Intercede Group PLC on Tuesday said it anticipated its financial year financial performance to be significantly ahead of market expectations as it announced a ‘major’ new contract.

The Lutterworth, England-based cybersecurity software said it signed a ‘major’ new contract with an unnamed large US federal agency, with purchase orders received of perpetual licences worth around $6.6 million.

Due to the order, the company expects its financial year 2024 results to be ‘significantly ahead of market expectations,’ which it says are a revenue of £13.7 million and adjusted earnings before interest, tax, depreciation and amortisation of £1.8 million.

In aggregate value, the order is worth over $8 million. Intercede’s revenue for financial year 2023 ended March 31 was £12.1 million, while adjusted Ebitda was £1.3 million.

‘This new customer contract was secured after a rigorous selection process, and work will commence immediately to replace the customer‘s existing, separate legacy platform with the group’s market leading MyID Credential Management Solution,’ the firm said.

Chief Executive Officer Klaas van der Leest said: ‘We look forward to a productive and deepening relationship with our teaming partners and new federal customer. It is a testament to the hard work of the group’s employees to achieve this landmark contract win. Whilst we are conscious of the exceptional nature of this order our pipeline remains strong and we are confident about the group’s future prospects.’

Intercede shares rose 12% to 85.00 pence each on Tuesday afternoon in London.

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