Intercede Group plc
Intercede Group plc is an AIM-listed (IGP) UK cybersecurity software company specialising in digital identity and credential management. Its MyID product family (CMS, MFA, PSM, SecureVault) protects governments and enterprises against compromised user credentials, the leading cause of data breach. The Group serves Tier 1 clients across government, defence, financial services and critical infrastructure, with the US Federal market its largest customer base.
FY2026 in sixty seconds
year to 31 Mar 2026 · approved 22 Jun 2026 · 107 pages · Companies House
Intercede Group plc, a UK cybersecurity software company that helps governments and large organisations manage digital identities, saw revenue slip to £17.2m in the year to 31 March 2026, from £17.7m the year before. Profit before tax fell to £3.7m from £4.6m.
The report says sales of software licences were below expectations because US Federal government purchasing was delayed, pushing orders into the following year. Recurring income from support, maintenance and subscriptions kept growing and made up 66% of revenue. Running costs were held almost flat, although more was spent on research and development. One-off costs were small in both years.
Cash at the year end was £20.0m and the company has no borrowings. It raised £350k from issuing new shares and is not paying a dividend. The Board says the new year has started in line with its expectations, helped by orders received after the year end, and it reaffirmed a revenue target of £21 million for the coming year. The auditor gave a clean opinion with no doubt raised about the company's ability to keep trading. The report rates heavy reliance on the US Federal market as its highest risk, and says that risk has increased.
Support & Maintenance (recurring) revenue from expanding deployment base
S&M revenue grew to £10.6m in FY26 from £10.2m in FY25, with NRR >100%, inflationary increases and a loyal, low-churn customer base
page 10Mix shift to lower-margin licence/professional services vs prior exceptional FY24/FY25 licence deal
Gross margin 95.3% (FY25: 97.2%); third-party product resold as part of licence sales £0.7m (FY25: £0.5m) embedded in cost of sales
page 32We enter FY27 from a position of strength, with robust order momentum, a debt-free balance sheet, and a clearly defined product roadmap. Opportunities carried forward from FY26 are now converting, giving us early visibility into the year ahead.
page 412 years on one page · FY2015–FY2026
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
12 figures restated in a later report
Every figure is read again from the following year’s report: 354 confirmed, 6 differ, 12 restated.
No figure has been restated: every figure a later report printed again, it printed the same.
12 more figures were restated in FY2015 to FY2023, which a free account opens.