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Intercede Group PLC on Tuesday reported strong growth in profit and revenue for its first-half period, driven by client demand and an expanding product pipeline. The Lutterworth, Leicestershire-based cybersecurity software firm reported a 55% increase in pretax profit for the six months ended September 30, rising to £1.7 million from £1.1 million a year earlier. Revenue for the period grew by 22% to £8.5 million, up from £7.0 million in the prior year. Intercede attributed the growth to strong demand from both new and existing clients, including significant orders from US federal agencies and other key sectors such as healthcare and education. Chair Royston Hoggarth said: ‘I am pleased to state that the group is achieving its key objectives of delivering double-digit growth both in revenue and pretax profit. ‘The momentum we had in financial 2024 has, on a like for like basis, further grown in financial 2025 and our results illustrate that. As the pipeline diversifies and expands, we are in a strong position to achieve our financial performance goals for 2025.’ Intercede did not propose to pay dividends, unchanged from a year ago. Intercede’s financial objectives for 2025 include sustaining double-digit revenue and profit growth, leveraging an expanding and geographically diversified pipeline to achieve these targets. Revenue for the year ending March 31, reached £20.0 million, up 65%, while pretax profit surged to £5.6 million from £600,000. The group said that it is in a strong position to achieve these financial goals for financial 2025, supported by its first-half performance, which included the development of MyID SecureVault. The standalone product, set to launch in early 2025, is designed to securely generate and store private encryption keys, providing customers greater control and flexibility. Intercede noted significant client and prospect interest in SecureVault. The company also announced it had repurchased 12,222 shares at an average price of 180 pence on Monday as part of its ongoing buyback program. Shares in Intercede were down 8.1% at 160.77 pence each in London on Tuesday afternoon. Copyright 2024 Alliance News Ltd. All Rights reserved.
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