Digital security pass specialist Intercede has reported its third year in a row of “sustainable” growth, with revenues, profits and cash all up.
The Leicestershire-based tech company, which designs security clearance systems for global clients, said it had successfully completed the first phase of a turnaround to get the business back on track.
Based in Lutterworth, Intercede has provided staff security clearance systems for clients including the US Department of Homeland Security, Boeing, Wells Fargo, Deutsche Telekom, Kuwait Public Authority for Civil Information, Airbus, the US Nuclear Regulatory Commission, Lockheed Martin and the 海角视频 Ministry of Defence.
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The business said revenues for the last year were up 6 per cent to £11 million, while profits were up from £1 million to £1.5 million.
Its gross cash position as of March 31 was £8 million, compared to £4.8 million a year before.
In a trading statement the business said: “While the Covid-19 pandemic has adversely impacted key markets in Europe and the Middle East, US revenues have increased by 14 per cent, including a major new contract to provide an innovative identity management system (IDMS) solution compliant with US Federal Government Standard FIPS 201 for the US Department of State (DoS) and its customers.
“Staff numbers have remained consistent during the Covid-19 pandemic – business as usual has been maintained without anyone being furloughed or made redundant and without any pay cuts or reductions in working hours.
“This has been a year of major uncertainty and challenges. Following the outbreak of Covid-19, Intercede was able to switch quickly and effectively to remote working without any disruption to customer service and project delivery.”
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During the year, new versions of its MyID system were released, which helps big companies and government bodies manage security passes using mobile devices.
Chairman Chuck Pol said: “During the Covid-19 pandemic, Intercede has maintained solid revenue growth at 6 per cent and delivered a substantial increase in profitability with the levels of cash generated being well ahead of market forecasts.
“I would like to commend Klaas [chief executive Klaas van der Leest] and his management team on the completion of the first phase of the group’s turnaround plan.
“This achievement is all the more commendable having been delivered during the biggest global pandemic of our lifetimes.
“None of this would have been possible without the commitment and dedication of Intercede’s employees who have used their experience and expertise to continue to deliver world class digital identity solutions to our customers and partners. We are excited to announce the release of MyID v12 which will expand Intercede’s addressable market with the introduction of FIDO to the MyID credential management platform.
“I remain confident of the group’s future prospects as we emerge from the pandemic and governments and commercial enterprises are able to take the necessary steps to further improve their security environments when taking increased remote working into consideration.”