LONDON (Alliance News) - Intercede Group PLC Wednesday said it expects to report revenues of about GBP4.5 million for the first half of its financial year, up from GBP3.5 million a year ago, buoyed by contract wins and progress with existing clients.
In a statement ahead of the company's annual general meeting, Chairman and Chief Executive Richard Parris said the company expects to be profitable in the half that ends September 30 and to report cash balances of GBP7 million, up from GBP6.8 million at the end of March.
Parris said the company has also won two new contracts: the first with a major European aerospace and defence contractor and the second with one of Europe's largest urban police forces.
"All of these new contracts have already contributed to revenues in the current period and will continue to do so for the remainder of the financial year and beyond," he said.
The predicted increase in revenues is in line with the company's expectations.
Intercede provides identity and credential management software.
Its shares were up 2% at 90.3 pence Wednesday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
Copyright 2013 Alliance News Limited. All Rights Reserved.
Intercede (IGP)