Intercede to beat forecasts after new contract wins and renewals

Shares in Intercede rose by a tenth on Tuesday after the cybersecurity firm announced that recently won contract orders and renewals will take full-year results ahead of market expectations.

Intercede, which specialises in digital identity software, reported the signing of several new contract orders and renewals for its MyID CMS software worth over $5m in December.

New customers include an unnamed government end client based in Asia, a Middle Eastern airline, a Kuwaiti Bank and an American government-sponsored enterprise.

The company also announced the maiden subscription licence order for its MyID SecureVault product, which provides customers with a secure database for storing keys imported from a legacy certificate authority.

Intercede said that revenues and adjusted EBITDA for the fiscal year ended 31 March are now expected to surpass consensus forecasts of £16.1m and £3.3m, respectively.

"We are very pleased to secure new licence orders in the Rest of the World territory (excluding Americas), especially with a new government end client based in Asia which also includes the first subscription licence order for MyID SecureVault," said chief executive Klass van de Leest.

"The renewals and services highlight the critical nature of our software once in production and underpins the long tenure of our existing client base".

The stock was up 10% at 200.85p by 0935 GMT.