REG - Intercede Group PLC - Trading Update, Renewals and New Contract Orders

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RNS Number : 7142Z  Intercede Group PLC  09 April 2026

9 April 2026

INTERCEDE GROUP plc

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

 Trading Update, Renewals, Subscription Renewals and New Contract Orders

 

Intercede, the leading cybersecurity software company specialising in digital
identities, today announces the following trading update for the financial
year ending 31 March 2026 (FY26) together with new contract orders and
renewals.

Subject to completion of the year-end audit, the Group delivered revenues for
FY26 of approximately £17.2m (2025: £17.7m), representing a decrease of 2.8%
year-on-year. On a constant currency basis, Group revenues declined by 0.5%,
with subscription revenue increasing by c17.6% and now totalling £2.0m (2025:
£1.7m). As highlighted in the announcement of 17 March 2026, the Group's
revenues for FY26 reflect procurement delays, particularly in the United
States, and customer purchasing deferrals attributable to heightened
geopolitical uncertainty, including the conflict in the Middle East.

 

Recurring revenues from support & maintenance, and subscriptions amounted
to approximately £11.4m, representing c66% of total revenues. This
underscores the Group's continued progress in securing new licence wins from
both new and existing customers as well as maintaining low customer churn
rates.

 

As at 31 March 2026, the Group held gross cash balances of £20.0m (2025:
£18.7m). The Group continues to maintain a debt-free balance sheet, providing
financial stability and flexibility to support future growth initiatives.

 

Further details will be provided within Intercede's final preliminary results
which are expected to be published in June 2026.

 

The Group is also pleased to announce the following recent renewals and new
orders worth c$5.22m in aggregate:

 

·   a large US Federal Government annual subscription renewal for MyID CMS,
totalling c$3.49m with a longstanding US client for the period from 1 April
2026 to 31 March 2027. This is the third year of a base year plus four
optional incremental year agreement;

 

·    a MyID CMS renewal, subscription and professional services order for
a US supervisory banking system, totalling c$0.35m;

 

·    a MyID CMS renewal for a global US defence contractor, totalling
c$0.37m;

 

·    a MyID CMS renewal for a global European defence contractor,
totalling c$0.23m;

 

·    a MyID CMS renewal for a large North American Telecoms provider,
totalling c$0.25m;

 

·    continued professional services order, of more than $0.31m, for an
existing POC client in the US federal space, to prepare the groundwork for a
future software deployment of MyID CMS;

 

·    a professional services order of c$0.22m with DoS for the continued
maintenance of MyID CMS.

 

These orders, majority of which are received via our partners, are in line
with expectations and reinforce a solid footing as the Group enters the new
financial year.

 

Klaas van der Leest, CEO, commented:

 

"Whilst our revenues for FY26 were impacted by procurement delays and customer
purchasing deferrals, what was important to the board was that these
opportunities were not lost. Following our update on 17 March, the Group has
secured a number of contract renewals and new business wins.

 

Furthermore, we are encouraged by customer engagement and the improvement in
order intake momentum in the second half of FY26. As we enter the new
financial year (FY27), the Group is well placed to build on this momentum,
while being mindful of the evolving global macroeconomic environment".

 

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
 Marc Milmo/Fergus Sullivan         Corporate Finance
 Matt Lewis                         ECM

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU No.
596/2014) which is part of UK law by virtue of the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.

 

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)

 

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