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Intercede
(LSE:IGP)
Select Model
Select Model
Rating:65Neutral
Price Target:
109.00 p
▼(-13.49% Downside)
Action:Reiterated
Date:06/26/26
The score is supported primarily by healthy fundamentals—strong profitability and a low-leverage balance sheet—but is held back by recent revenue contraction and declining cash flow versus 2024. Technicals add further pressure with the stock trading below major moving averages, while valuation is moderate (P/E 16.37) but not enough to outweigh weakening growth and trend signals.
Positive Factors
Strong profitability
Sustained high gross margins and consistent operating/net income provide a durable earnings base that funds R&D, product support, and sales investment. For a software security vendor, margin strength underpins pricing power, resilience through cycles, and the ability to sustain enterprise-grade product roadmaps.
Negative Factors
Recent revenue contraction
Back-to-back annual revenue declines reduce scale and can erode bargaining power with channel partners and customers. If the trend persists, it pressures margins, limits reinvestment capacity, and may hinder the company's ability to expand into new accounts or maintain R&D cadence essential for long-term competitiveness.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability
Sustained high gross margins and consistent operating/net income provide a durable earnings base that funds R&D, product support, and sales investment. For a software security vendor, margin strength underpins pricing power, resilience through cycles, and the ability to sustain enterprise-grade product roadmaps.
Read all positive factors
Intercede (IGP) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£64.07M
Dividend YieldN/A
Average Volume (3M)120.69K
Price to Earnings (P/E)18.6
Beta (1Y)0.76
Revenue Growth-3.15%
EPS Growth-17.89%
CountryUK
Employees111
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.06
Shares Outstanding60,162,544
10 Day Avg. Volume233,929
30 Day Avg. Volume120,689
Financial Highlights & Ratios
PEG Ratio-0.76
Price to Book (P/B)2.34
Price to Sales (P/S)2.63
P/FCF Ratio14.92
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.06
Revenue Forecast (FY)£21.00M
Intercede Business Overview & Revenue Model
Company Description
Intercede Group plc is a cybersecurity company dedicated to ensuring digital trust through its expertise in identity, credential management, and secure mobile solutions. Operating across the UK, Europe, the United States, and internationally, the ...
How the Company Makes Money
Intercede makes money primarily by selling its identity and credential management software and related services to enterprise and government customers. Key revenue streams include: (1) Software licenses/subscriptions: Revenue generated from licens...
Intercede Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
88
Very Positive
Cash Flow
66
Positive
| Breakdown | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 17.16M | 17.71M | 19.96M | 12.11M | 9.93M |
| Gross Profit | 15.87M | 17.19M | 19.40M | 11.71M | 9.73M |
| EBITDA | 3.94M | 5.17M | 6.11M | 1.06M | 713.00K |
| Net Income | 3.38M | 4.05M | 6.02M | 1.31M | 723.00K |
Balance Sheet | |||||
| Total Assets | 30.35M | 28.69M | 25.69M | 17.44M | 12.93M |
| Cash, Cash Equivalents and Short-Term Investments | 20.00M | 18.67M | 17.23M | 8.33M | 7.79M |
| Total Debt | 1.10M | 619.00K | 804.00K | 465.00K | 756.00K |
| Total Liabilities | 11.09M | 11.66M | 12.52M | 10.41M | 7.42M |
| Stockholders Equity | 19.26M | 17.03M | 13.18M | 7.03M | 5.51M |
Cash Flow | |||||
| Free Cash Flow | 3.02M | 2.30M | 9.27M | 2.79M | 77.00K |
| Operating Cash Flow | 3.09M | 2.88M | 9.63M | 2.86M | 110.00K |
| Investing Cash Flow | -68.00K | -856.00K | -358.00K | -2.08M | -33.00K |
| Financing Cash Flow | -1.68M | -529.00K | -333.00K | -294.00K | -372.00K |
Intercede Technical Analysis
Negative
126.00
Price Trends
112.05
Negative
102.92
Positive
119.99
Negative
Market Momentum
-2.16
Positive
43.31
Neutral
28.52
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:IGP, the sentiment is Negative. The current price of 126 is above the 20-day moving average (MA) of 111.15, above the 50-day MA of 112.05, and above the 200-day MA of 119.99, indicating a bearish trend. The MACD of -2.16 indicates Positive momentum. The RSI at 43.31 is Neutral, neither overbought nor oversold. The STOCH value of 28.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:IGP.
Intercede Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | £104.30M | 14.30 | 5.57% | ― | -1.34% | 20.88% | |
68 Neutral | £92.02M | 5.96 | 30.49% | 4.16% | ― | ― | |
65 Neutral | £64.07M | 18.55 | 21.69% | ― | -3.15% | -17.89% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | £502.79M | -6.85 | -14.39% | 1.73% | 0.82% | -997.08% | |
55 Neutral | £384.43M | 46.93 | 4.85% | 2.16% | ― | ― | |
42 Neutral | £10.32M | -1.40 | -19.77% | ― | -138.95% | -246.67% |
* Technology Sector Average
GB:IGP
Intercede
105.00
-62.50
-37.31%
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GB:COIN
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-88.00%
Intercede Corporate Events
Business Operations and StrategyFinancial Disclosures
Intercede Shrugs Off U.S. Delays as Recurring Revenue and Cash Pile Grow
Positive
Jun 23, 2026
Intercede reported a modest decline in full-year revenue to £17.2m and lower profit, but strengthened its business mix with recurring revenue rising to 66% of total and subscription income up 17.6%. The company maintained gross margins above ...
Business Operations and StrategyProduct-Related Announcements
Intercede, Swissbit advance post-quantum FIDO2 authentication
Positive
Jun 15, 2026
Intercede has expanded its partnership with Swissbit to develop an end-to-end FIDO2 passkey solution that incorporates post-quantum cryptography, aligning Swissbit’s secure hardware with Intercede’s MyID platform. The initiative is des...
Business Operations and Strategy
Intercede strikes OneSpan reseller deal to push enterprise FIDO passkeys
Positive
May 20, 2026
Intercede Group has entered a strategic reseller partnership with authentication specialist OneSpan to accelerate enterprise adoption of FIDO2 passkeys and strengthen its position in the high-growth market for phishing-resistant authentication. Un...
Business Operations and StrategyFinancial Disclosures
Intercede sets June date for full-year results and investor briefing
Positive
May 19, 2026
Intercede Group will publish its results for the 12 months to 31 March 2026 on 23 June 2026, underscoring the company’s ongoing role in digital identity and authentication markets. The announcement will be followed by a live online presentat...
Other
Intercede Directors Increase Stakes via Share Incentive Plan
Positive
May 11, 2026
Intercede Group plc has updated the market on director participation in its Share Incentive Plan, confirming that chief executive Klaas van der Leest and chief financial officer Nitil Patel have each committed £1,800 from the April 2026 payro...
Business Operations and StrategyFinancial Disclosures
Intercede Wins $3.8m in Government Upsells, Easing Procurement Delay Concerns
Positive
Apr 21, 2026
Intercede Group has secured a series of contract upsells and a renewal for its MyID credential management software with major US federal and UK government customers, worth about $3.8 million in total and booked via partners. The deals include a su...
Business Operations and StrategyFinancial Disclosures
Intercede cushions revenue dip with rising recurring income and fresh MyID contract wins
Positive
Apr 9, 2026
Intercede reported preliminary revenue of about £17.2m for the year to 31 March 2026, a 2.8% decline year on year, with a modest 0.5% fall on a constant currency basis as procurement delays and geopolitical uncertainty, particularly in the U....
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.