Intercede reports lower annual revenue, profit

(Sharecast News) - Intercede Group reported lower annual revenue and profit on Tuesday, although the cybersecurity software company said recurring revenue increased and post-year-end orders supported confidence for the new financial year. Revenue for the year ended 31 March fell 2.8% to £17.2m, or 0.5% on a constant-currency basis, after US federal procurement delays pushed some orders beyond the year end.

Profit before tax declined to £3.7m from £4.6m, while net profit fell to £3.4m from £4.1m.

Adjusted EBITDA decreased to £4.0m from £4.5m.

Recurring revenue from support, maintenance and subscriptions rose to £11.4m, representing 66% of total revenue, up from 60% a year earlier.

Subscription revenue increased 17.6% to £2.0m, while the company ended the year with £20.0m in cash and no debt.

Intercede said customer engagement improved in the second half and that delayed opportunities were converting after the year end, with contract orders and renewals of about $5.2m announced on 9 April and a further $3.8m announced on 21 April.

The AIM-traded group said it remained focused on expanding its MyID product family into broader enterprise credential management across people, machines and agentic AI, while maintaining a disciplined approach to acquisitions.

Chairman Royston Hoggarth said Intercede had entered the new financial year "from a position of strength", with robust order momentum, a debt-free balance sheet and a clearly defined product roadmap.

At 0945 BST, shares in Intercede Group were down 2.99% at 116.9p.

Reporting by Josh White for Sharecast.com.

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