REG - Intercede Group PLC - Half-year Report
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RNS Number : 8091I Intercede Group PLC 25 November 2025
25 November 2025
INTERCEDE GROUP plc
('Intercede', the 'Company' or the 'Group')
Interim Results for the Six Months Ended 30 September 2025
The Group is building strong momentum supported by a geo-diversified pipeline
and enters H2 FY26 with a solid foundation and focus on innovation, expansion
and execution.
Intercede, the leading specialist in digital identity, credential management
and secure mobility, is pleased to announce its interim results for the six
months ended 30 September 2025.
Financial Highlights
H1 FY26 H1 FY25 % Change
£ million £ million
Revenue 8.2 8.5 -4%
Gross profit 7.8 8.2 -5%
Profit before Tax 1.3 1.7 -26%
Taxation - credit / (charge) - - -
Net Profit 1.2 1.7 -27%
EPS - basic 2.1p 2.8p
EPS - diluted 2.0p 2.7p
Gross Margin 95% 96% -1%
Net Margin 15% 20% -24%
Cash and cash equivalents 17.8 16.2 10%
Net cash (used in) / generated from operating activities 1.2 -0.4 391%
Deferred revenue 6.2 6.3 -2%
Total Assets 25.6 25.0 2%
Total Equity 16.5 15.0 10%
Adjusted EBITDA(1) 1.3 1.8 -27%
Operating Profit 0.9 1.3 -30%
1 Adjusted EBITDA is stated before interest, taxation, amortisation &
depreciation, share based payments and exceptional items. It also excludes
property lease costs which, under IFRS 16, are replaced by depreciation and
interest charges.
Financial highlights for the period include:
· Revenues for the six months ended 30 September 2025 (H1) totalling
£8.21 million, 3.9% lower on a reported basis (2024: £8.54 million). On a
constant currency basis, revenue was down by 4.2%;
· Group revenues in the period were split as follows:
o Software licence revenue in the period of £1.4m (H1 FY25: £0.87m)
comprising perpetual licence income of £1.08 million (H1 FY25: £0.66
million) and subscription licence income of £0.36 million (H1 FY25: £0.21
million);
o Support and Maintenance revenue (recurring) in the period of £5.4 million
(H1 FY25:£4.9 million)
o Professional services revenue in the period of £1.4 million (H1
FY25:£2.7 million);
· Operating profit in the period of £0.9m (H1 FY25: £1.3m) reflecting
the reduction in revenues together with operating expenses that reflect the
Board's focus on ongoing investment in the Group;
· Company continues to be strongly cash generative with cash and cash
equivalents at period end of £17.8m (H1 FY25: £16.2m);
· Board believes it will meet current market forecasts for FY26(2 )
Contractual highlights for the period:
The Group has continued to show encouraging momentum in orders received in the
period, including:
· A US Federal Government Agency incremental licence order for MyID
CMS, totalling c$0.5m in licence sales and associated support and maintenance,
enhancing further licence purchases in recent large deployment;
· A new top-up licence order for MyID CMS from a large existing US
Defence and Aerospace manufacturer of c$0.4m;
· A support and maintenance renewal from a key Middle Eastern
educational establishment for MyID MFA in excess of c$0.16m;
· A new large order for a US publicly traded energy company, for MyID
CMS, totalling c$0.4m in subscription licence sales for 5 years, enhancing the
Group's strategic emphasis on transitioning towards a subscription-based
revenue model;
· A new US Scientific Agency/National Laboratory order for MyID CMS,
totalling c$0.1m in subscription licence sales and professional services,
enhancing the Group's strategic emphasis on transitioning towards a
subscription-based revenue model.
Product enhancements
· Intercede's flagship product upgrades of MyID CMS v12.15 and v12.16
were released in June and September respectively providing:
- FIDO for the Enterprise - simplified collection of passkeys with
enterprise policy control
- Report Designer - enables creation and management of customised
reports and enquiries
- Operator Client - modernisation of web user interfaces and
associated APIs, enhancing the user experience and simplifying integration
- Support for the new YubiKey Bio Multi-Protocol edition security
device enabling combined PKI and passkeys with biometric protection
- Enhanced interoperability with Microsoft Entra ID (management of
Passkeys, support for cloud-only deployments and certificate data management)
- Card Layout Editor with enhanced user interface
· MyID MFA v5.1 and v5.2 (released in May and July respectively):
- Enhanced Access Control Policies
- Breach Password Detection for Browser-based applications
- Enhanced YubiKey support
- New Multi-language Authenticator App
· MyID SecureVault v3.0 released September:
- Secure storage and recovery of biometric data in addition to
private keys
Operating highlights
· Major Client Upgrades & Deployments:
Recent go-lives and upgrades to the latest MyID versions across US Federal
agencies, defence organisations, leading banks, energy providers, and global
manufacturers, reinforcing our position in high-assurance markets;
· Compliance & Security Assurance:
Continued strong performance in external audits, including ISO 9001, ISO
27001, and Cyber Essentials Plus, with zero non-conformities, reflecting our
commitment to robust Quality Management Systems and security standards;
· Customer Satisfaction & Loyalty:
Achieved an improved Net Promoter Score (NPS) of 58 (2024: 55), demonstrating
growing customer confidence and satisfaction with Intercede's solutions and
support.
Royston Hoggarth, Chairman, said:
"Last year, I anticipated that following the UK Budget and the conclusion of
the U.S. elections, macroeconomic conditions would stabilise. Unfortunately,
that expectation has not materialised, yet, and global markets continue to
experience volatility and delays/friction.
"The Group has delivered resilient performance, remaining firmly aligned with
its strategic objectives of diversifying revenue streams, profitability, and
generating strong cash flows despite the unusual market delays experienced
this period. Our commitment to innovation, as reflected in increased and
continued investment in product development, ensures we remain highly
competitive and future ready.
"As we enter the second half of FY26, we do so with a robust, geographically
diversified pipeline, positioning us, we believe, to meet full-year financial
expectations in line with current market consensus(2).
"These achievements are driven by the dedication and expertise of our talented
colleagues, whose contributions underpin our growth ambitions, operational
excellence and market leadership.
"Looking ahead, we remain confident in our ability to execute our roadmap for
product evolution, geographic expansion, and targeted acquisitions, delivering
sustainable medium and long-term value for all stakeholders."
(2) For the purpose of this announcement, the Board understands market
expectations for FY26 to be revenues of £18.7m and adjusted pre-tax profits
of £4.6m.
ENQUIRIES
Intercede Group plc Tel. + 44 (0)1455 558111
Klaas van der Leest CEO
Nitil Patel CFO
Cavendish Capital Markets Limited (Nomad & Broker) Tel. + 44 (0)20 7220 0500
Marc Milmo/Fergus Sullivan Corporate Finance
Tim Redfern Corporate Broking
About Intercede
Intercede is a cybersecurity software company specialising in digital
identities and strong authentication, 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
passkeys, SecureVault 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. In addition to developing
and supporting Intercede software, the Group offers professional services and
development capabilities as well as managing the world's largest password
breach database.
For over 25 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.
The period in review
The Group entered FY26 against a backdrop of heightened macroeconomic
volatility, following the introduction of US reciprocal tariffs impacting
global trade flows. Despite uncertainty and delayed decision-making across
markets, the Group has successfully maintained revenue stability, controlled
operating expenses whilst still investing across the Company, maintained
profitability and delivered positive cash flow generation.
This disciplined approach to cost management and operational resilience will
continue into H2 FY26, ensuring the Group remains well-positioned to navigate
external challenges whilst embarking on its product vision in the years ahead.
Product vision
The Group's growth journey began with:
Phase 1, focusing exclusively on Employee-ID solutions and establishing strong
credibility in identity management through PKI and FIDO standards
In Phase 2, the strategy evolved to a multi-product approach, expanding
coverage across the entire front side of the identity pyramid-from passwords
to PKI-by introducing new features and acquiring products with MFA and PSM
capabilities.
Phase 3 marks the introduction of a multi-dimensional pyramid, incorporating
Enterprise Credential Management for both human and non-human entities to
enable Zero Trust architectures, while maintaining a balance between organic
innovation and inorganic growth.
Intercede's product vison is to become a market leading supplier of Enterprise
Management Credential software within 3-5 years. This will be delivered via an
integrated software product family managing the digital identities of people,
machines, and agentic AI. Intercede's product capabilities and portfolio will
be expanded to deliver the solution by a combination of inhouse development
and strategic acquisition.
Intercede today
The Group's current MyID product family is at the forefront of digital
identity and credential management in high assurance environments. Widely used
in government, aerospace and defence, intelligence agencies, finance and
manufacturing, our software is used to protect some of the most mission
critical high security environments in the world.
MyID solutions today are focused on person identity; making sure the
individual who is accessing systems or network is who they claim to be with a
high level of assurance. By combining Identity onboarding with secure
credential management, MyID can manage a wide range of credentials (passwords,
one-time passwords, FIDO passkeys and PKI) on a mixture of devices (smart
cards, USB tokens, virtual smart cards and mobile) ensuring organisations
protect themselves against the number one cause of data breach (compromised
user credentials) by replacing weak credentials with stronger
phishing-resistant authentication.
Enterprise Credential Management today
Organisations today will typically deploy individual point solutions to manage
enterprise credentials, for example a CMS to issue person credentials (such as
MyID), a certificate management system to manage server certificates and a
Privileged Access Management (PAM) solution to manage secrets for
administrator access.
The opportunity
The Group believes there is a growing market for a converged enterprise
credential management solution that provides a 'single pane of glass' to
manage all credentials used within the enterprise regards of whether they are
for people, machines, or agentic AI.
The need for converged secrets management is backed up via conversations with
existing customers, partners and reports from market analysts including
Gartner and Kuppinger Cole.
As organisations inevitably become more complex over time, the need for
managing a wider range of credentials types for an increasing variety of end
entities, both human and non-human, will only increase.
Why Intercede?
Intercede believe the enterprise credential management market is an excellent
fit to Intercede's strengths for several key reasons:
· Security: Enterprise Credential Management software must be secure by
design, Intercede have multiple years' experience of developing software that
manages digital identities and credentials at the highest levels of security,
including full compliance with relevant standards such as FIPS 201, NIS2 and
DORA. Vendors without this security background will find it difficult to
develop solutions with the required levels of security.
· Scalability: solutions managing enterprise secrets need to scale to
high volumes due to the number of end entities involved. Intercede solutions
have proven to scale to millions of credentials for multiple government and
national programs, meaning our architecture is ready to deliver. Vendors who
have not delivered at this scale will find providing the required scalability
a barrier to entry.
· Process: managing enterprise credentials requires a high degree of
automation and process/policy control, with different rules being needed for
different credential types. One of MyID' core strengths is its flexible rules
engine, enabling policies to be defined for different credential types, making
its core policy engine an excellent fit for extending to additional enterprise
secrets. Simpler products without the flexibility required for complex
environments are unlikely to be able to meet the policy needs of managing
multiple credential types.
· Integration: a holistic enterprise credential management solution
must be able to work with the complex identity and access management (IDAM)
environments customers deploy. Intercede have long embraced a 'work with'
strategy where a MyID solution provides a range of connectors, APIs, and SDKs
along with a project configuration toolkit, enabling it to be tightly
integrated with solutions such as Microsoft Entra, Okta, SailPoint or
ServiceNow.
· Credibility: Managing enterprise credentials is a mission-critical
requirement. Intercede's referenceable successful deployments of credential
management in high profile environments demonstrates customer's trust in
Intercede, both in our solutions and as an organisation. Vendors without a
proven track record will find it difficult to gain traction in the high-risk
environment of credential management.
The Group believes there is a demand for a converged enterprise credential
management solution that plays well to Intercede's strengths and existing
capabilities. The opportunity follows Intercede's strategic approach of
working with major identity and access management vendors (such as Microsoft
and Salesforce) by adding value to their solutions.
The solution will build on existing Intercede's software including credential
management and SecureVault, and key strengths including high security, process
control and proven scalability and credibility for multiple large-scale
deployments.
In following a strategic vision via combination of development and
acquisition, the Group is well placed to grow revenue from an expanding market
demand.
M&A Strategy
Intercede maintains a disciplined and rigorous approach to its M&A
strategy. During the period, the Group engaged in multiple discussions and
assessed several potential acquisition targets. The primary focus has been on
businesses offering products in adjacent market segments to MyID Solutions
and/or addressing complementary aspects of the authentication ecosystem as
outlined above whilst continuing to review the wider market and technology
landscape
Whilst none of the opportunities assessed in the period have progressed to
completion, the Board remains confident that its M&A strategy is the right
path forward. Intercede will continue to apply its strict evaluation and
valuation criteria and actively explore opportunities that align with its
strategic objectives. The Board views M&A as an ongoing initiative that
supports the Group's long-term growth and overall strategic direction.
Financial Review - Income Statement
Revenue and operating results
The Group's revenue from continuing operations decreased by 4% to £8.2
million (2024 £8.5 million) and gross profit decreased by 5% to £7.8 million
(2024: £8.2 million). Gross margin decreased from 96% to 95% as purchases of
third-party product connected to certain licence sales were consistent
year-on-year.
The Group's operating profit was £0.9 million (2024: £1.3 million), after
non-cash depreciation charge for property, plant and equipment in the period
of £0.1 million (2024: £0.1 million) and a right-of-use depreciation charge
of £0.1 million (2024: £0.1 million).
Operating expenses of £6.9m were consistent to the prior period (2024:
£6.9m). Reflects continued planned strategic investment in product
development of MyID Solutions, investment in IT infrastructure and increased
salary expense from new headcount but lower commission payments and bonus
accrual due to the slight fall in revenue. As a percentage, operating expense
represented 84% of revenue (2024: 81%).
Staff costs represent the main area of Group costs representing 74% of total
operating costs (2024: 77%). Intercede had 109 employees and contractors as at
30 September 2025 (108 as at 30 September 2024). The average number of
employees and contractors during the period was 112 (2024: 107).
The statutory profit before tax for the period was £1.3 million (2024: £1.7
million) and profit for the period was £1.2 million (2024: £1.7 million),
with an R&D tax credit of £Nil for the period (2024: £Nil).
Taxation
Intercede makes an annual R&D tax relief claim and under new HMRC rules
effective from 1 April 2024, the Group will account for an estimated
receivable in respect of qualifying R&D activities by the year end which
will appear as a credit within operating expenses. The Group has brought
forward unused tax losses of £2.9 million (2024: £3.9 million).
Earnings per share
Earnings per share from continuing operations in the period was 2.1 pence for
basic and 2.0 pence for diluted (2024: 2.8 pence for basic and 2.7 pence for
diluted) and were based on the profit for the period of £1.2 million (2024:
£1.7 million) with a basic weighted average number of shares in issue during
the period of 58,750,288 (2024: 58,457,769 shares). For diluted the weighted
average number was 62,388,649 (2024: 62,429,062).
Adjusted earnings per share from continuing operations in the period was 2.2
pence for basic and 2.1 pence for diluted (2024: 3.1 pence for basic and 2.9
pence for diluted) and were based on an Adjusted EBITDA for the period of
£1.3 million (2024: £1.8 million).
Dividend
The Board is not proposing a dividend (2024: £Nil).
Financial Position
Assets
Non-current assets of £4.6 million (2024: £4.2 million) mainly comprise
goodwill arising on acquisition of £2.4 million (2024: £2.4 million) and
other intangible assets of £0.6 million (2024: £0.5 million) mainly arising
from the acquisition of Authlogics Ltd ("Authlogics") in early October 2022
plus the recognition of an internally generated intangible in respect of the
new MyID SecureVault software offering of £0.2 million (2024: £nil). There
is also property, plant and equipment of £0.5 million (2024: £0.6 million)
and IFRS 16 right-of-use assets of £1.1 million (2024: £0.6 million), which
has increase due to extensions on both Lutterworth properties.
Trade and other receivables of £3.2 million is lower than the prior period
(2024: £4.7 million) reflecting timing difference on large order, in
particular the Group received large license and professional services orders
from US Federal government towards the end of the prior period.
Liabilities
Current liabilities decreased by £1.2 million to £7.5 million (2024: £8.7
million) mainly due to lower accruals for commission and company bonus in
light of the decrease in revenue.
Non-current liabilities of £1.7 million have increased compared to the prior
period (2024: £1.3 million) due to the increase in non-current lease
liabilities from the extension of the Lutterworth property leases.
Capital and Reserves
Total equity increased by £1.5 million to £16.5 million (2024: £15.0
million), reflecting the profit in the last twelve months.
Liquidity and capital resources
The Group remains in a robust financial position, with gross cash balances of
£17.8 million as at 30 September 2025 compared to £16.2 million held at 30
September 2024. This increase reflects steady profit generation, underpinned
by growing recurring revenues, in conjunction with good management of working
capital movements thanks to the tight management of debtors. In addition, the
Group cash outflowed £1.8m in settlement of a share scheme award in the
period (2024: £Nil).
Outlook
Our flagship product, MyID CMS, continues to gain traction in the market, with
recent releases v12.15 and v12.16 enhancing capabilities and driving increased
adoption. Revenue resilience, despite the unusual external delays the Group
faced, reflects this momentum, and it expects further product developments to
underpin the growth ambitions in the years ahead.
The successful release of MyID MFA v5.1 and v5.2 further demonstrates the
Group's ability to innovate and expand its product suite across a growing
product portfolio, which now also includes the recently launched MyID
SecureVault. Looking forward, the Group will continue to enhance and extend
the functionality of MyID Solutions, reinforcing its leadership in identity
and credential management
Our strategic roadmap over the coming 3-5 years is as follows:
· Focus Areas: Expand and evolve credential management solutions
from employee identity to non-person identities and agentic agents;
· Growth Execution: Plan, invest, and execute on strategic
initiatives to deliver revenue growth and market expansion;
· Innovation: Continue to evolve MyID Solutions and related
products to meet emerging market needs;
· Market Diversification: Strengthen geographic presence and pursue
targeted acquisitions to accelerate growth;
· Key Outcomes: Deliver consistent revenue growth, margin
improvement, and long-term stakeholder value.
Our strategy is clear: innovate, diversify, and execute. With a strong
pipeline, no debt, and a disciplined approach to investment, we believe we can
meet current market expectations for FY26 and are confident in our ability to
deliver sustainable growth and create long-term value for all stakeholders in
the years ahead.
By order of the Board
Klaas van der
Leest
Nitil Patel
Chief Executive
Officer
Chief Financial Officer
25 November 2025
Consolidated Statement of Comprehensive Income - unaudited
6 months ended 6 months ended Year ended
30 September 2025 30 September 2024 31 March
2025
£'000 £'000 £'000
Continuing operations
Revenue 8,212 8,542 17,714
Cost of sales (397) (306) (526)
__________ __________ __________
Gross profit 7,815 8,236 17,188
Operating expenses (6,873) (6,916) (13,246)
__________ __________ __________
Operating profit 942 1,320 3,942
Finance income 351 392 739
Finance costs (34) (47) (88)
__________ __________ __________
Profit before tax 1,259 1,665 4,593
Taxation (17) - (538)
__________ __________ __________
Profit for the period 1,242 1,665 4,055
__________ __________ __________
Total profit attributable to owners of the parent company 1,242 1,665 4,055
__________ __________ __________
Other Comprehensive Income
Items that will be subsequently reclassified to profit or loss
Exchange differences on retranslation of foreign operations (51) - -
__________ __________ __________
Total profit attributable to owners of the parent company 1,191 1,665 4,055
__________ __________ __________
Earnings per share (pence)
- basic 2.1p 2.8p 6.9p
- diluted 2.0p 2.7p 6.5p
__________ __________ __________
Consolidated Financial Position - unaudited
As at As at As at
30 September 2025 30 September 2024 31 March
2025
£'000 £'000 £'000
Non-current assets
Goodwill arising on acquisition 2,442 2,442 2,442
Other intangible assets 573 524 685
Property, plant and equipment 494 557 541
Right-of-use assets 1,088 631 574
___________ ___________ __________
4,597 4,154 4,242
___________ ___________ __________
Current assets
Trade and other receivables 3,176 4,659 5,779
Cash and cash equivalents 17,815 16,204 18,672
___________ ___________ __________
20,991 20,863 24,451
___________ ___________ __________
Total assets 25,588 25,017 28,693
___________ ___________ __________
Equity
Share capital 597 588 588
Share premium 5,570 5,552 5,552
Merger reserve 1,508 1,508 1,508
FX Translation Reserve (51) - -
Retained earnings 8,832 7,367 9,385
___________ ___________ __________
Total equity 16,456 15,015 17,033
___________ ___________ __________
Non-current liabilities
Lease liabilities 1,006 497 495
Deferred revenue 668 833 760
___________ ___________ __________
1,674 1,330 1,255
___________ ___________ __________
Current liabilities
Lease liabilities 142 187 124
Contingent consideration - 169 -
Trade and other payables 1,830 2,825 2,211
Deferred revenue 5,486 5,491 8,070
___________ ___________ __________
7,458 8,672 10,405
___________ ___________ __________
Total liabilities 9,132 10,002 11,660
___________ ___________ __________
Total equity and liabilities 25,588 25,017 28,693
___________ ___________ __________
Consolidated Statement of Changes in Equity unaudited
Share capital Share premium Merger reserve FX translation reserve Retained Total equity
Earnings
£'000 £'000 £'000 £'000 £'000 £'000
At 1 April 2025 588 5,552 1,508 - 9,385 17,033
Issue of new shares 9 18 - - - 27
Purchase of own shares (SIP) - - - - (38) (38)
Employee share option plan charge - - - - 55 55
Employee share incentive plan charge - - - - 34 34
Adjustment in relation to option exercised - - - - (1,800) (1,800)
Exchange differences on retranslation of foreign operations - - - (51) (46) (97)
Profit for the period and total comprehensive income - - - - 1,242 1,242
________ ________ ________ __________ __________ _______
At 30 September 2025 597 5,570 1,508 (51) 8,832 16,456
________ ________ ________ __________ __________ _______
At 1 April 2024 584 5,430 1,508 - 5,656 13,178
Purchase of own shares - - - - (36) (36)
Issue of new shares 4 122 - - - 126
Employee share option plan charge - - - - 55 55
Employee share incentive plan charge - - - - 27 27
Profit for the period and total comprehensive income - - - - 1,665 1,665
________ ________ ________ __________ __________ _______
At 30 September 2024 588 5,552 1,508 - 7,367 15,015
________ ________ ________ __________ __________ _______
At 1 April 2024 584 5,430 1,508 - 5,656 13,178
Purchase of own shares - - - - (492) (70)
Issue of new shares 4 122 - - - 126
Employee share option plan charge - - - - 110 110
Employee share incentive plan charge - - - - 56 56
Profit for the period and total comprehensive income - - - - 4,055 4,055
________ ________ ________ __________ __________ _______
At 31 March 2025 588 5,552 1,508 - 9,385 17,033
________ ________ ________ __________ __________ _______
Consolidated Cash Flow Statement - unaudited
6 months ended 30 September 2025 6 months ended 30 September 2024 Year ended
31 March
2025
£'000 £'000 £'000
Cash flows from operating activities
Profit for the period 1,242 1,665 4,055
Taxation 17 - 538
Finance income (351) (392) (739)
Finance costs 34 47 88
Depreciation of property, plant & equipment 88 82 175
Depreciation of right-of-use assets 75 78 135
Amortisation 112 87 183
Exchange gains on foreign currency lease liabilities - (41) (21)
P&L exchange (gains)/losses on Cash balances 21 - -
Employee share option plan charge 55 55 110
Employee share incentive plan charge 34 27 56
Employee unit incentive plan charge / (credit) 7 4 9
Employee unit incentive plan payment - - (11)
(Increase) / decrease in trade and other receivables 2,665 (131) (1,539)
Increase in trade and other payables (383) 135 (643)
(Decrease) / increase in deferred revenue (2,676) (2,260) 246
____________ ____________ __________
Cash generated / (used in) from operations 940 (644) 2,642
Finance income 242 279 749
Finance costs on leases - (47) (79)
Tax received (17) - (435)
____________ ____________ __________
Net cash generated/ (used in) from operating activities 1,165 (412) 2,877
____________ ____________ __________
Investing activities
Purchases of property, plant and equipment (52) (240) (317)
Contingent consideration paid on purchase of business - (273) (282)
Cost of creating internally generated intangible - - (257)
____________ ____________ __________
Cash used in from investing activities (52) (513) (856)
____________ ____________ __________
Financing activities
Purchase of own shares (38) (36) (492)
Share-based payment (settled in cash) (1,800) - -
Proceeds from issue of ordinary share capital 27 126 126
Principal elements of lease payments (123) (79) (163)
____________ ____________ __________
Cash (used in)/ generated from financing activities (1,934) 11 (529)
____________ ____________ __________
Net (decrease) / increase in cash and cash equivalents (821) (914) 1,492
Cash and cash equivalents at the beginning of the period 18,672 17,226 17,226
Exchange (loss) / gain on cash and cash equivalents (36) (108) (46)
____________ ____________ __________
Cash and cash equivalents at the end of the period 17,815 16,204 18,672
____________ ____________ __________
Notes to the Consolidated Accounts
For the period ended 30 September 2025
1 Preparation of the interim financial statements
These interim financial statements have been prepared in accordance with
International Accounting Standards in conformity with the requirements of the
Companies Act 2006 and with those parts of the Companies Act 2006 applicable
to companies reporting under International Financial Reporting Standards
(IFRS).
The basis of preparation and accounting policies used in preparation of these
interim financial statements have been prepared in accordance with the same
accounting policies set out in the Group's Annual Report for the year ended 31
March 2025, which provides full details of significant judgements and
estimates used in the application of the Group's accounting policies. There
have been no significant changes to these judgements and estimates during the
period which included an assessment that the going concern basis continues to
be appropriate in preparing the interim financial statements.
These interim financial statements have not been audited and do not constitute
statutory accounts as defined in Section 434 of the Companies Act 2006.
Statutory accounts for the year ended 31 March 2025 have been delivered to the
Registrar of Companies. The Auditors' Report on those accounts was unqualified
and did not contain any statement under Section 498 (2) or (3) of the
Companies Act 2006.
This Interim Report is available on the website (www.intercede.com) and at the
registered office: Intercede Group plc, Lutterworth Hall, St Mary's Road,
Lutterworth, Leicestershire, LE17 4PS.
2 Revenue
All of the Group's revenue, operating profits and net assets originate from
operations in the UK. The Directors consider that the activities of the Group
constitute a single business segment.
The split of revenue by geographical destination of the end customer can be
analysed as follows:
6 months ended 6 months ended Year ended
30 September 2025 30 September 2024 31 March
2025
£'000 £'000 £'000
UK 266 174 416
Rest of Europe 380 515 1,054
Americas 6,603 7,182 13,521
Rest of World 964 671 2,723
___________ ___________ _________
8,213 8,542 17,714
___________ ____________ __________
3 Taxation
Taxation represents the net effect of amounts receivable from HMRC in respect
of R&D claims and US corporation tax payable.
4 Earnings per share
The calculations of earnings per ordinary share are based on the profit for
the period and the weighted average number of ordinary shares in issue during
each period.
6 months ended 6 months ended Year ended
30 September 2025 30 September 2024 31 March
2025
£'000 £'000 £'000
Profit for the period 1,242 1,665 4,055
___________ ___________ __________
Number Number Number
Weighted average number of shares 58,750,288 58,457,769 58,496,958
- basic
- diluted 62,388,649 62,429,062 62,429,062
___________ ___________ __________
Pence Pence Pence
Earnings per share 2.1p 2.8p 6.9p
- basic
- diluted 2.0p 2.7p 6.5p
___________ ___________ __________
The weighted average number of shares used in the calculation of basic and
diluted earnings per share for each period were calculated as follows:
6 months ended 6 months ended Year ended
30 September 2025 30 September 2024 31 March
2025
Number Number Number
Issued ordinary shares at start of period 58,830,857 58,363,357 58,363,357
Effect of treasury shares (373,906) (131,645) (216,509)
Effect of issue of ordinary share capital 293,337 226,057 347,110
___________ ___________ __________
Weighted average number of shares 58,750,288 58,457,769 58,493,958
- basic
___________ ___________ __________
373,906 131,645 216,509
Add back effect of treasury shares
Effect of share options in issue 3,264,455 3,839,648 3,718,595
___________ ___________ __________
Weighted average number of shares 62,388,649 62,429,062 62,429,062
- diluted
___________ ___________ __________
5 Dividend
The Directors do not recommend the payment of a dividend.
ENDS
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