Intercede, the UK-based credential management software company, expects revenue of approximately £10.85 million for the six months to September 30, up 32.1 percent from £8.21 million a year earlier. On a constant currency basis, revenue rose 34.5 percent.
The company’s MyID software manages the issuance and lifecycle of digital credentials such as PKI certificates and FIDO authenticators, and the company serves government, defense, aerospace and enterprise markets. Perpetual licence revenue rose the most, increasing to about £2.73 million from £1.08 million. Support and maintenance revenue, its recurring base, grew to about £5.64 million from £5.37 million. Professional services and development income increased to about £2.02 million from £1.4 million, and subscription licence revenue rose to about £0.45 million from £0.36 million.
Intercede also reported about £3.0 million in new contract orders and renewals since its previous order update in early August. The largest items include a subscription licence order of about £0.42 million for an existing US federal government deployment, a support and maintenance renewal of about £0.45 million from a large US defense and aerospace manufacturer, and professional services and development orders totalling about £0.37 million for an existing US federal proof-of-concept deployment. A renewal of about £0.35 million is tied to an existing US Department of State deployment, and other orders came from US defense, telecommunications and federal agency customers.
Separately, Intercede received an authority to proceed for development work supporting a large deployment at a US federal agency, with an initial value of £0.52 million. The company expects a formal purchase order in its third fiscal quarter.
Gross cash stood at about £23.4 million at September 30, up from £17.8 million a year earlier and £20.0 million at the end of March, and the company has no debt. The board continues to expect full-year results in line with market expectations, which it puts at revenue of £21 million and adjusted EBITDA of £5.0 million.
“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 our core markets,” said Klaas van der Leest, chief executive. “We enter H2 from a position of strength, with a healthy pipeline, £23.4 million of cash and increasing revenue visibility into FY28.”
Intercede plans to release its interim results on November 24.
Sources: Investegate
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By the ID Tech Editorial Team
