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AIM-listed digital credential management specialist Intercede (LON:IGP) has seen its share price rise by 5.41% to 39p (as of 12:25 BST) after it reported a 10% increase in revenues for the year ended 31st March. Cost cutting measures implemented over the last year helped the company to generate a small profit after posting losses in the prior 12 months.
Chairman Chuck Pol commented: “Intercede has undergone a challenging period resulting in the Board making transformational changes to ensure a return to revenue growth and profitability. I am pleased to announce that the Group is reporting performance that is ahead of market expectations by returning to profit a year earlier than expected. This represents a significant turnaround from the losses incurred in recent years and I would like to thank all Intercede staff across the Group for their hard work and dedication throughout the year.
MyID is trusted within government circles and amongst some of the world’s largest security sensitive organizations and will continue to generate opportunities for growth and improving financial performance. The new leadership team will make employees, customers and shareholders their priority and I am confident of the Group’s future prospects“.