Losses widen at Lutterworth firm

Losses at Intercede, the Lutterworth-based cybersecurity firm Intercede, have increased for the 12 months to 31 March, while revenues have fallen.

Turnover at the listed firm dropped from £11m last year to £8.3m, while losses widened from £1m to almost £4m.

Despite this, Intercede’s boss is remaining upbeat.

Richard Parris, chairman and chief executive, said: “I am pleased to report Intercede’s considerable progress during a challenging year. We have recovered successfully from a difficult first half, returning to the record revenue levels of the previous year in the second half.

“We have completed a significant fund raising, positioning the Group well to capture the potential growth in our addressable markets. We have strengthened the management team with key personnel who bring directly relevant experience to our strategic aims.

“Finally, we have continued to develop new, market-leading applications for our software which, I believe, will find sizeable and profitable markets in the medium term. Notwithstanding our reported results, Intercede is in excellent shape and I view the future with a high degree of confidence.”