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Intercede posts narrower half-year operating loss on cost-cutting efforts

Last updated: 19:46 26 Nov 2018 AEDT, First published: 14:46 26 Nov 2018 AEDT

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Intercede's operating expenses fell 29% to £4.7mln in the six months to September 30

Intercede Group PLC (LON:IGP) shares surged on Monday after the cybersecurity company posted a 14% rise in half-year revenue and logged a sharply narrower operating loss for the period.

The AIM-listed company said for the six months ended September 30, its operating loss was £589,000 compared with an operating loss of £3.08 mln in the year-ago period. Revenue increased 14% to £4.2 million from £3.7 mln in the same period in 2017.

The company said its new management team has made “a promising start” in the first half of the current year.

Chuck Pol, Intercede’s chairman, said: “The improved cost efficiency, and focus on the core MyID product, gives the Board confidence that Intercede will return to profit during the next financial year.

In June, Intercede has forecast a return to profit within the next two years.

READ: Intercede sees ‘return to profit within next two years’

For the six-month period, operating expenses fell 29% to £4.7 mln from £6.7 mln in the year-earlier period following a cost-cutting review.

“This is a challenging but important period for Intercede as we build a firm foundation to preserve our culture of innovation,” said Pol in a statement.

Shares of Intercede jumped 11% to 31.50p in early Monday trade.

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