Intercede, the leading specialist in digital identity, credential management and secure mobility, is pleased to announce that a large US Federal Government order totaling $4.3m was received on 29 March 2019. The order includes software licenses and annual support & maintenance; $2.05m (£1.57m) of which will be recognised in the financial year ended 31 March 2019.
Subject to the completion of the year end audit, revenues for the year ended 31 March 2019 are expected to be in excess of £10.0m, which is ahead of market expectations and approximately 10% higher than the previous financial year. This reflects the impact of follow on orders from existing customers plus new contract wins via partners in the US, Europe and SE Asia. The establishment and further development of these and other partner relationships is critical for the Group’s future growth prospects.
The combined effect of increased revenues and action taken to reduce the cost base, is expected to result in a return to profitability at both operating profit level (2018: £4.5m operating loss) and after interest and tax (2018: £3.8m loss for the year).
As at 31 March 2019, gross cash balances totalled £3.2m (2018: £2.3m).
Further detail will be provided within Intercede’s final results which are expected to be published in June 2019.