REG - Intercede Group PLC - Trading Update

IntercedeAnnouncement

23/01/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230123:nRSW4700Na&default-theme=true

RNS Number : 4700N  Intercede Group PLC  23 January 2023

23 January 2023
 
INTERCEDE GROUP plc

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

Trading Update

Intercede, a cybersecurity software company specialising in digital
identities, provides an update on trading for the current financial year
ending 31 March 2023 ("FY23").

Since the release of the Group's interim results on 22 November 2022, the
Board is pleased to announce that Intercede has continued to maintain the
momentum seen in H1, with revenue now expected to be approximately 5-8% ahead
of market forecasts(1) for FY23. Consequently, the Group now expects to report
FY23 results materially ahead of these forecasts(1).

 

The pipeline of new business continues to grow, and the Group has several
further contract opportunities that could close before the fiscal year end.
The integration of Authlogics (as announced on 10 October 2022) is on track
and embedding well.

 

Klaas van der Leest, CEO of Intercede, commented:

 

"I am pleased to report continued progress against our strategic plan and in
particular the positive news on our Group's efforts so far in FY23. We now
expect revenue and profits to be ahead of current market expectations. This is
a testament to the Group's continued investment in MyID and focused execution
on our '6C strategy', centred around Colleagues, Customers, Channels, Code,
Cash and Corporate Development. With over two months to run until year end,
the Group has several opportunities to close further deals which could enhance
our results further."

 

(1) The Board consider the current consensus analyst forecasts for the year
ended 31 March 2023, prior to this announcement, with revenues of £11.3m and
adjusted EBITDA of £0.6m. Adjusted EBITDA is defined as earnings before
interest, taxation, depreciation, amortisation, IFRS 16 and share based
adjustments and non-recurring exceptionals.

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

ENQUIRIES

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

 finnCap Ltd                      Tel. + 44 (0)20 7220 0500
 Simon Hicks/Fergus Sullivan      Corporate Finance
 Tim Redfern/Charlotte Sutcliffe  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)

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTSEUFIFEDSEDF