Intercede flags lower H1 revenue amid US contract delays, FX headwinds
By Iain Gilbert
Date: Thursday 09 Oct 2025
(Sharecast News) - Cybersecurity company Intercede said on Thursday that first-half revenues were expected to have fallen year-on-year, reflecting temporary delays in contract awards and adverse currency movements, particularly in the US federal market.
Intercede said interim revenue had slipped nearly 4% as sales for the six months ended 30 September came to approximately £8.21m, down from £8.54m a year earlier.
Despite the softer top-line performance, Intercede highlighted strong growth in licence revenue, which rose sharply, up 65% year-on-year, driven by gains in both perpetual and subscription income - the latter of which remains a key strategic focus as it continues its transition toward a more subscription-based model.
Intercede also noted that while US dollar revenues were notably impacted in Q2, it had seen solid momentum in contract and renewal activity during the period, with Q2 orders totalling approximately $3.2m.
Gross cash balances stood at £17.8m as of 30 September, while Intercede continued to operate with no debt.
Chief executive Klaas van der Leest said: "The group continues to build momentum through a geo-diversified pipeline, and the breadth of our new contract orders is a clear reflection of that progress. The group enters H2 FY26 with momentum and a growing revenue backlog for FY27 and beyond.
"As we move into the second half of the year, the group remains focused on converting pipeline opportunities. Given the underlying momentum being seen by the group, the board remains confident in the group's short, medium and long-term growth trajectory and maintains that full-year financial performance will be in line with current market expectations".
As of 1025 BST, Intercede shares had sunk 10.26% to 157.50p.
Reporting by Iain Gilbert at Sharecast.com
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