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 £10.4m 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 £4.8m (2019: £3.2m).
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.