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Intercede Group PLC's shares plunged on Tuesday after the cybersecurity software firm said it expects revenue for its recently ended financial year to be lower due to delays on large deals.
Shares were trading 27% lower at 42.50 pence each on Tuesday morning in London.
The Leicestershire, England-based said it expects revenue for the year ended March 31 to be in the range of £9 million to £10.0 million. This would reflect a decrease of 10% to 11% from the £11.0 million earned in financial 2021.
The company explained that it experienced delays with a number of ‘large new opportunities,’ leading to it not being able to secure a substantial license order within the year.
Further, Covid-19 has continued to hurt trading outside the US market.
Nonetheless, Intercede said that it is still expected to remain profitable.
As at March 31, gross cash balances totalled £7.8 million, down 2.5% from £8.0 million. This was supported by growth in annual recurring revenue from its Support & Maintenance business, as well as revenue growth in its Professional Services unit.
Intercede also received an order totalling $300,000 from a ‘large’ US federal agency. A portion of the amount will be recognised in financial 2022.
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