Good morning, it's Paul here.

As usual, this post is initially just a placeholder, to allow readers to post any early comments re the 7:00 RNS, as I write up the main article throughout the morning.

This is what has caught my eye this morning;

Intercede (LON:IGP) - final results
Ted Baker (LON:TED) - more thoughts on its placing announced yesterday
De La Rue (LON:DLAR) - more thoughts on yesterday's stellar rise in share price
Quartix Holdings (LON:QTX) - trading update
Vianet (LON:VNET) - final results
Card Factory (LON:CARD) - preliminary results
Xaar (LON:XAR) - trading update

Estimated timings - that's probably enough to keep me busy until the official finish time of 1pm, which I'll aim to achieve.
Update at 13:02 - so close, but not quite! I've done most of today's report, but want to finish off the last 3 on the list, with shorter comments after lunch. Falling asleep on the hammock again is not an option. Therefore, I'll say 4pm for final completion.
Edit at 16:12 - today's report is now finished.


Intercede (LON:IGP)

Share price: 71p (up 3% today, at 08:30)
No. shares: 50.5m
Market cap: £35.9m

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

Final Results (pdf version here with graphics))

Intercede, the leading specialist in digital identity, credential management and secure mobility, today announces its preliminary results for the year ended 31 March 2020.

Today's results statement is very detailed, giving us useful background & information about the company.

Here are the main points;

Results for FY 03/2020 are in line with last trading update

Most revenues are contracted, recurring, or repeating - many contracts with large organisations are extremely long-term in nature, with large annual support & maintenance contracts. Hence excellent visibility.

Modest increase in revenues, up 3% to £10.4m

Big increase in profitability, due to continued tight cost control - operating profit up from £59k LY, to £1,152k this time

Note large finance cost on P&L of £600k p.a. - this is mainly interest on the convertible loans, which should be repaid, or convert into equity in the future, hence this hefty cost should disappear, nicely boosting future profits

Taxation - the company receives R&D tax credits,…

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