8 April 2024

INTERCEDE GROUP plc

('Intercede', the 'Company' or the 'Group')

Trading Update

Intercede, the leading cybersecurity software company specialising in digital identities, today announces the following trading update for the financial year ended 31 March 2024 ("FY24").

As outlined in the announcements of 5 December 2023, 3 January 2024 and 22 March 2024, Intercede's underlying trading performance has continued to show strong momentum. The Group is pleased to announce that, subject to the completion of the year end audit, revenues for FY24 are expected to be approximately £20m (2023: £12m), 65-66% higher than FY23 and 66-67% higher on a constant currency basis.

The combination of higher revenues and the high operational gearing present in the business is expected to result in improved profitability.

As at 31 March 2024, gross cash balances totalled £17.2m (2023: £8.3m). The Group has no debt.

Further details will be provided within Intercede's final results which are expected to be published in June 2024.

ENQUIRIES

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.