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Intercede wins $4m US government order, sees FY revenue up 10%
AIM-listed software and service company, Intercede, said on Wednesday that full-year revenue is expected to be up 10% on the previous year, as it announced the receipt of a US Federal Government order totalling $4m.
The order, which was received on 28 March, includes software licenses and annual support and maintenance. Of the order revenues, $2.05m will be recognised in the financial year ended 31 March 2018.
The group also said that revenue for the year to the end of March 2018 is expected to be in excess of £9m, in line with market expectations and 10% higher than 2017.
Meanwhile, following action taken to reduce the cost base by more than 20% in the second half, gross cash balances as at 31 March 2018 totalled £2.3m.
The company's final results are due to be published in June.
At 1250 BST, the shares were up 12.4% to 26.98p.