Friday, July 3, 2020

Revenue rise and return to profit for Lutterworth cyber security solutions provider

Lutterworth-based cyber security solutions provider Intercede is looking forward to “a further year of progress” as newly released preliminary results for the year ended 31 March 2020 show a rise in revenues and profits.

The firm has posted revenues of £10.4m, up from £10.1m last year, “[reflecting] the impact of follow-on orders from existing customers and partners in the US, EMEA and SE Asia.”

Meanwhile pre-tax profit rose to £574k, after a loss of £530k in 2019.

Chuck Pol, Chairman, said: “Just over two years ago a major Board reconstruction was undertaken with the clear recognition that the Group had to get back to sustainable revenue growth and profitability.

“All members of the team have remained focused throughout the last two years and it is to their great credit that the most difficult part of the operational turnaround has been delivered despite the worsening backdrop posed by the COVID-19 pandemic at the end of the period.

“The Board are most grateful for the endeavours of all staff and our immediate thoughts are focused on the safety and welfare of our staff, partners, customers and prospects.

“The Group has identified various options to simplify, scale and expand the traditional markets of the MyID software platform, starting with the release of MyID Professional. We have maintained investment in Research & Development and in our operational capabilities and have materially improved profitability – the principal focus of our energies.

“The turnaround and return to profitability has also allowed us to continue to look at exciting technologies that will enrich the MyID software platform and accelerate the momentum of our innovation.

“We look forward to a further year of progress, particularly in terms of revenue growth, although much currently depends on events outside of the Company’s control and the speed at which customers return to more normal operations.”

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