Intercede, the Leicestershire-based cybersecurity software company, is remaining “confident” despite a slip in revenues, as momentum builds.
In a trading update for the six months ending 30 September 2025 (H1 FY26), the group shared that it expects revenues to be approximately £8.21m, representing a year-on-year decrease of 3.9% or a decrease of 4.2% on a constant currency basis.
Elements of the firm’s revenue, however, “showed encouraging growth, underlying the quality of the business being won and the positive momentum that the Group has generated in broadening its client base.”
Reported revenues includes licence revenue which increased by 65.5% to £1.44m and comprises perpetual licence income of £1.08m (up 63.6% from H1 FY25) and subscription licence income of £0.36m (up 71.4%). The growth in subscription licence income is a key strategic focus, as the group looks to transition towards a more subscription-based revenue model.
The period saw the business experience temporary delays in some contract awards, primarily attributable to the US federal market. These delays, combined with adverse exchange rate movements and changes in revenue mix, have particularly affected reported US dollar revenues in the second quarter of the period.
Notwithstanding these delays, Intercede still saw good progress in contract and renewal orders in Q2, totalling $3.2m.
Klaas van der Leest, CEO, said: “The Group continues to build momentum through a geo-diversified pipeline, and the breadth of our new contract orders is a clear reflection of that progress. The Group enters H2 FY26 with momentum and a growing revenue backlog for FY27 and beyond.
“As we move into the second half of the year, the Group remains focused on converting pipeline opportunities. Given the underlying momentum being seen by the Group, the Board remains confident in the Group’s short, medium and long-term growth trajectory and maintains that full-year financial performance will be in line with current market expectations.”
