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Intercede expects to ‘return to profit within next two years’

The AIM-listed firm said for the year ended 31 March 2018, its revenues increased 11% to £9.2mln from £8.3mln a year ago

digital security
Intercede brought in a new chief executive and reorganised the management team

Intercede Group PLC (LON:IGP) has said it expects to ‘return to profit within next two years’ as cybersecurity company reported growth in revenues.

The AIM-listed firm said for the year ended 31 March 2018, its revenues increased 11% to £9.2mln from £8.3mln a year ago, boosted by growth in company’s key markets of government, defence contractors and large corporate enterprises.

READ: Intercede moves quickly to bring in new chief executive

The group made a loss for the year of £3.8mln ‘against a backdrop of continued investment in technology.’

Intercede said significant firs half contract wins include an award from a major UK Aerospace  & Defence contractor and a sale to a large UK defence organisation.

Following a challenging 2016-2018 year, the cybersecurity company made several changes and brought in a new chief executive and reorganised the management team.

Chuck Pol, chairman of the company, said: “Following the second half restructuring, the cost base has been brought back in line with future forecasts and the Board are confident that Intercede will grow and return to profit within next two years.” 

Quick facts: Intercede Group

Price: 46.5 GBX

AIM:IGP
Market: AIM
Market Cap: £23.47 m
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