Intercede Group PLC Trading Update (9745I)
07 April 2020 - 8:00AM
UK Regulatory
TIDMIGP
RNS Number : 9745I
Intercede Group PLC
07 April 2020
7 April 2020
INTERCEDE GROUP plc
('Intercede', the 'Company' or the 'Group')
Trading Update
Intercede, the leading specialist in digital identity,
credential management and secure mobility, is pleased to announce a
continuing trend of improved operational and financial
performance.
Subject to the completion of the year end audit, revenues for
the year ended 31 March 2020 are expected to be in the region of
GBP10.4m which is approximately 3% higher than the previous
financial year. Whilst the level of growth is lower than market
expectations, good progress has been made during the last year with
all aspects of the business. The increased revenue primarily
reflects the impact of follow on orders from existing customers and
partners in the US, EMEA and SE Asia. The establishment and further
development of partner relationships is critical for the Group's
future growth prospects.
The combined effect of increased revenues and ongoing cost
control is expected to result in increased profits that are
substantially higher than market expectations and the previous
financial year.
As at 31 March 2020, gross cash balances totalled GBP4.8m (2019:
GBP3.2m).
It is too early to fully assess the impact of COVID-19 on
Intercede's FY21 outlook. The Company has implemented its Business
Continuity Plan and, with everyone now working from home, it is
business as usual. A few delays were experienced with the receipt
of orders and project upgrades that had been scheduled to take
place in the last week of March, but they are all currently
expected to proceed in the coming weeks.
Further detail will be provided within Intercede's final results
which are expected to be published in June 2020.
ENQUIRIES
Intercede Group plc Tel. +44 (0)1455 558 111
Klaas van der Leest, Chief Executive
Andrew Walker, Finance Director
finnCap Tel. +44 (0)20 7220 0500
Stuart Andrews, Corporate Finance
Simon Hicks, Corporate Finance
About Intercede
Intercede is a cybersecurity company specialising in digital
identities, derived credentials and access control, enabling
digital trust in a mobile world.
Headquartered in the UK, with offices in the US, we believe in a
connected world in which people and technology are free to exchange
information securely, and complex insecure passwords become a thing
of the past.
Our vision is to make the highest levels of cybersecurity
available to organizations and consumers alike, solving complexity
and scalability issues by managing high volumes of digital
credentials.
We have been delivering trusted solutions to high profile
customers for over 20 years. Our team of experts has deployed
millions of identities to governments, most of the largest
aerospace and defence corporations, and major financial services
and healthcare organizations, as well as leading
telecommunications, cloud services and information technology
firms, providing industry-leading employee and customer credential
management systems.
For more information visit: www.intercede.com
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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