REG - Intercede Group PLC - New Orders and Trading Update

IntercedeAnnouncement

22/03/2024 07:00

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RNS Number : 8573H  Intercede Group PLC  22 March 2024

 

 

22 March 2024

INTERCEDE GROUP plc

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

 

New Orders and Trading Update

Intercede, the leading cybersecurity software company specialising in digital
identities, today announces a new contract win, further strong trading and
uplift on market expectations for the current financial year ending 31 March
2024 ("FY24")*.

The Group is pleased to announce an order for a new licence test environment
for an existing US Federal Agency, which, combined with anticipated additional
conversion of our existing pipeline, means that the Group now expects
financial performance to be ahead of market expectations for FY24 and creates
further contracted revenue backlog for FY25.

 

With this momentum coinciding with the launch of our new product release, MyID
MFA v5, the Group is in a robust position to execute on its forthcoming plans
for FY25 and beyond.

 

Klaas van der Leest, CEO, commented:

 

"Once again, I am pleased to announce further traction through our partners in
the US, UK, Continental Europe and Middle East, resulting in a further upgrade
of market expectations for FY24.

 

With this being our third raise in so many months, FY24 has been an
exceptional year for the Group, reflecting the quality of the Group's products
and services. Our pipeline continues to develop in line with our expectations
and we look forward to the commencement of the new financial year."

 

* The current market forecast for the year ending 31 March 2024 is revenue of
£19.2 million and adjusted EBITDA of £5.6 million.

 

ENQUIRIES

 Intercede Group plc                Tel. + 44 (0)1455 558111
 Klaas van der Leest                CEO
 Nitil Patel                        CFO

 Cavendish Capital Markets Limited  Tel. + 44 (0)20 7220 0500
 Simon Hicks/Fergus Sullivan        Corporate Finance
 Tim Redfern                        ECM

 

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 (http://www.intercede.com)

The information communicated in this announcement contains inside information
for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as
it forms part of UK domestic law by virtue of the European Union (Withdrawal)
Act 2018 ("MAR"), and is disclosed in accordance with the company's
obligations under Article 17 of MAR.

 

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