INTERCEDE GROUP PLC - Full Year Results for the 12 months ended 31 March 2026

Intercede Group PLC delivered resilient FY2026 financial results despite temporary delays in U.S. federal contract awards, maintaining confidence in its £21 million revenue outlook and demonstrating the strength of its recurring revenue model. The cybersecurity software provider reported continued growth in subscription and recurring revenues, up 11.4%, while preserving a debt-free balance sheet, robust cash position and disciplined working capital management. Intercede invested heavily in innovation, increasing annual R&D expenditure to approximately £4.1 million and targeting up to £4.5 million in FY2027 to reinforce its leadership in strong authentication, credential management and post-quantum cryptography (PQC). The company achieved significant commercial progress through new strategic partnerships with Swissbit and OneSpan, expanding its indirect go-to-market strategy and opening access to new banking, enterprise and international markets. Management highlighted improving demand from fully funded U.S. government agencies, favourable regulatory tailwinds from NIS2 and DORA, and growing interest in data sovereignty solutions across Europe and Asia-Pacific. Intercede continues to enhance its product portfolio with enterprise-managed passkeys, quantum-resistant security capabilities and AI-enabled development efficiencies, while pursuing acquisition opportunities in machine identity and digital credential management. With low customer churn, high-margin software revenues, strong visibility from long-term government and defence relationships, and a clear growth strategy focused on subscription income, innovation and strategic partnerships, Intercede believes it is well positioned to deliver sustainable company performance, margin expansion and long-term shareholder value in the rapidly evolving cybersecurity market.