REG - Intercede Group PLC - Trading Update

IntercedeAnnouncement

17/04/2023 07:00

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RNS Number : 3417W  Intercede Group PLC  17 April 2023

 

 

17 April 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 year ending 31 March 2023
("FY23").

As outlined in the announcements of 23 January 2023 and 3 April 2023,
Intercede's underlying trading performance has continued to show strong
momentum. The Group is pleased to announce that, subject to the completion of
the year end audit, revenues for FY23 are expected to be just over £12.0m
(2022: £9.9m), approximately 21-22% higher than FY22 (12-13% higher on a
constant currency basis) and, as announced on 23 January 2023, ahead of market
forecasts(1).

 

The combined effect of increased revenues and tight management of costs under
the Group's control, is expected to result in improved profitability, subject
to completion of the year end audit.

 

As at 31 March 2023, gross cash balances totalled £8.3m (2022: £7.8m). This
is after a cash outflow of approximately £2.3m relating to the acquisition of
Authlogics, announced on 10 October 2022. The Group has no debt.

 

Further details will be provided within Intercede's final results which are
expected to be published in June 2023.

 

(1)( )The Board consider the current consensus analyst forecasts for the year
ended 31 March 2023, prior to this announcement, to be revenues of £11.9m and
adjusted EBITDA of £1.0m. Adjusted EBITDA is defined as earnings before
interest, taxation, depreciation, amortisation, IFRS 16, 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)

 

 

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