By Ian Walker
Intercede Group shares rose as much as 18% after the company said that it expects to beat fiscal 2024 market forecasts following the award of a new contract, together with its existing order pipeline.
Shares at 1425 GMT were up 13.50 pence, or 14.5%, at 106.50 pence having peaked at 110.0 pence earlier in the session.
The London-listed cybersecurity company said Wednesday that it has been awarded a license order worth $1.0 million with a new client in the U.S. intelligence community. The client will also pay an annual subscription of $200,000, it said.
The company has provided a revenue forecast for the year ending March 31 of 18 million pounds ($22.7 million) and adjusted earnings before interest, taxes, depreciation and amortization of GBP5.2 million. This compares with GBP12.1 million and GBP1.3 million respectively for fiscal 2023.
“We are particularly pleased to secure this order because it has potential to grow further and the fact that there is a subscription element associated with it…We have ended 2023 on a high and aim to continue with this momentum into the final quarter and FY25,” Chief Executive Klaas van der Leest said.
Write to Ian Walker at ian.walker@wsj.com