Intercede ends year in line with expectations

Digital identity and mobile security company Intercede is expecting revenues for the year ended 31 March to be around £11m, it said on Wednesday, in line with market expectations and about 6% higher than the previous financial year.

The AIM-traded firm said that performance primarily reflected a “strong” performance in its main United States market, involving follow-on orders from existing customers as well as new contract wins via partners, with the most notable being the US Department of State via Guidehouse.

At the interim results, the company reported that business in Europe and the wider rest-of-world region had been adversely affected by Covid-19 lockdowns, which had continued to be the case during the second half.

“The combined effect of increased revenues and continued tight control over costs is expected to result in improved profitability at all levels,” the board said in its statement.

As at 31 March, gross cash balances totalled £8.0m, up from £4.8m year-on-year.

“Following the successful early retirement of convertible loan notes totalling £5.0m that was announced on 4 and 16 February, the group is now debt-free,” the directors added.

Intercede said it would release its final results for the year ended 31 March in June.

At 1232 BST, shares in Intercede Group were down 8.41% at 95.25p.