Intercede Group (IGP) H1 2025 earnings summary

Executive summary

• H1 revenue rose 22% to £8.54m, or 29% at constant currency; profit before tax increased 55% to £1.67m.

• The weighted pipeline expanded, matured and diversified geographically, supporting confidence in meeting FY25 market expectations.

• Cash was £16.2m with no debt; product releases, partnerships and SecureVault support momentum into H2 and beyond.

Financial highlights

• Revenue was £8.54m, up 22% reported and 29% at constant currency; gross profit was £8.24m, up 19%.

• Operating profit rose to £1.32m from £0.96m; profit before tax was £1.67m versus £1.10m.

• Adjusted EBITDA was £1.8m versus £1.5m; adjusted basic and diluted EPS were 3.1p and 2.9p versus 2.6p and 2.5p.

• Operating expenses rose 15% to £6.9m, reflecting product development, IT investment, higher headcount and sales commissions.

• Professional services revenue grew on major federal program work; license income was slightly behind schedule due to procurement timing.

Outlook and guidance

• On track to meet FY25 market expectations; a materially larger, mature weighted pipeline and expected H2 license conversions support confidence.

• Organic growth and disciplined M&A remain strategic routes to scale; sustaining 20%+ CAGR is an ambition, not a guarantee, given procurement cycles.

• Product releases, partnerships and SecureVault are expected to support momentum; SecureVault has attracted initial interest and active quotes.

• A new U.S. federal POC is progressing, although procurement timing remains difficult to predict.