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Intercede shares surge on profit rise, new contract wins and renewals

Tue, 21st Nov 2023 12:26

(Alliance News) - Intercede Group PLC on Tuesday raised annual guidance after reporting rising profit and revenue in the first half of its financial year, while it also announced new contract wins and renewals worth over GBP500,000.

Shares in Intercede surged 15% to 68.00 pence each in London on Tuesday afternoon.

In the six months that ended September 30, the Leicestershire, England-based cybersecurity software company said revenue rose 15% year-on-year to GBP7.0 million from GBP6.1 million, while pretax profit surged 83% to GBP1.1 million from GBP600,000.

As a result, Intercede now expects to exceed market forecasts for its financial 2024, which it cites as revenue of GBP13.3 million and adjusted earnings before interest, tax, depreciation and amortisation of GBP1.0 million. In its financial 2023, it reported revenue of GBP12.1 million and adjusted Ebitda of GBP1.3 million.

"The group has continued to deliver on its stated goals of double-digit growth, continued strategic investment internally and the expansion of the MyID product portfolio," said Chair Royston Hoggarth.

"The strong performance we achieved in the first half of 2023 has continued. The benefit of tight cost controls and a strong pipeline of future opportunities means that I am pleased to report that we now expect the group to achieve financial performance for [financial] 2024 ahead of previous market expectations. Whilst the volatility in the global macroeconomic environment has increased in the last few weeks, with our strong pipeline and balance sheet we remain well positioned for the future."

Intercede also announced new contract and renewal orders worth over GBP500,000. This includes a new licence order for MyID credential management software from an unnamed "major world governance bank based in Europe"; beginning professional services for a new deployment with an unnamed "significant" US federal agency; a contract upgrade by an unnamed "large" transportation agency in the US; and the renewal of support and maintenance contracts across a host of smaller clients of the group.

Chief Executive Officer Klaas van der Leest said the contract wins and renewals strengthened its recurring revenues and continue its "strong" momentum in its financial 2024.

By Greg Rosenvinge, Alliance News senior reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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