StockMarketWire.com - Digital identity company Intercede said it expects revenues for the year ended 31 March 2021 to be about £11.0 million, in line with market expectations, and approximately 6% higher than the previous financial year.

The revenue growth 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,' the company said.

The business in Europe and the wider rest of world region continues to be adversely affected by COVID-19 lockdowns, it added.

As at 31 March 2021, gross cash balances totalled £8.0 million, up from £4.8 million last year.

'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,' it added.

Intercede also announced that it had approved the appointment of BDO as its auditor ahead of the annual results due in June.




At 9:53am: [LON:IGP] Intercede Group PLC share price was 0p at 78p



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