LISTED SOFTWARE FIRM REACHES “IMPORTANT MILESTONE”

A Lutterworth-based listed software company has announced it has made an interim operating profit for the first time in six years.

Intercede Group achieved an operating profit of £25,000 for the six months to 30 September 2019 after reporting a loss of £609,000 during the same period in 2018.

Its pre-tax losses were also cut from £904,000 to £263,000 while its revenue increased from £4.1m to £4.3m.

In the year to 31 March 2019, the company made a revenue of £10.1m, an operating profit of £59,000 and a pre-tax loss of £530,000.

Chairman Chuck Pol said: “The results we are announcing today do not represent the full story of the progress that has been made to refocus the group’s strategy towards sustainable revenue growth and profitability.

“The return to a first half operating profit, the first time this has been achieved for six years, is an important milestone.

“The laser focus on our new strategy is evident, particularly in the growth of our cash balances and our dedication to writing the best code in the industry.

“The release of MyID Professional represents a more scalable version of MyID that gives our customers and partners the strongest form of user authentication in a simplified lower cost format.

“There remains further work to be done, but the direction of travel and momentum in the business reflects the considerable achievements of the Intercede Team to date – we remain on track.”