Intercede Group (IGP): FY26 revenue shortfall and FY27 target

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£80m · 139.0p · +43% since the first step

3 Aug 2026 · FY27 trading momentum continuing; orders still arriving · +18% until the next step FY27 has started well, with pipeline conversion and trading momentum being maintained.

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FY26 revenue shortfall and FY27 target

H1 revenue +32%, FY27 guidance held

NOV24 Next: H1FY27 interim results in 31 days

Every step · 6

17 Mar 2026 FY26 guided below consensus; FY27 £21m reaffirmed – The Group aims to report a more complete trading update with more detail on the FY26 unaudited revenue, constant currency analysis and actual cash and cash... ↗
9 Apr 2026 FY26 revenue of c£17.2m confirmed; renewals secured – Further details will be provided within Intercede's final preliminary results which are expected to be published in June 2026. ↗
21 Apr 2026 Further post-warning orders c$3.8m; deals deferred, not lost – Today's update further reinforces our confidence that these opportunities were deferred, not lost, as our pipeline continues to convert. ↗
23 Jun 2026 Results confirm miss; FY27 started in line – Importantly, opportunities carried forward from FY26 are now converting, giving us early visibility into the year ahead. ↗
3 Aug 2026 FY27 trading momentum continuing; orders still arriving – FY27 has started well, with pipeline conversion and trading momentum being maintained. ↗
8 Oct 2026 H1 revenue +32%, FY27 guidance held – We have delivered a very solid first half, and have signed £3.0 million of orders since August and an ATP of £0.5m, demonstrating continued demand across... ↗

What is happening

Intercede Group: FY26 revenue shortfall and FY27 target – H1 revenue +32%, FY27 guidance held. ['H1 revenue +32%, FY27 guidance held']

In short: A 17 March 2026 warning put FY26 revenue 8-9% and adjusted EBITDA 15-18% below consensus because of US Federal procurement delays. The board said deals were deferred, not lost. April orders followed, FY26 revenue was £17.2m, and 3 August brought c$2.6m more. On 8 October the company reported H1FY27 revenue of about £10.85m, up 32.1%, and £3.0m of new orders. It kept FY27 guidance.
Announced: 17 Mar 2026 · FY26 guided below consensus; FY27 £21m reaffirmed
Latest: 8 Oct 2026 · H1 revenue +32%, FY27 guidance held
April orders: c.$5.2m (9 April) plus c.$3.8m (21 April)
3 Aug orders: c$2.6m new orders and renewals, plus c$1.65m potential renewals to Feb 2030
FY27 revenue target: £21 million reaffirmed earlier
Board view: FY27 has started well, pipeline conversion and momentum maintained
H1FY27 revenue: approx. £10.85m, +32.1% (H1FY26: £8.21m)
Orders since 3 Aug: approx. £3.0m, plus ATP of £0.52m with a purchase order expected in Q3FY27
FY27 expectations: Revenue £21m and adjusted EBITDA £5.0m, which the Board expects to deliver
Next milestone: Interim results expected on 24 November 2026

H1FY27 interim results (24 Nov 2026).

From the company's own announcements. Not investment advice.

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What it does, how it got here, what management promised and delivered – written from its own announcements.

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