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Intercede Annual Loss Widens As US Election Hits Revenue

LONDON (Alliance News) - Software and services company Intercede Group PLC said on Wednesday ...

Alliance News 7 June, 2017 | 11:13AM
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LONDON (Alliance News) - Software and services company Intercede Group PLC said on Wednesday its pretax loss widened in financial its recently ended financial year as revenue fell.

Intercede, which focuses on identity, credential management and secure mobility software reported a pretax loss of GBP4.8 million for the year to the end of March, widened from GBP1.9 million the year before.

Revenue fell to GBP8.2 million from GBP11.0 million the prior year. Intercede attributed the fall to the US presidential race leading to delays in government agencies making investment decisions, as well as a rise in operating costs to GBP12.9 million from GBP12.5 million, coming from Intercede continuing its investment in technology development.

"I am pleased to report Intercede's considerable progress during a challenging year. We have recovered successfully from a difficult first half, returning to the record revenue levels of the previous year in the second half. We have completed a significant fund raising, positioning the group well to capture the potential growth in our addressable markets," said Chairman and Chief Executive Richard Harris.

"Finally, we have continued to develop new, market-leading applications for our software which, I believe, will find sizeable and profitable markets in the medium term. Notwithstanding our reported results, Intercede is in excellent shape and I view the future with a high degree of confidence," Harris added.

Shares in Intercede Group were down 2.5% at 62.00 pence on Wednesday.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2017 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Intercede Group PLC 33.10 GBX -1.19 -

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