Last checked at 7 Apr 2020 07:00
7 April 2020
INTERCEDE GROUP plc
('Intercede', the 'Company' or the 'Group')
Trading Update
Intercede, the leading specialist in digital identity, credential management and secure mobility, is pleased to announce a continuing trend of improved operational and financial performance.
Subject to the completion of the year end audit, revenues for the year ended 31 March 2020 are expected to be in the region of £10.4m which is approximately 3% higher than the previous financial year. Whilst the level of growth is lower than market expectations, good progress has been made during the last year with all aspects of the business. The increased revenue primarily reflects the impact of follow on orders from existing customers and partners in the US, EMEA and SE Asia. The establishment and further development of partner relationships is critical for the Group's future growth prospects.
The combined effect of increased revenues and ongoing cost control is expected to result in increased profits that are substantially higher than market expectations and the previous financial year.
As at 31 March 2020, gross cash balances totalled £4.8m (2019: £3.2m).
It is too early to fully assess the impact of COVID-19 on Intercede's FY21 outlook. The Company has implemented its Business Continuity Plan and, with everyone now working from home, it is business as usual. A few delays were experienced with the receipt of orders and project upgrades that had been scheduled to take place in the last week of March, but they are all currently expected to proceed in the coming weeks.
Further detail will be provided within Intercede's final results which are expected to be published in June 2020.
ENQUIRIES
Intercede Group plc Tel. +44 (0)1455 558 111
Klaas van der Leest, Chief Executive
Andrew Walker, Finance Director
finnCap Tel. +44 (0)20 7220 0500
Stuart Andrews, Corporate Finance
Simon Hicks, Corporate Finance
About Intercede
Intercede is a cybersecurity company specialising in digital identities, derived credentials and access control, enabling digital trust in a mobile world.
Headquartered in the UK, with offices in the US, we believe in a connected world in which people and technology are free to exchange information securely, and complex insecure passwords become a thing of the past.
Our vision is to make the highest levels of cybersecurity available to organizations and consumers alike, solving complexity and scalability issues by managing high volumes of digital credentials.
We have been delivering trusted solutions to high profile customers for over 20 years. Our team of experts has deployed millions of identities to governments, most of the largest aerospace and defence corporations, and major financial services and healthcare organizations, as well as leading telecommunications, cloud services and information technology firms, providing industry-leading employee and customer credential management systems.
For more information visit: www.intercede.com
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.