Intercede Group plc
Intercede develops software that helps governments and businesses issue secure digital identities and manage staff access to computers and applications.
Overview
Latest results
Reported in GBP
Latest financial publication
Preliminary half-year trading update
Investment Thesis
Secure employee sign-ins with a growing range of MyID products
European Tech Equities analysis ·
The investment case
The opportunity is to earn more recurring software and support revenue as employers improve how staff sign in. Intercede already serves demanding government customers, but wider adoption of passwordless access still has to become paid contracts and renewals.
Evidence of adoption
October brought both a product launch and a customer order. MyID Authenticate launched with a European public-sector lead customer. A US federal agency also confirmed a £1.04 million services order, replacing an earlier £0.52 million commitment. The additional order value was therefore £0.52 million.
Demand drivers
Organisations need to withdraw access promptly and protect accounts even when a password is stolen. Intercede addresses that task through credentials and passkeys that work with existing identity software. Government purchasing can nevertheless move slowly, and the timing of a few larger contracts can affect results.
Profit and cash generation
FY2026 revenue fell to £17.16 million and net profit to £3.38 million. The following half-year began more strongly: October’s preliminary update put revenue at about £10.85 million, up 32%, with cash of about £23.4 million. Full interim profit and cash-flow figures are due on 24 November.
Valuation assumptions
The £85.42 million equity value recorded on 29 October was about 25 times FY2026 net profit. That comparison uses a dated share-price snapshot and historical earnings. Sustained product adoption and recurring revenue growth would support the case; delayed orders or weaker renewals would put those expectations under pressure.
What would weaken the case
- A small number of large customers and US government procurement can make orders uneven between reporting periods.
- Other identity and credential-management suppliers compete for the same budgets. Products must keep working as customer hardware and software change.
- Licence mix, currency movements and payment timing can cause revenue, profit and cash to move differently.
Sources
Financials
The business in numbers
Latest
Income statement
Cash flow
Balance sheet
Sources and details
Additional figures
H1 FY2027 preliminary · Oct 8, 2026
- Revenue
- GBP 10.9m
- Cash & equivalents
- GBP 23.4mSep 30, 2026
The October update provides preliminary revenue and cash for April–September 2026. The latest full annual accounts cover the year ended March 2026.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Consolidated figures in GBP millions; basic earnings per share in GBP. Debt includes leases. Capital expenditure includes cash purchases of equipment and capitalised development. The September 2026 revenue and cash figures are preliminary.
Annual
Income statement
Cash flow
Balance sheet
Sources and details
The October update provides preliminary revenue and cash for April–September 2026. The latest full annual accounts cover the year ended March 2026.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Consolidated figures in GBP millions; basic earnings per share in GBP. Debt includes leases. Capital expenditure includes cash purchases of equipment and capitalised development. The September 2026 revenue and cash figures are preliminary.
Half-year
Income statement
| For the periodGBP million | H1 FY2025 | H1 FY2026 | H1 FY2027 preliminary |
|---|---|---|---|
| Revenue | 8.54 | 8.21 | 10.85 |
| Gross profit | 8.24 | 7.82 | — |
| Gross margin | 96.4% | 95.2% | — |
| Operating profit (EBIT) | 1.32 | 0.94 | — |
| Operating margin | 15.5% | 11.5% | — |
| Net income | 1.67 | 1.24 | — |
| Earnings per share (GBP) | 0.028 | 0.021 | — |
Cash flow
| For the periodGBP million | H1 FY2025 | H1 FY2026 | H1 FY2027 preliminary |
|---|---|---|---|
| Operating cash flow | -0.41 | 1.17 | — |
| Capital expenditure | 0.24 | 0.05 | — |
| Free cash flow | -0.65 | 1.11 | — |
Balance sheet
| At period endGBP million | H1 FY2025 | H1 FY2026 | H1 FY2027 preliminary |
|---|---|---|---|
| Cash & cash equivalents | 16.20 | 17.82 | 23.40 |
| Total debt | 0.68 | 1.15 | — |
| Net debt / (net cash) | -15.52 | -16.67 | — |
| Total assets | 25.02 | 25.59 | — |
| Total liabilities | 10.00 | 9.13 | — |
| Total equity | 15.02 | 16.46 | — |
Sources and details
The October update provides preliminary revenue and cash for April–September 2026. The latest full annual accounts cover the year ended March 2026.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Consolidated figures in GBP millions; basic earnings per share in GBP. Debt includes leases. Capital expenditure includes cash purchases of equipment and capitalised development. The September 2026 revenue and cash figures are preliminary.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
Interviews
Interviews are coming soon
No interviews with Intercede Group plc have been published yet.
Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
H1 FY2027 preliminary · Published Oct 8, 2026 · Checked Oct 30, 2026
FY 2025 · Published Jun 23, 2026 · Checked Oct 30, 2026
FY 2026 · Published Jun 23, 2026 · Checked Oct 30, 2026
H1 FY2025 · Published Nov 25, 2025 · Checked Oct 30, 2026
H1 FY2026 · Published Nov 25, 2025 · Checked Oct 30, 2026
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