Intercede Group PLC has released its preliminary results for the year ended 31 March 2024, showcasing impressive financial performance and strategic advancements. The leading cybersecurity software company reported record Group revenues of £20.0 million and a net profit of £6.0 million, marking significant growth compared to the previous year.
Key highlights from the report include the rebranding of acquired Authlogics solutions as part of an expanded MyID product family, now featuring MyID CMS, MyID MFA, and MyID PSM. The company also emphasized its continued investment in product development and internal IT infrastructure, underscoring a clear strategic vision on merger and acquisition plans.
In terms of financials, Intercede Group PLC demonstrated robust performance with a 65.3% increase in revenue compared to the prior year. Gross profit saw a similar growth rate of 65.8%, while profit before tax surged by an impressive 833.3%. The company’s net profit soared by 361.5%, reflecting strong operational efficiency and market demand for its cybersecurity solutions.
Moreover, the company’s earnings per share (EPS) showed a substantial increase, with basic EPS reaching 10.3p in FY24 compared to 2.3p in FY23. The gross margin stood at 97.2%, highlighting the company’s ability to generate value from its operations.
Intercede Group PLC also reported a significant rise in cash and cash equivalents, indicating a healthy financial position and effective cash management. The net cash generated from operating activities increased by 231.0%, underscoring the company’s operational strength and financial stability.
The company’s revenue highlights for the year included major contract wins with key clients, such as a large US Federal Agency, resulting in substantial perpetual license orders and annual support agreements. These contracts contributed to the strong revenue growth and underscored Intercede’s ability to secure significant deals in the cybersecurity market.
Overall, Intercede Group PLC’s preliminary results for FY24 exemplify its continued growth trajectory, financial resilience, and strategic focus on expanding its product offerings and market presence in the cybersecurity sector.
