Lutterworth software company returns to profit

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Lutterworth software firm Intercede has returned to profit, according to interim results for the six months ended 30 September 2019, for the first time in six years.

The firm has posted an operating profit of £25,000, in comparison to a loss of £609,000 in 2018.

Revenues meanwhile increased by 5% to £4.4m, compared to £4.2m in the period in 2018, “reflecting a strong end to the half with orders received from both new and existing customers.”

Chuck Pol, Chairman, said: “The results we are announcing today do not represent the full story of the progress that has been made to refocus the Group’s strategy towards sustainable revenue growth and profitability.

“The return to a first half operating profit, the first time this has been achieved for six years, is an important milestone. The laser focus on our new strategy is evident, particularly in the growth of our cash balances and our dedication to writing the best code in the industry. The release of MyID Professional represents a more scalable version of MyID that gives our customers and partners the strongest form of user authentication in a simplified lower cost format.

“There remains further work to be done, but the direction of travel and momentum in the business reflects the considerable achievements of the Intercede Team to date – we remain on track.”