Intercede Group PLC Trading Update & Appointment of Auditor (5827U)

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RNS Number : 5827U

Intercede Group PLC

07 April 2021

7 April 2021

INTERCEDE GROUP plc

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

Trading Update & Appointment of Auditor

Intercede, the leading specialist in digital identity, credential management and secure mobility, is pleased to announce that, subject to the completion of the year end audit, revenues for the year ended 31 March 2021 are expected to be in the region of GBP11.0m, which is in line with market expectations and approximately 6% higher than the previous financial year.

This primarily reflects a strong performance in the US, Intercede's main market, involving follow on orders from existing customers plus new contract wins via partners, the most notable being the US Department of State via Guidehouse. At the interim results, we reported that business in Europe and the wider RoW region had been adversely affected by COVID-19 lockdowns and this has continued to be the case during the second half.

The combined effect of increased revenues and continued tight control over costs is expected to result in improved profitability at all levels.

As at 31 March 2021, gross cash balances totalled GBP8.0m (2020: GBP4.8m). Following the successful early retirement of convertible loan notes totalling GBP5.0m that was announced on 4 and 16 February 2021, the Group is now debt free.

Further detail will be provided within Intercede's final results for the year ended 31 March 2021, which are expected to be published in June 2021.

Appointment of Auditor

Intercede announces that, following completion of a formal tender process, the Board has approved the appointment of BDO as the Company's auditor, commencing with the audit for the financial year ended 31 March 2021. We would like to thank PwC for their services over the last 12 years.

ENQUIRIES

 
  Intercede Group plc                        Tel. [phone] 
  Klaas van der Leest, Chief Executive 
   Andrew Walker, Finance Director 
 
  finnCap                                    Tel. + 44 (0)20 7220 0500 
  Stuart Andrews / Simon Hicks, Corporate 
   Finance 
  Tim Redfern / Charlotte Sutcliffe, 
   ECM 
 

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

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the company's obligations under Article 17 of MAR.

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April 07, 2021 02:00 ET (06:00 GMT)