Intercede Group PLC on Wednesday said it secured a ‘major’ licence order worth $1.0 million for a new unnamed client in the US intelligence sector.

Shares in Intercede were up 12% to 104.45 pence each in London on Wednesday morning.

In addition to the perpetual licence order, the Lutterworth, England-based cybersecurity software firm said the client is also contracted for a separate annual subscription of $200,000.

Intercede said this order, combined with the expected additional conversion of its existing pipeline in its fourth quarter, means that it now expects financial performance to be ahead of market expectations for the financial year ending March 31 and further underpins financial 2025.

The company said the current market forecast for financial 2024 is £18 million in revenue, up 49% from £12.1 million in financial 2023.

This is alongside forecasted adjusted earnings before interest, tax, depreciation and amortisation of £5.2 million, multiplied from £1.3 million.

‘We are particularly pleased to secure this order because it has potential to grow further and the fact that there is a subscription element associated with it,’ said Chief Executive Officer Klaas van der Leest.

‘The order was contracted through the channel, again underpinning our go-to-market strategy. We have ended 2023 on a high and aim to continue with this momentum into the final quarter and [financial] 2025.’

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