Trading Update

RNS Number : 4700N

Intercede Group PLC

23 January 2023

 

23 January 2023   INTERCEDE GROUP plc

('Intercede', the 'Company' or the 'Group')

Trading Update

Intercede, a cybersecurity software company specialising in digital identities, provides an update on trading for the current financial year ending 31 March 2023 ("FY23").

Since the release of the Group's interim results on 22 November 2022, the Board is pleased to announce that Intercede has continued to maintain the momentum seen in H1, with revenue now expected to be approximately 5-8% ahead of market forecasts¹ for FY23. Consequently, the Group now expects to report FY23 results materially ahead of these forecasts¹ .

The pipeline of new business continues to grow, and the Group has several further contract opportunities that could close before the fiscal year end. The integration of Authlogics (as announced on 10 October 2022) is on track and embedding well.

Klaas van der Leest, CEO of Intercede, commented:

"I am pleased to report continued progress against our strategic plan and in particular the positive news on our Group's efforts so far in FY23. We now expect revenue and profits to be ahead of current market expectations. This is a testament to the Group's continued investment in MyID and focused execution on our '6C strategy', centred around Colleagues, Customers, Channels, Code, Cash and Corporate Development. With over two months to run until year end, the Group has several opportunities to close further deals which could enhance our results further."

¹  The Board consider the current consensus analyst forecasts for the year ended 31 March 2023, prior to this announcement, with revenues of £11.3m and adjusted EBITDA of £0.6m. Adjusted EBITDA is defined as earnings before interest, taxation, depreciation, amortisation, IFRS 16 and share based adjustments and non-recurring exceptionals.

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

ENQUIRIES

Intercede Group plc	Tel. + 44 (0)1455 558111
Klaas van der Leest	CEO
Nitil Patel	CFO
finnCap Ltd	Tel. + 44 (0)20 7220 0500
Simon Hicks/Fergus Sullivan	Corporate Finance
Tim Redfern/Charlotte Sutcliffe	ECM

About Intercede

Intercede is a cybersecurity software company specialising in digital identities, and its innovative solutions enable organisations to protect themselves against the number one cause of data breach: compromised user credentials.

The Intercede suite of products allows customers to choose the level of security that best fits their needs, from Secure Registration and ID Verification to Password Security Management, One-Time Passwords, FIDO and PKI. Uniquely, Intercede provides the entire set of authentication options from Passwords to PKI, supporting customers on their journey to passwordless and stronger authentication environments. In addition to developing and supporting Intercede software, the Group offers professional services and custom development capabilities as well as managing the world's largest password breach database.

For over 20 years, global customers in government, aerospace and defence, financial services, healthcare, telecommunications, cloud services and information technology have trusted Intercede solutions and expertise in protecting their mission critical data and systems at the highest level of assurance.

For more information visit: www.intercede.com

 

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