Intercede Group (AIM:IGP) shares moved higher on Thursday, adding 6.6% to change hands at 83.2p, after it told investors that FY26 revenue slipped after procurement delays and customer purchasing deferrals.
But, the cybersecurity software firm sought to draw a line under that weakness by announcing about $5.22 million of recent renewals and new contract orders.
The group expects revenue for the year ended 31 March 2026 of about £17.2 million, down 2.8% from £17.7 million a year earlier.
On a constant-currency basis, the decline was a slimmer 0.5%, while subscription revenue rose about 17.6% to £2 million. Recurring revenue from support, maintenance and subscriptions came in at about £11.4 million, equivalent to roughly two-thirds of total revenue.
Intercede said the FY26 performance reflected delays in customer procurement, especially in the United States, as well as purchasing deferrals linked to heightened geopolitical uncertainty, including conflict in the Middle East.
Even so, it ended the year with gross cash of £20 million, up from £18.7 million, and no debt.
New business disclosed alongside the trading update was led by a US federal government annual MyID CMS subscription renewal worth about $3.49 million.
The company also reported smaller renewals and services orders spanning a US supervisory banking system, defence contractors in the US and Europe, a North American telecoms provider, and further US federal work. Final preliminary results are due in June 2026.