Intercede lifts FY outlook on new order, ‘strong’ trading

Intercede said on Friday that its full-year performance was set to be ahead of market expectations following an order for a new licence test environment and further "strong" trading.

Current market expectations for the year ending 31 March 2024 are for revenue of £19.2m and adjusted EBITDA of £5.6m.

Intercede announced an order for a new licence test environment for an existing US Federal Agency. This, combined with anticipated additional conversion of its existing pipeline, means it now expects its 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," it said.

Chief executive Klaas van der Leest said: "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."

At 0850 GMT, the shares were up 14% at 113p.