Intercede Group PLC shares fell on Tuesday after the company said that revenue for fiscal 2022 will be below market views due to delays on large deals, but it expects to remain profitable.
Shares at 0726 GMT were down 13.5 pence, or 23%, at 45.5 pence.
The cybersecurity company said revenue for the year ended March 31 is expected to be between 9.9 million pounds and 10.0 million pounds ($13 million and $13.1 million), around 9% less than the previous year.
The company said it didn’t receive substantial license orders due to delays on deals that were expected to be closed in fiscal 2022.
It said it expects to remain profitable due to increased annual recurring revenue from its Support & Maintenance and Professional Services revenue, giving it a total gross cash balance of GBP7.8 million, down from GBP8.0 million in 2021.
Intercede also said it has secured an initial $300,000 order from a undisclosed U.S. Federal Agency for its credentials management software, with part of the amount to be recognized in fiscal 2022.