Intercede Group (IGP) H2 2025 earnings summary

Executive summary

• FY25 closed with £17.7m revenue after six upgrades during the year; management described results as strong following a record prior year.

• Strategy targets sustainable double-digit organic growth, with selective acquisitions to add proven IP and extend market or customer reach.

• Business momentum strengthened in H2 and Q4, with Q1 trading in line with board expectations and no material direct impact from U.S. policy changes reported.

Financial highlights

• Revenue was slightly lower YoY after the prior year included an exceptional ~£8m U.S. federal perpetual-license order; normalized FY25 revenue was £17.7m versus a £15.8m forecast comparator.

• Profit was £4.6m; support and maintenance revenue was £10.2m, while professional services income reached £5m versus a typical £3m–£4m run rate.

• Rest-of-world revenue grew significantly YoY, with notable APAC sales and a stronger Middle East customer base following acquisition.

• At 31 May, cash was £21.3m; most of £5.8m in receivables had converted to cash, and the business was cash-generative with no debt.

Outlook and guidance

• FY26 outlook reflects current market uncertainty, while management still expects revenue growth in the U.S. and rest of world and maintains a sustainable double-digit organic growth objective.

• Q1 was trading in line with board expectations; management cited robust growth prospects for the year ahead and beyond.

• EU regulations including NIS2 and DORA may create opportunities over the next 12–36 months; partners are positioning the offering for NIS2-related demand.