Intercede Group (IGP) Trading update summary

FY25 trading

• FY25 revenue expected at ~£17.7m, down 11.4% YoY; prior-year £20m included an exceptional ~£6.3m perpetual licence and related support and maintenance order.

• Revenue was 9.6% lower on a constant-currency basis; recurring support, maintenance and subscription revenue of ~£10.2m was ~58% of total.

• Underlying trading momentum remained strong versus market forecasts, with licence wins and low churn supporting recurring revenue.

• Strong revenue and high operational gearing are expected to improve forecast profitability, subject to completion of the year-end audit.

Cash and outlook

• Gross cash at 31 March 2025 was £18.7m, versus £17.2m a year earlier; no debt.

• Cash balance followed ~£0.9m of exceptional outflows, including £0.42m for share buybacks and R&D tax-election changes.

• The R&D tax-election change is intended to use R&D expense deductions against future taxable profits; preliminary results expected in June 2025.