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Trading Update H1 30th September

Intercede Group PLC

(“Intercede,” “the Company” or the “Group”)

Trading Update

Intercede revenues for the six months ended 30 September 2022 totalling £6.1m are approximately 23% higher than last year on a constant currency basis and 24% higher on a reported basis (2021: £4.9m on a reported basis). This is in line with management expectations.

The Group had cash reserves of £10.0m as at 30 September 2022 compared to £7.8m as at 31 March 2022 reflecting positive operating cash flow and continued tight cost control as budgeted for FY23.

Following payment of approximately £2.0m initial consideration, after net debt and working capital adjustments, relating to the acquisition of Authlogics Ltd announced today, the Group had cash reserves of £7.9m and has no debt.

ENQUIRIES
Intercede Group plc                                                                                                          Tel. + 44 (0)1455 558111
Klaas van der Leest                                                                                                                      CEO
Nitil Patel                                                                                                                                        CFO

finnCap Ltd                                                                                                                         Tel. + 44 (0)20 7220 0500
Simon Hicks/Fergus Sullivan                                                                                                    Corporate Finance
Tim Redfern/Charlotte Sutcliffe                                                                                               ECM

For more information visit: www.intercede.com

About Intercede

Intercede is a cybersecurity company specialising in digital identities, derived credentials and access control, enabling digital trust in a mobile world.

Headquartered in the UK, with offices in the US, we believe in a connected world in which people and technology are free to exchange information securely, and complex insecure passwords become a thing of the past.

Our vision is to make the highest levels of cybersecurity available to organisations and consumers alike, solving complexity and scalability issues by managing high volumes of digital credentials.

Trusted By Governments and Large Enterprises Worldwide

Where protecting systems and information really matters, you will find MyID. Whether its citizen data, aerospace and defence systems, high-value financial transactions, intellectual property or air traffic control, we are proud that many leading organisations around the world choose MyID to protect themselves against data breach and ensure business continuity.