Intercede Regulatory News (IGP)

17 April 2023

INTERCEDE GROUP plc

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

Trading Update

Intercede, a cybersecurity software company specialising in digital identities, provides an update on trading for the year ending 31 March 2023 ("FY23").

As outlined in the announcements of 23 January 2023 and 3 April 2023, Intercede's underlying trading performance has continued to show strong momentum. The Group is pleased to announce that, subject to the completion of the year end audit, revenues for FY23 are expected to be just over £12.0m (2022: £9.9m), approximately 21-22% higher than FY22 (12-13% higher on a constant currency basis) and, as announced on 23 January 2023, ahead of market forecasts1.

The combined effect of increased revenues and tight management of costs under the Group's control, is expected to result in improved profitability, subject to completion of the year end audit.

As at 31 March 2023, gross cash balances totalled £8.3m (2022: £7.8m). This is after a cash outflow of approximately £2.3m relating to the acquisition of Authlogics, announced on 10 October 2022. The Group has no debt.

Further details will be provided within Intercede's final results which are expected to be published in June 2023.

1 The Board consider the current consensus analyst forecasts for the year ended 31 March 2023, prior to this announcement, to be revenues of £11.9m and adjusted EBITDA of £1.0m. Adjusted EBITDA is defined as earnings before interest, taxation, depreciation, amortisation, IFRS 16, share based adjustments and non-recurring exceptionals.

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

ENQUIRIES

About Intercede

Intercede is a cybersecurity software company specialising in digital identities, and its innovative solutions enable organisations to protect themselves against the number one cause of data breach: compromised user credentials.

The Intercede suite of products allows customers to choose the level of security that best fits their needs, from Secure Registration and ID Verification to Password Security Management, One-Time Passwords, FIDO and PKI. Uniquely, Intercede provides the entire set of authentication options from Passwords to PKI, supporting customers on their journey to passwordless and stronger authentication environments. In addition to developing and supporting Intercede software, the Group offers professional services and custom development capabilities as well as managing the world's largest password breach database.

For over 20 years, global customers in government, aerospace and defence, financial services, healthcare, telecommunications, cloud services and information technology have trusted Intercede solutions and expertise in protecting their mission critical data and systems at the highest level of assurance.

For more information visit: www.intercede.com