Intercede Sees Modest H1 FY26 Revenue Dip as It Accelerates Subscription Transition

Intercede Group PLC (LSE:IGP), a leading cybersecurity software provider specializing in digital identity solutions, reported that first-half FY26 revenue is expected to come in at approximately £8.21 million, representing a 3.9% year-on-year decline. The company attributed the dip to temporary delays in US federal contract awards but emphasized that its strategic shift toward a subscription-based revenue model is gaining traction.

License revenue grew strongly during the period, driven primarily by the rapid uptake of subscription licenses. Intercede also secured several new contracts and renewals, including notable deals in the US and Asia, underscoring the company’s expanding global client base and deepening partner ecosystem. Management reiterated confidence in delivering a solid full-year performance despite the short-term revenue pressure.

Intercede maintains a strong balance sheet and favorable technical indicators, which support its positive outlook. However, concerns around near-term revenue softness and cash flow constraints, combined with a moderate valuation, temper the overall sentiment.

About Intercede

Intercede is a cybersecurity software company that protects against credential-based breaches through digital identity solutions. Its technology supports secure registration, ID verification, password management, and Public key infrastructure (PKI), enabling customers to move toward passwordless authentication environments. The company serves clients worldwide in sectors including government, aerospace, defense, financial services, healthcare, and telecommunications.

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