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Intercede Expects Swing To Annual Profit As Wins USD4.3 Million Deal

LONDON (Alliance News) - Intercede Group PLC on Tuesday said it expects to report a return to ...

Alliance News 2 April, 2019 | 9:53AM
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LONDON (Alliance News) - Intercede Group PLC on Tuesday said it expects to report a return to profitability in its most recently ended financial year following a major contract win with the US government.

The stock was trading 39% higher on Tuesday at 22.91 pence a share.

The digital identity software specialist said it expects to report revenue for the year that ended on Sunday in excess of GBP10.0 million, which is ahead of market expectations and 10% higher than the prior financial year.

This growth reflects the impact of follow-on orders from existing customers plus new contract wins via partners in the US, Europe and Asia, Intercede said.

The company highlighted that on Friday last week it secured a US government order, worth USD4.3 million, including software licenses and annual support & maintenance. Intercede expects USD2.1 million of revenue to be recognised in its recently ended financial year.

As a result of the increased revenue and action taken to reduce its cost base, Intercede said it expects to return to profitability at both operating profit level and after interest and taxes. In its financial 2018, Intercede delivered GBP4.5 million operating loss and GBP3.8 million loss after taxes.

The company said it will publish its full-year results in June.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Intercede Group PLC 35.50 GBX 0.00 -

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