Good morning, it's Paul here.

I got up early to finish yesterday's report, so a new section on Instem (LON:INS) is now up. Unfortunately, the section on Low & Bonar (LON:LWB) vanished when technical gremlins struck, so I'll reconstitute that once we've got some of today's news up in this report. Although to be honest, I don't think you're missing out much if you ignore LWB.

Please see the header for announcements which I'll cover today. Plus anything else that crops up which looks interesting.



Intercede (LON:IGP)

Share price: 23.0p (up 39% today, at 08:09)
No. shares: 50.5m
Market cap: £11.6m

(at the time of writing, I hold a long position in this share)

Trading update

Today's update covers the year to 31 March 2019.

Intercede is a cybersecurity company specialising in digital identities, derived credentials and access control, enabling digital trust in a mobile world.

I was fearing a profit warning here, because the share price has been drifting down (albeit on negligible volume). However, I'm delighted to read this morning's trading update, where the company has achieved a big last-minute success, namely a major contract win on the last working day of the financial year - talk about cutting it fine!

... pleased to announce that a large US Federal Government order totaling $4.3m was received on 29 March 2019.

The order includes software licenses and annual support & maintenance; $2.05m (£1.57m) of which will be recognised in the financial year ended 31 March 2019.

As a result, revenues are now ahead of expectations;

Subject to the completion of the year end audit, revenues for the year ended 31 March 2019 are expected to be in excess of £10.0m, which is ahead of market expectations and approximately 10% higher than the previous financial year.

This reflects the impact of follow on orders from existing customers plus new contract wins via partners in the US, Europe and SE Asia.

The establishment and further development of these and other partner relationships is critical for the Group's future growth prospects.

Note that in H1 the company reported revenues of £4.17m. Therefore H2 must be over £5.83m - a 40% growth rate from H1…

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