Buy Or Sell Opportunity • Apr 21
Now 30% overvalued Over the last 90 days, the stock has fallen 11% to UK£1.04. The fair value is estimated to be UK£0.80, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 36%. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to grow by 4.6% in the next 2 years. Major Estimate Revision • Mar 18
Consensus EPS estimates fall by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from UK£18.7m to UK£17.0m. EPS estimate also fell from UK£0.057 per share to UK£0.046 per share. Net income forecast to shrink 17% next year vs 13% growth forecast for Software industry in the United Kingdom . Consensus price target down from UK£2.25 to UK£1.80. Share price fell 21% to UK£0.77 over the past week. New Risk • Mar 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Market cap is less than US$100m (UK£46.9m market cap, or US$62.7m). Buy Or Sell Opportunity • Jan 02
Now 20% overvalued Over the last 90 days, the stock has fallen 27% to UK£1.29. The fair value is estimated to be UK£1.07, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 36%. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to grow by 4.6% in the next 2 years. Reported Earnings • Nov 27
First half 2026 earnings released: EPS: UK£0.021 (vs UK£0.028 in 1H 2025) First half 2026 results: EPS: UK£0.021 (down from UK£0.028 in 1H 2025). Revenue: UK£8.21m (down 3.9% from 1H 2025). Net income: UK£1.24m (down 25% from 1H 2025). Profit margin: 15% (down from 20% in 1H 2025). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 36% per year whereas the company’s share price has increased by 37% per year. New Risk • Nov 24
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: UK£76.0m (US$99.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Recent Insider Transactions • Oct 12
Non-Executive Chairman recently bought UK£200k worth of stock On the 9th of October, Royston Hoggarth bought around 128k shares on-market at roughly UK£1.56 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Royston's only on-market trade for the last 12 months. Bekanntmachung • Oct 09
Intercede Group plc to Report First Half, 2026 Results on Nov 25, 2025 Intercede Group plc announced that they will report first half, 2026 results on Nov 25, 2025 Bekanntmachung • Sep 22
Intercede Group plc Announces Board and Committee Changes, Effective 25 September 2025 Intercede Group plc announced that Ms. Tina Whitley has informed the Board of her decision to step down after three years of dedicated service. She will officially leave the Board immediately following the Company's Annual General Meeting on 25 September 2025. Tina has been a highly valued member of the Board, bringing her extensive experience from NEC Software Solutions (NEC) to help guide and support Intercede's global growth. In addition to her Board role, Tina has served as Chair of the Remuneration Committee, providing thoughtful leadership and governance oversight. Due to her increasing responsibilities with NEC Group, Tina has made the decision to step down from the Board. Following the departure of Tina, John Linwood will be appointed to the Chair of the Remuneration Committee, after the AGM on 25 September 2025. Buy Or Sell Opportunity • Aug 08
Now 25% overvalued Over the last 90 days, the stock has fallen 7.8% to UK£1.66. The fair value is estimated to be UK£1.33, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 60%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 1.7% per annum over the same time period. Bekanntmachung • Jul 25
Intercede Group plc Announces Latest Version of Its Credification System - MyID CMS Intercede announced that the latest version of its credential management system - MyID CMS - is the first to support Enterprise Attestation within the FIDO authentication framework. Integrated with Yubico's industry-first Enterprise Attestation-enabled security keys - the YubiKey, MyID CMS v12.15 delivers a complete solution for organizations requiring the highest levels of security and device control. Enterprise Attestation represents a critical advancement in enterprise security architecture, providing organizations with the ability to identify and verify individual authenticators before allowing access to regulated and protected environments. Unlike standard FIDO implementations that prioritise user privacy through anonymous attestation, Enterprise Attestation enables IT administrators to maintain precise visibility and control over security devices deployed across their organisation. The new capabilities within MyID CMS addresses a persistent challenge in enterprise FIDO deployments: the gap between strong authentication and organisational control. With Enterprise Attestation, only approved, company-issued authenticators are permitted to be issued to access sensitive systems, while maintaining detailed audit trails of device management across the organisation. Key benefits of the integrated solution include: Device-level visibility: Complete tracking and management of security keys throughout their lifecycle; Policy enforcement: Granular control over which devices can access specific resources; Audit compliance: Comprehensive logging and reporting for regulatory requirements; Risk mitigation: Immediate ability to identify and revoke compromised or lost devices; Seamless integration: Native support within existing identity and access management infrastructure. In addition to Enterprise attestation, MyID CMS v12.,15 adds support for PIN management features including minimum PIN length and forcing a PIN change at first usage. These enable 'issue on behalf of' scenarios and bring additional organisational control and security benefits. Intercede's collaboration with Yubico gives organizations access to the complete technology stack needed for the deployment of YubiKeys at scale. YubiKey's are the first hardware authenticators to implement Enterprise Attestation capabilities, providing the foundation for the MyID CMS platform. Buy Or Sell Opportunity • Jul 22
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 9.3% to UK£1.65. The fair value is estimated to be UK£1.35, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 60%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 1.7% per annum over the same time period. Recent Insider Transactions • Jun 26
Non Executive Director recently bought UK£103k worth of stock On the 24th of June, Jacques Tredoux bought around 60k shares on-market at roughly UK£1.71 per share. This transaction amounted to 4.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought UK£200k more in shares than they have sold in the last 12 months. Reported Earnings • Jun 25
Full year 2025 earnings released: EPS: UK£0.069 (vs UK£0.10 in FY 2024) Full year 2025 results: EPS: UK£0.069 (down from UK£0.10 in FY 2024). Revenue: UK£17.7m (down 11% from FY 2024). Net income: UK£4.06m (down 33% from FY 2024). Profit margin: 23% (down from 30% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 60% per year whereas the company’s share price has increased by 59% per year. Bekanntmachung • Jun 24
Intercede Group plc, Annual General Meeting, Sep 25, 2025 Intercede Group plc, Annual General Meeting, Sep 25, 2025. New Risk • Jun 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. This is currently the only risk that has been identified for the company. Bekanntmachung • May 22
Intercede Group plc to Report Fiscal Year 2025 Results on Jun 24, 2025 Intercede Group plc announced that they will report fiscal year 2025 results on Jun 24, 2025 Bekanntmachung • May 02
Intercede Collaborates with Microsoft and Yubico to Enhance Enterprise Security with Stronger Authentication Intercede announced the launch of its latest version of MyID CMS that enables the management of Passkeys with Microsoft Entra ID. Administrators can now use the credentials management system to seamlessly manage FIDO Passkeys on devices including the Yubico YubiKey family of products, that can then be used to securely authenticate to Entra ID protected resources. The solution enables organizations to use seamless, secure authentication processes by combining the strengths of the Intercede, Yubico, and Microsoft technology platforms. By integrating Entra ID's robust FIDO2 provisioning API's with MyID CMS and YubiKeys, enterprises can now implement an end-to-end secure issuance and life cycle management solution for FIDO Passkeys, whether in Cloud or Hybrid Entra ID solutions, manage PKI and FIDO credentials on a single YubiKey, as well as support for using a Passkey as a Derived Credential. Key highlights of MyID 12.14 Entra ID Capabilities: Compliance with NIST SP800-63B digital identity guidelines; Simplified FIDO passkey issuance and lifecycle management; Manage passkeys alongside other credential types such as certificates; Applying expiry dates to passkeys - automatically revoke the credential for fixed term workers, or for temporary passkey usage; Support for passkeys as a derived credential, compliant with NIST SP800-157. The combined solution addresses growing enterprise needs for robust, flexible, and user-friendly phishing resistant authentication systems. By eliminating traditional complexity in credential management, the collaboration empowers organizations to implement more agile and secure identity verification strategies. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to UK£1.55, the stock trades at a trailing P/E ratio of 14.7x. Average forward P/E is 21x in the Software industry in the United Kingdom. Total returns to shareholders of 203% over the past three years. Bekanntmachung • Apr 08
Intercede Group plc Provides Revenue Guidance for the Fiscal Year Ended March 31, 2025 Intercede Group plc provided revenue guidance for the fiscal year ended March 31, 2025. Revenues for 2025 are expected to be approximately £17.7 million (2024: £20 million), 11.4% lower than 2024, with the previous year benefiting from an exceptional perpetual licence and associated support and maintenance order of £6.3 million. The Group's revenues are 9.6% lower on a constant currency basis. Recurring support & maintenance and subscription revenues of £10.2 million represented 58% of total revenues, reflecting the continued progress in licence wins and low churn rates. New Risk • Mar 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: UK£76.6m (US$99.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 61% per year for the foreseeable future. Minor Risk Market cap is less than US$100m (UK£76.6m market cap, or US$99.3m). Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to UK£1.50, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 26x in the Software industry in the United Kingdom. Total returns to shareholders of 124% over the past three years. Reported Earnings • Nov 29
First half 2025 earnings released: EPS: UK£0.028 (vs UK£0.027 in 1H 2024) First half 2025 results: EPS: UK£0.028 (up from UK£0.027 in 1H 2024). Revenue: UK£8.54m (up 22% from 1H 2024). Net income: UK£1.67m (up 7.4% from 1H 2024). Profit margin: 20% (down from 22% in 1H 2024). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 11% p.a. on average during the next 2 years, while revenues in the Software industry in the United Kingdom are expected to grow by 8.2%. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to UK£1.89, the stock trades at a forward P/E ratio of 48x. Average forward P/E is 21x in the Software industry in the United Kingdom. Total returns to shareholders of 118% over the past three years. Valuation Update With 7 Day Price Move • Oct 10
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to UK£1.63, the stock trades at a forward P/E ratio of 42x. Average forward P/E is 25x in the Software industry in the United Kingdom. Total returns to shareholders of 99% over the past three years. Bekanntmachung • Oct 01
Intercede Group plc to Report First Half, 2025 Results on Nov 26, 2024 Intercede Group plc announced that they will report first half, 2025 results on Nov 26, 2024 Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to UK£1.91, the stock trades at a forward P/E ratio of 49x. Average forward P/E is 24x in the Software industry in the United Kingdom. Total returns to shareholders of 95% over the past three years. Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to UK£1.49, the stock trades at a forward P/E ratio of 38x. Average forward P/E is 25x in the Software industry in the United Kingdom. Total returns to shareholders of 28% over the past three years. Reported Earnings • Jun 19
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: UK£0.10 (up from UK£0.023 in FY 2023). Revenue: UK£20.0m (up 65% from FY 2023). Net income: UK£6.02m (up 359% from FY 2023). Profit margin: 30% (up from 11% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 12%. Revenue is expected to decline by 6.3% p.a. on average during the next 2 years, while revenues in the Software industry in the United Kingdom are expected to grow by 10%. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Bekanntmachung • Jun 19
Intercede Group plc, Annual General Meeting, Sep 25, 2024 Intercede Group plc, Annual General Meeting, Sep 25, 2024. New Risk • Jun 09
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 7.8% per year for the foreseeable future. Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Market cap is less than US$100m (UK£67.3m market cap, or US$85.6m). Bekanntmachung • Jun 06
Intercede Group plc to Report Fiscal Year 2024 Results on Jun 18, 2024 Intercede Group plc announced that they will report fiscal year 2024 results on Jun 18, 2024 Major Estimate Revision • May 26
Consensus revenue estimates increase by 11% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from UK£18.0m to UK£20.0m. EPS estimate increased from UK£0.078 to UK£0.086 per share. Net income forecast to grow 120% next year vs 4.7% growth forecast for Software industry in the United Kingdom. Consensus price target of UK£1.40 unchanged from last update. Share price was steady at UK£1.09 over the past week. Bekanntmachung • Mar 23
Intercede Group plc Provides Earnings Guidance for the Year Ending 31 March 2024 Intercede Group plc provided earnings guidance for the year ending 31 March 2024. The current market forecast for the year ending 31 March 2024 is revenue of £19.2 million. Bekanntmachung • Mar 21
Intercede Group plc Announces New Product Launch of MyID MFA v5 Intercede has released the latest iteration of its Multi-Factor Authentication MyID MFA product, version 5 ("MyID MFA v5"). MyID MFA v5 delivers enhanced security, flexibility, and easier integration for organizations seeking to protect their applications, data, and networks. It positions Intercede as the leader in the stronger authentication space, offering a comprehensive and user-friendly solution from passwords to PKI, for today's evolving security landscape. Key Features of MyID MFA v5: FIDO Passkeys: MyID MFA v5 allows organizations to leverage FIDO Passkeys, enabling a secure and passwordless user experience. It acts as both a FIDO authentication server and a passkey issuance solution, supporting both Syncable Passkeys (mobile phone based) and Device Bound Passkeys (on dedicated devices like, but not limited to, YubiKeys); Streamlined Security and User Experience: MyID MFA v 5 incorporates Identity Provider (IDP) capabilities, offering a single sign-on solution for applications, Windows desktops, self-service portals, and password resets. Additionally, it integrates with existing credentials and IDPs, minimising deployment costs; Enhanced Windows Desktop Agent: The Windows Desktop Agent now supports federation, 3rd party authenticators, and FIDO passkeys; and Integration with MyID CMS: MyID MFA v five integrates with MyID CMS, providing a centralised management platform for all user credentials and life cycle management. New Risk • Feb 06
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings are forecast to decline by an average of 5.7% per year for the foreseeable future. Minor Risk Market cap is less than US$100m (UK£58.2m market cap, or US$73.1m). New Risk • Jan 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 5.7% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (UK£62.6m market cap, or US$79.4m). New Risk • Dec 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 5.7% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (UK£54.7m market cap, or US$68.9m). Recent Insider Transactions • Nov 24
Non-Executive Chairman recently bought UK£70k worth of stock On the 21st of November, Royston Hoggarth bought around 100k shares on-market at roughly UK£0.70 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Royston has been a buyer over the last 12 months, purchasing a net total of UK£152k worth in shares. Reported Earnings • Nov 23
First half 2024 earnings released: EPS: UK£0.027 (vs UK£0.021 in 1H 2023) First half 2024 results: EPS: UK£0.027 (up from UK£0.021 in 1H 2023). Revenue: UK£6.99m (up 15% from 1H 2023). Net income: UK£1.55m (up 28% from 1H 2023). Profit margin: 22% (up from 20% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 4% per year. Major Estimate Revision • Nov 22
Consensus EPS estimates increase by 63% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from UK£13.3m to UK£13.7m. EPS estimate increased from UK£0.016 to UK£0.026 per share. Net income forecast to grow 14% next year vs 11% growth forecast for Software industry in the United Kingdom. Consensus price target of UK£1.25 unchanged from last update. Share price rose 15% to UK£0.71 over the past week. Bekanntmachung • Nov 21
Intercede Group plc Provides Earnings Guidance for the Year Ending 31 March 2024 Intercede Group plc provided earnings guidance for the year ending 31 March 2024. The current market forecast for the year ending 31 March 2024 is revenue of £13.3 million. New Risk • Nov 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Market cap is less than US$100m (UK£37.0m market cap, or US$45.5m). Bekanntmachung • Oct 24
Intercede Group plc to Report First Half, 2024 Results on Nov 21, 2023 Intercede Group plc announced that they will report first half, 2024 results on Nov 21, 2023 Bekanntmachung • Oct 21
Intercede Group plc Appoints Daniel O'brien as Non-Executive Director Intercede Group plc announced the appointment of Daniel O'Brien to the Board of Intercede as a Non-Executive Director with immediate effect. Mr. O'Brien ('Dan') brings over 30 years' experience in financial roles across successful listed, PE backed and privately owned international organisations. Dan studied at the University of Cambridge prior to qualifying as a chartered accountant at Deloitte in 1991 where he spent 8 years working in Audit Assurance. He has held senior finance roles in a range of multinational companies including COLT Telecoms, Eidos Plc, Huveaux Plc as Group Finance Director, Shine Group as Chief Financial Officer and Tarsus Group as both Chief Financial Officer and Chief Operating Officer. At Tarsus, Dan was a lead executive overseeing the take private acquisition by Charterhouse and the subsequent sale of the business to Informa plc for approximately $1 billion. Dan currently sits on the advisory board of several organizations including Cuil Bay Capital. Reported Earnings • Sep 03
Full year 2023 earnings released: EPS: UK£0.023 (vs UK£0.013 in FY 2022) Full year 2023 results: EPS: UK£0.023 (up from UK£0.013 in FY 2022). Revenue: UK£12.1m (up 22% from FY 2022). Net income: UK£1.31m (up 81% from FY 2022). Profit margin: 11% (up from 7.3% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Bekanntmachung • Jun 21
Intercede Group plc Appoints John Linwood as Non-Executive Director Intercede announced the appointment of John Linwood as a Non-Executive Director with immediate effect. Mr. Linwood has over 40 years' experience in the technology sector, gained delivering large scale technology led transformation projects in public, private and government organisations. Mr. Linwood has held management positions in multiple global organizations including Yahoo, the Ministry of Defence, BBC and Microsoft, where he spearheaded the creation and growth of MSN. Mr. Linwood sits on several boards, including the National Grid Energy System Operator and Brooks Macdonald Group plc. Mr. Linwood was also a member of the Board of a UK Government Agency for 6 years and currently is an adviser to another Government Agency, in addition to his role with the Ministry of Defence. Previously, he held advisory and board level roles at Petroleum Edge Ltd, DRS Data and Research Services plc, Brunel University, Star Alliance Airline Group and he also founded three software development startups. The company also announced that Chuck Pol and Rob Chandhok, Non-Executive Directors of the Company, will step down from the Board in due course following an orderly transition of responsibilities. Reported Earnings • Jun 21
Full year 2023 earnings released: EPS: UK£0.023 (vs UK£0.013 in FY 2022) Full year 2023 results: EPS: UK£0.023 (up from UK£0.013 in FY 2022). Revenue: UK£12.1m (up 22% from FY 2022). Net income: UK£1.31m (up 81% from FY 2022). Profit margin: 11% (up from 7.3% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Bekanntmachung • Jun 20
Intercede Group plc, Annual General Meeting, Sep 21, 2023 Intercede Group plc, Annual General Meeting, Sep 21, 2023. Location: Lutterworth Hall, St. Mary's Road, Lutterworth, Leicestershire, LE17 4PS Lutter Worth United Kingdom Agenda: Annual meeting of shareholders. Bekanntmachung • Jun 12
Intercede Group plc to Report Fiscal Year 2023 Results on Jun 20, 2023 Intercede Group plc announced that they will report fiscal year 2023 results on Jun 20, 2023 Reported Earnings • Nov 23
First half 2023 earnings released: EPS: UK£0.021 (vs UK£0.009 in 1H 2022) First half 2023 results: EPS: UK£0.021 (up from UK£0.009 in 1H 2022). Revenue: UK£6.07m (up 25% from 1H 2022). Net income: UK£1.21m (up 124% from 1H 2022). Profit margin: 20% (up from 11% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.3% p.a. on average during the next 2 years, compared to a 9.1% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Nov 16
Price target increased to UK£1.25 Up from UK£0.80, the current price target is provided by 1 analyst. New target price is 127% above last closing price of UK£0.55. Stock is down 37% over the past year. The company posted earnings per share of UK£0.013 last year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Tina Whitley was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jun 09
Full year 2022 earnings released: EPS: UK£0.013 (vs UK£0.03 in FY 2021) Full year 2022 results: EPS: UK£0.013 (down from UK£0.03 in FY 2021). Revenue: UK£9.93m (down 9.5% from FY 2021). Net income: UK£723.0k (down 53% from FY 2021). Profit margin: 7.3% (down from 14% in FY 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is forecast to grow 9.8%, compared to a 26% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target increased to UK£1.25 Up from UK£0.80, the current price target is provided by 1 analyst. New target price is 145% above last closing price of UK£0.51. Stock is down 46% over the past year. The company is forecast to post earnings per share of UK£0.03 for next year compared to UK£0.03 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Rob Chandhok was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Apr 09
CEO & Director recently bought UK£50k worth of stock On the 5th of April, Klaas van der Leest bought around 105k shares on-market at roughly UK£0.48 per share. This was the largest purchase by an insider in the last 3 months. This was Klaas' only on-market trade for the last 12 months. Buying Opportunity • Feb 23
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be UK£0.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.2% per annum over the last 3 years. The company has become profitable over the last 3 years. Recent Insider Transactions Derivative • Dec 10
Finance Director exercised options and sold UK£153k worth of stock On the 8th of December, Andrew Walker exercised 500.00k options at around UK£0.27, then sold 300k of the shares acquired at an average of UK£0.78 per share and kept the remainder. Since June 2021, Andrew has owned 1.62m shares directly. Company insiders have collectively sold UK£99k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Nov 24
First half 2022 earnings: EPS exceeds analyst expectations First half 2022 results: EPS: UK£0.009 (vs UK£0.009 in 1H 2021). Revenue: UK£4.86m (up 2.0% from 1H 2021). Net income: UK£539.0k (up 22% from 1H 2021). Profit margin: 11% (up from 9.3% in 1H 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 22%. Earnings per share (EPS) surpassed analyst estimates by 22%. Over the next year, revenue is forecast to grow 9.5%, compared to a 29% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 17% share price gain to UK£1.16, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 38x in the Software industry in the United Kingdom. Total returns to shareholders of 263% over the past three years. Reported Earnings • Jul 01
Full year 2021 earnings released: EPS UK£0.03 (vs UK£0.02 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: UK£11.0m (up 5.9% from FY 2020). Net income: UK£1.53m (up 52% from FY 2020). Profit margin: 14% (up from 9.7% in FY 2020). Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jun 10
Full year 2021 earnings released: EPS UK£0.03 (vs UK£0.02 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: UK£11.0m (up 5.9% from FY 2020). Net income: UK£1.53m (up 52% from FY 2020). Profit margin: 14% (up from 9.7% in FY 2020). Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improved over the past week After last week's 19% share price gain to UK£1.02, the stock is trading at a trailing P/E ratio of 40.6x, up from the previous P/E ratio of 34.2x. This compares to an average P/E of 56x in the Software industry in the United Kingdom. Total returns to shareholders over the past three years are 283%. Is New 90 Day High Low • Feb 26
New 90-day high: UK£1.02 The company is up 22% from its price of UK£0.83 on 27 November 2020. The British market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 8.0% over the same period. Bekanntmachung • Jan 12
Intercede Group plc Announces A Contract Win for A New Deployment with A Large US Aerospace & Defence Contractor Intercede Group plc announced a contract win for a new deployment with a large US Aerospace & Defence contractor who has been a MyID Enterprise customer for many years. This is a small but important new classified environment for a selected group of staff in a highly secure environment. MyID Professional was selected due to its ease of use and out of the box integration with Microsoft CA (Certificate Authority). The customer has signed up to an initial three year subscription. This contract win is noteworthy, as it is company's first customer who will have MyID Enterprise as well as MyID Professional for different user groups and also due to the short lead time involved which was three months from initial enquiry to receipt of order from Partner. Is New 90 Day High Low • Jan 04
New 90-day high: UK£0.93 The company is up 26% from its price of UK£0.73 on 06 October 2020. The British market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is down 8.0% over the same period. Reported Earnings • Nov 26
First half 2021 earnings released: EPS UK£0.009 The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: UK£4.76m (up 9.1% from 1H 2020). Net income: UK£441.0k (up 140% from 1H 2020). Profit margin: 9.3% (up from 4.2% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 25
Price target raised to UK£1.25 Up from UK£0.80, the current price target is provided by 1 analyst. The new target price is 45% above the current share price of UK£0.86. As of last close, the stock is up 116% over the past year. Is New 90 Day High Low • Nov 16
New 90-day high: UK£0.90 The company is up 8.0% from its price of UK£0.83 on 18 August 2020. The British market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is down 6.0% over the same period. Is New 90 Day High Low • Oct 27
New 90-day low: UK£0.68 The company is down 4.0% from its price of UK£0.70 on 29 July 2020. The British market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 1.0% over the same period.