LONDON (Alliance News) - Software company Intercede Group PLC Thursday reported a swing to a loss in the first half as investments weighed, and said it planned to buy back up to 250,000 shares for staff incentives schemes.
Pretax loss in the six months to September 30 was GBP1.1 million from a profit of GBP256,000 a year earlier as planned investments added to operating expenses even as revenue fell to GBP4 million from GBP4.6 million.
The company said a delay in seasonal US government orders made it difficult to exceed last year's performance but it was confident of a strong end to the financial year.
It had a cash balance of GBP6.3 million at the end of September to support further investment in the business, down from GBP7.4 million a year earlier.
It added that the shares would be bought for a maximum price representing no more than 105% of the average middle market share price for the five days preceding the date of acquisition, and volume would be limited to no more than 25% of the average daily volume in the 20 business days before the trade.
In early trade, shares in the company were up 0.4% at 115.00 pence, having touched an intraday high of 126.98p.
By Ian Edmondson
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Intercede (IGP)