Intercede Group (AIM:IGP) said it expects to report revenue for its first half, ended 30 September, of around £10.85 million, up 32.1% from £8.21 million a year earlier.
On a constant currency basis, revenue rose 34.5% over the same period.
The London-listed digital identity and credential management specialist said growth was broad-based across revenue lines: perpetual licence revenue more than doubled to approximately £2.73 million from £1.08 million, support and maintenance recurring revenue rose to approximately £5.64 million from £5.37 million, and professional services and development income increased to approximately £2.02 million from £1.4 million.
Gross cash balances stood at approximately £23.4 million as at 30 September, up from £17.8 million a year earlier and £20.0 million at the company's last financial year-end, with no debt.
The company's full-year results to 31 March, reported in June, showed revenue of £17.2 million, a modest decline attributed to US Federal procurement timing delays that management characterised as timing effects rather than lost business; Thursday's update suggests that delayed demand has materially fed through into the current half.
Also, since an announcement on 3 August, Intercede won further contract orders and renewals totalling approximately £3 million, spanning subscription and perpetual licences, support and maintenance renewals, and professional services across its core government, defence, aerospace and enterprise markets, including renewals tied to an existing US Department of State deployment and a large North American telecommunications customer.
The company also received an Authority to Proceed for development work supporting a large US Federal agency deployment, with an initial value of £0.52 million; a formal purchase order is expected in the third quarter of its 2027 financial year.
"We have delivered a very solid first half, and have signed £3.0 million of orders since August and an ATP of £0.5m, demonstrating continued demand across our core markets," said chief executive Klaas van der Leest, adding that the group enters the second half "from a position of strength, with a healthy pipeline, £23.4 million of cash and increasing revenue visibility into FY28."
The board said it continues to expect full-year performance in line with current market expectations, which it defines as revenue of £21 million and adjusted EBITDA of £5.0 million.
Intercede expects to release its interim results for the first half of its 2027 financial year on 24 November.