Business
Trading Update & Appointment of Auditor
Trading Update & Appointment of Auditor.
About this update from Intercede Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5827U\n Intercede Group PLC\n 07 April 2021\n \n \n \n \n \n \n \n \n \n \n \n \n \n 7 April 2021\n \n \n \n \n \n INTERCEDE GROUP plc\n \n \n ('Intercede', the 'Company' or the 'Group')\n \n \n \n \n \n Trading Update & Appointment of Auditor\n \n \n \n \n \n \n \n \n \n \n \n Intercede, the leading specialist in digital identity, credential management and secure mobility, is pleased to announce that, subject to the completion of the year end audit, revenues for the year ended 31 March 2021 are expected to be in the region of £11.0m, which is in line with market expectations and approximately 6% higher than the previous financial year.\n \n \n \n \n \n This primarily reflects a strong performance in the US, Intercede's main market, involving follow on orders from existing customers plus new contract wins via partners, the most notable being the US Department of State via Guidehouse. At the interim results, we reported that business in Europe and the wider RoW region had been adversely affected by COVID-19 lockdowns and this has continued to be the case during the second half.\n \n \n \n \n \n The combined effect of increased revenues and continued tight control over costs is expected to result in improved profitability at all levels.\n \n \n \n \n \n As at 31 March 2021, gross cash balances totalled £8.0m (2020: £4.8m). Following the successful early retirement of convertible loan notes totalling £5.0m that was announced on 4 and 16 February 2021, the Group is now debt free.\n \n \n \n \n \n Further detail will be provided within Intercede's final results for the year ended 31 March 2021, which are expected to be published in June 2021.\n \n \n \n \n \n Appointment of Auditor\n \n \n \n \n \n Intercede announces that, following completion of a formal tender process, the Board has approved the appointment of BDO as the Company's auditor, commencing with the audit for the financial year ended 31 March 2021. We would like to thank PwC for their services over the last 12 years.\n \n \n \n \n \n \n \n \n \n \n \n ENQUIRIES\n \n \n \n \n \n \n \n \n Intercede Group plc\n \n \n \n \n \n Tel.\n \n \n \n \n +44 (0)1455 558111\n \n \n \n \n \n \n \n Klaas van der Leest, Chief Executive...