Intercede first half in line as revenues rise

Intercede said on Monday that first-half trading was in line with its expectations as it hailed "further good progress" following last year's return to profit.

In a brief trading update, the digital identity services provider said revenue for the six months to 30 September was around 5% higher than last year, reflecting a "strong" end to the half. Orders received from both new and existing customers resulted in revenues of £4.4m versus £4.2m in 2018.

In addition, continued tight cost control resulted in a positive operating cash flow during the period, with cash balances as at 30 September 2019 totalling £5.2m, up from £3.2m as at 31 March 2019.

At 0900 BST, the shares were flat at 33p.