Trading Update

Intercede, a leading cybersecurity software company specialising in digital identities, provides an update on trading for the first half of the year to 30 September 2023.

Intercede revenues grew, across all segments, for the six months to £7.0m and were approximately 15% higher on a reported basis (2023: £6.1m) and 10% higher on a constant currency basis. This is in line with management expectations.

The Group had cash reserves of £9.7m as at 30 September 2023 compared to £8.3m as at 31 March 2023 reflecting positive operating cash flow and continued tight control of working capital (2022 H1: £10.0m pre-payment of- Authlogics initial consideration of £2.0m). The Group has no debt.

Further details will be provided within Intercede's interim results, which are expected to be published in November 2023.