(Alliance News) - Intercede Group PLC on Tuesday said its profit jumped in the first half of its financial year, due to increases in revenue and follow-on licence orders from existing customers.
Intercede is a cybersecurity software firm with offices in Virginia, US and Leicestershire, England.
The company reported that its pretax profit multiplied to GBP620,000 in the six months to September 30, up from GBP120,000 the year before. Intercede said this was due to increased recurring revenue in Support & Maintenance and "solid" Professional Services revenues.
Intercede's revenue hit GBP6.1 million, up 24% from GBP4.9 million, due to the "wins-generated momentum" towards the end of its last financial year that has carried into this year.
Intercede added that follow-on licence orders from existing customers have also driven the growth, as only one new customer was signed up during the period, compared to eight in the prior period.
Looking ahead, Intercede said it remains positive about the medium and long-term prospects for the company.
"While the board is cognisant of volatility in the current global macroeconomic environment, we remain confident in the group's execution of the '6C strategy' and that the outlook for the second half of financial 2023 remains in line with management's expectations," Chair Royston Hoggarth said.
Intercede shares closed up 4.6% at 57.50 pence on Tuesday in London.
By Jaskeet Briah; email@example.com
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