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Intercede Group Half Year Loss Narrows As Revenue Continues Growth

LONDON (Alliance News) - Intercede Group PLC reiterated its revenue guidance on Monday after ...

Alliance News 27 November, 2017 | 11:17AM
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LONDON (Alliance News) - Intercede Group PLC reiterated its revenue guidance on Monday after its half year loss narrowed amid revenue growth but was held back by an increase in costs over the period.

For the six months ended September 30, pretax loss narrowed to GBP3.3 million from GBP3.7 million the year prior. Revenue grew 32% to GBP3.7 million from GBP2.8 million the year before.

Profit improvement at the digital identity software provider lagged revenue growth due to a increases in operating expenses and finance costs. operating expenses were GBP6.7 million from GBP6.4 million the year before. Finance costs were also GBP217,000 from nothing the year prior.

"I am pleased with the progress that Intercede has made in the first half of the current year", Intercede Chief Executive Officer Richard Parris said. "The group has secured important contract extensions and new client wins within its core market. It has successfully brought important evolutions of the core product to address previously unexploited, high volume markets and, critically, the group has recruited exceptional staff who are expected to generate significant future revenues from these developments."

Intercede reiterated its forecasts revenue growth for the full year ending March 31 to be between 10% and 20%.

"This is based on the timing of receipt of a small number of large orders and Intercede's subsequent ability to deliver and recognise revenues in accordance with the group's accounting policy", Parris said. "We look forward to updating the market in due course."

Shares in Intercede were 1.8% higher at 29.00 pence on Monday.

By Ahren Lester; ahrenlester@alliancenews.com.

Copyright 2017 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

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

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