Intercede Group (IGP) Trading update summary

FY26 trading

• ARR expected to grow, driven by support and maintenance revenue and further subscription-licence adoption.

• FY26 revenue expected 8–9% below market expectations, reflecting US procurement delays and customer deferrals amid geopolitical uncertainty; opportunities described as delayed, not lost.

• H2 FY26 order intake momentum improved, with active customer engagements continuing across the pipeline.

FY26 financial outlook

• Adjusted EBITDA expected 15–18% below market expectations as lower revenue affects results alongside continued strategic investment.

• Positive operating cash flow expected; year-end cash balances forecast 3–5% ahead of market expectations, with a debt-free balance sheet.

• Current FY26 market consensus: revenue £18.7m, adjusted EBITDA £4.6m and cash and cash equivalents of £19.0m at 31 March 2026.

FY27 outlook

• FY27 revenue target reaffirmed at £21m, with FY26 delays viewed as timing shifts rather than structural demand weakness.

• Subscription transition expected to continue through FY27; delayed opportunities are expected to convert as geopolitical conditions stabilise and procurement cycles normalise.

• Continued ARR growth is expected to support improved revenue performance and visibility over the medium term.