Intercede delivers record results as profits surge

18th Jun 2024 07:16

(Sharecast News) - Full-year results from cybersecurity firm Intercede showed record revenues and profits, with numbers bolstered by contract wins with US government agencies.

Revenues totalled £20m in the year ended 31 March, up 65% on the year before, while net profit swelled 362% to £6.0m. Net cash from operating activities totalled £9.6m, up 231%.

The company, which specialises in digital identity tech, won a $6.6m contract with a large US federal agency - its largest single order to date - in December along with a $1.0m licence order from a new client in the US intelligence community in January.

Intercede said it has started the current financial year with "good visibility on the pipeline, known and fully resourced internal critical investments, and with a clear roadmap on our acquisition strategy".

"In this challenging global environment, the group has delivered record revenues in what has been an exceptional year. We look forward to building on this momentum," said chair Royston Hoggarth.

The stock was down 0.5% at 122.9p by 1002 BST.