Intercede boosts FY revenue forecast after contract receipts
Shares in Intercede are up almost 8% after it boosted its full-year revenue forecast following the receipt of several contracts before its year end on 31 March.
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In early March, the software and service company specialising in identity, credential management and secure mobility said its revenue out-turn for the year would be about £8.0m, with a further £2.0m of new orders in the near-term pipeline.
"The group today confirms that three of these contract orders were received by the end of the trading period," it said.
The company added that, subject to audit completion, revenues for the year to 31 March were now expected to be between £8.2m and £8.4m.
Intercede said the new orders included two customer wins that related to the deployment of MyID within a US government agency and a US healthcare group.
It was work diligently to bring the remainder of the near term pipeline into reported revenue, and was confident that this would happen within the first half of the year to 31 March 2018."
Gross cash balances for the year were £6.9m. This compared to the £6.0m forecast.
Chairman and chief executive Richard Parris said after the uncertainty created by the initial phase of the new US administration, Intercede was pleased that business appeared to be returning to normal.
"Importantly, there is progress in securing the remainder of our near term pipeline and encouraging signs of demand within our core markets," said Parris.
"Momentum is building and we view the future with considerable confidence."
At 11:59 GMT, shares in AIM-quoted Intercede were up 7.96% to 47.5p each, and off earlier highs.