Intercede Group PLC Trading Update & Appointment of Auditor (5827U)
April 07 2021 - 1:00AM
UK Regulatory
TIDMIGP
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. +44 (0)1455 558111
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.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTUPURWCUPGGMQ
(END) Dow Jones Newswires
April 07, 2021 02:00 ET (06:00 GMT)
Intercede (LSE:IGP)
Historical Stock Chart
From Mar 2024 to Apr 2024
Intercede (LSE:IGP)
Historical Stock Chart
From Apr 2023 to Apr 2024