REG - Intercede Group PLC - Trading Update

IntercedeAnnouncement

08/04/2025 07:00

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RNS Number : 9913D  Intercede Group PLC  08 April 2025

 

 

8 April 2025

INTERCEDE GROUP plc

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

Trading Update

Intercede, the leading cybersecurity software company specialising in digital
identities, today announces the following trading update for the financial
year ending 31 March 2025 (FY25).

As highlighted in the announcements dated 8 January 2025, 12 March 2025 and 2
April 2025, Intercede's underlying trading performance has continued to show
strong momentum for the year, compared to market forecasts. The Group is
pleased to announce that, subject to the completion of the year end audit,
revenues for FY25 are expected to be approximately £17.7m (2024: £20m),
11.4% lower than FY24, with the previous year benefiting from an exceptional
perpetual licence and associated support and maintenance order of c£6.3m. The
Group's revenues are 9.6% lower on a constant currency basis. Recurring
support & maintenance and subscription revenues of c£10.2m represented
c58% of total revenues, reflecting the continued progress in licence wins and
low churn rates.

 

The combination of strong revenues and high operational gearing is expected to
result in improved forecasted profitability, subject to completion of the year
end audit.

 

As at 31 March 2025, gross cash balances totalled £18.7m (2024: £17.2m),
even after the Group had exceptional cash outflows of c£0.9m, relating to
Share Buy Backs (£0.42m) and change in R&D tax election resulting in a
repayment of £0.44m from the FY23 R&D cash claim and foregoing a FY24
forecasted R&D cash claim of c£0.5m-£0.6m. The key purpose for the
R&D tax election change is to ulitise R&D expense deductions against
the Group's future taxable profits. The Group has no debt.

 

Further details will be provided within Intercede's final preliminary results
which are expected to be published in June 2025.

 

 

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/Rory Sale  Corporate Finance
 Tim Redfern/Ondraya Swanson           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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