22 March 2024
INTERCEDE GROUP plc
('Intercede', the 'Company' or the 'Group')
New Orders and Trading Update
Intercede, the leading cybersecurity software company specialising in digital identities, today announces a new contract win, further strong trading and uplift on market expectations for the current financial year ending 31 March 2024 ("FY24")*.
The Group is pleased to announce an order for a new licence test environment for an existing US Federal Agency, which, combined with anticipated additional conversion of our existing pipeline, means that the Group now expects financial performance to be ahead of market expectations for FY24 and creates further contracted revenue backlog for FY25.
With this momentum coinciding with the launch of our new product release, MyID MFA v5, the Group is in a robust position to execute on its forthcoming plans for FY25 and beyond.
Klaas van der Leest, CEO, commented:
"Once again, I am pleased to announce further traction through our partners in the US, UK, Continental Europe and Middle East, resulting in a further upgrade of market expectations for FY24.
With this being our third raise in so many months, FY24 has been an exceptional year for the Group, reflecting the quality of the Group's products and services. Our pipeline continues to develop in line with our expectations and we look forward to the commencement of the new financial year."
* The current market forecast for the year ending 31 March 2024 is revenue of £19.2 million and adjusted EBITDA of £5.6 million.
ENQUIRIES
| Intercede Group plc | Tel. + 44 (0)1455 558111 |
| Klaas van der Leest | CEO |
| Nitil Patel | CFO |
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| Cavendish Capital Markets Limited | Tel. + 44 (0)20 7220 0500 |
| Simon Hicks/Fergus Sullivan | Corporate Finance |
| Tim Redfern | ECM |
About Intercede
Intercede is a cybersecurity software company specialising in digital identities, and its innovative solutions enable organisations to protect themselves against the number one cause of data breach: compromised user credentials.
The Intercede suite of products allows customers to choose the level of security that best fits their needs, from Secure Registration and ID Verification to Password Security Management, One-Time Passwords, FIDO and PKI. Uniquely, Intercede provides the entire set of authentication options from Passwords to PKI, supporting customers on their journey to passwordless and stronger authentication environments. In addition to developing and supporting Intercede software, the Group offers professional services and custom development capabilities as well as managing the world's largest password breach database.
For over 20 years, global customers in government, aerospace and defence, financial services, healthcare, telecommunications, cloud services and information technology have trusted Intercede solutions and expertise in protecting their mission critical data and systems at the highest level of assurance.
For more information visit: www.intercede.com
The information communicated in 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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