LONDON (Alliance News) - Intercede Group PLC Thursday said it swung to a pretax profit in its full-year as it achieved higher than expected sales due to new contract wins during the period.
The identity and credential management software company said it swung to a pretax profit of GBP395,000 for the twelve months ended March 31, from a pretax loss of GBP673,000 the previous year as revenues increased 45% to GBP9.8 million from GBP6.7 million.
The company announced in April that it had executed its business strategy to deliver a 30% or more increase in sales, whilst accelerating its investment in people and resources to take advantage of the opportunities provided by the impact of smart phones and global cyber-security concerns.
As a result, Intercede said in April that revenues for the year would be ahead of expectations and over 40% higher than the previous year, boosted by new contract wins for its MyID identity and credential management technology.
On Thursday, the company said it has won contracts in the telecommunications, aerospace and defence and public service sectors during the period and its headcount had increased to 105 by March 31 from 80 the previous year.
"Our customer base now includes four of the top six worldwide aerospace & defence companies and we are also working on a large scale US government security programme. These will provide a stable base of revenue, with additional scope to grow as we win similar such contracts," Chairman and Chief Executive Richard Parris said in a statement.
The company said that at March 31 it had GBP7.2 million in net cash despite paying out GBP475,000 in a share buyback programme and increased investment during the period.
Intercede Group shares were up 3.9% to 174.00 pence on Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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Intercede (IGP)