ago a major board reconstruction was undertaken with the clear recognition that the group had to get back to sustainable revenue growth and profitability. All members of the team have remained focused throughout the last two years and it is to their great credit that the most difficult part of the operational turnaround has been delivered despite the worsening backdrop posed by the Covid-19 pandemic at the end of the period. The board are most grateful for the endeavours of all staff and our immediate thoughts are focused on the safety and welfare of our staff, partners, customers and prospects," said Chair Chuck Pol.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Intercede (IGP)