LONDON (ShareCast) - (Sharecast News) - AIM-listed cybersecurity group Intercede said on Monday that its losses narrowed in the first half as operating expenses fell.
In the six months to 30 September, the company's operating loss reduced to £0.6m from £3.1m in the same period a year ago as revenue rose 14% to £4.2m. New wins in the period included license orders from new and existing customers and involved both new and traditional technology.

Operating expenses in the half declined by 29% to £4.7m following the cost-cutting review that was initiated in the second half of last year.

Chairman Chuck Pol said: "The new management team has made a promising start in the first half of the current year and it is pleasing to note the growth in revenues against the backdrop of the cost-cutting review. The improved cost efficiency, and focus on the core MyID product, gives the board confidence that Intercede will return to profit during the next financial year.

"This is a challenging but important period for Intercede as we build a firm foundation to preserve our culture of innovation. This innovation continues to be evident through the development of a more standard version of our software that can be sold through Intercede's global network of authorised partners and should broaden the market appeal of MyID."

At 1008 GMT, the shares were up 19% to 43p.

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