Intercede buoyed by profit growth

AIM-listed digital identity specialist Intercede Group (LON:IGP) saw its share price climb by 11.59% to 77p (as of 15:40 BST) after reporting a 150% increase in profits for the year ended 31st March. Revenues were up by 2.9%, but costs were tightly controlled and the company has been able to maintain normal operations during the pandemic with staff working from home.

Chairman Chuck Pol commented: “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“.