Intercede Regulatory News (IGP)

Intercede Group PLC

("Intercede," "the Company" or the "Group'') 

Trading Update

Intercede revenues for the six months ended 30 September 2022 totalling £6.1m are approximately 23% higher than last year on a constant currency basis and 24% higher on a reported basis (2021: £4.9m on a reported basis). This is in line with management expectations.

The Group had cash reserves of £10.0m as at 30 September 2022 compared to £7.8m as at 31 March 2022 reflecting positive operating cash flow and continued tight cost control as budgeted for FY23.

Following payment of approximately £2.0m initial consideration, after net debt and working capital adjustments, relating to the acquisition of Authlogics Ltd announced today, the Group had cash reserves of £7.9m and has no debt.

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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 organisations and consumers alike, solving complexity and scalability issues by managing high volumes of digital credentials.