Intercede Group (IGP) Trading update summary

Trading performance

• H1 FY26 revenue expected at ~£8.21m, down 3.9% YoY or 4.2% on a constant-currency basis from £8.54m.

• Licence revenue rose 65.5% to £1.44m; perpetual licences increased 63.6% to £1.08m and subscription licences increased 71.4% to £0.36m.

• Temporary contract-award delays, primarily in the US federal market, plus FX movements and revenue mix changes weighed particularly on reported US dollar revenue in Q2.

Contract awards and renewals

• Q2 FY26 contract and renewal orders totalled c$3.2m; more than 95% were received through partners.

• New orders included a five-year c$0.4m MyID CMS subscription for a US energy company and a c$0.1m MyID CMS subscription and services order for a US scientific agency/national laboratory.

• Asian government end-client orders included c$0.12m for MyID SecureVault Biometrics over two years and c$0.2m for MyID CMS development and professional services.

• A UK defence follow-on included c£0.1m in perpetual MyID CMS licences, c£0.05m in services and c£0.1m in five-year support and maintenance.

• Renewals included US defence and aerospace contracts exceeding c$0.5m and c$0.3m, a North American telco renewal exceeding c$0.25m, and a Middle Eastern education renewal exceeding c$0.16m.

Cash and outlook

• Gross cash was £17.8m at 30 September 2025, versus £16.2m a year earlier and £18.7m at 31 March 2025; balance includes a £1.8m share-award vesting payment, with no debt.

• FY26 market expectations remain £18.7m revenue and £4.6m adjusted EBITDA; the Board cited pipeline momentum and a growing FY27-and-beyond revenue backlog.