Intercede ends year ahead of market forecasts

17th Apr 2023 07:14

(Sharecast News) - Cybersecurity software firm Intercede said in a full-year trading update on Monday that its underlying performance had gained further momentum, with full-year revenue expected to have risen at least 21% to around £12m.

The AIM-traded firm noted that it was ahead of market forecasts for the 12 months ended 31 March, as it previously announced in January.

Despite a cash outflow of about £2.3m associated with the acquisition of Authlogics, announced in October, Intercede reported gross cash balances of £8.3m at year-end, compared to £7.8m a year earlier.

The company confirmed it had no outstanding debt.

"The combined effect of increased revenues and tight management of costs under the group's control, is expected to result in improved profitability, subject to completion of the year-end audit," the Intercede board said in its statement.

Intercede said it would provide further details in its final results, which it expected to publish in June.

At 0918 BST, shares in Intercede Group were up 4.68% at 64.9p.

Reporting by Josh White for Sharecast.com.