INTERCEDE | Trading Update | RNS
Intercede Group plc
We are pleased to report that Intercede is executing its current year strategy according to plan.
Our existing customers continue to expand their current MyID installations and new customers have been secured in the European and US markets. These new customers are expected to contribute to revenues in the second half of the year. A number of large bid opportunities are in progress with major corporates and governments, several of which are expected to yield revenues before the end of the financial period.
We are continuing to invest in supporting a number of managed service providers who plan to offer MyID as a Cloud service in support of their entry into the newly emerging Identity Provider market place. These activities span the US, UK and European markets. It is planned that these organizations will start generating recurring annuity revenues towards the end of the current financial year and will accelerate thereafter.
Furthermore, we continue to develop innovative mobile identity solutions and are working with industry majors to ensure we exploit our market leading position. It is anticipated this will start generating revenues in the next financial year.
Revenues in the first half of the current financial year will be in the region of £3.5m and cash in the bank at the end of September was £7.2m, underlining the Company's long term financial strength. This is a creditable performance in markets which continue to be challenging. We intend to improve on this in the second half of the year, and the measures we have already put in place to exploit our market leading technology leave us well placed to do so.
Intercede Group plc
Tel. +44 (0)1455 558111
Richard Parris, Chairman & Chief Executive
Andrew Walker, Finance Director
Tel. + 44 (0)20 7220 0500
Stuart Andrews/Rose Herbert, Corporate Finance
Joanna Weaving, Corporate Broking
Pelham Bell Pottinger
Tel. +44 (0)20 7861 3112
Intercede® is a security software provider whose MyID® identity management platform enables global organisations and governments to create trusted digital identities for employees and citizens on secure devices such as smartcards, smartphones and tablets. MyID enables the protection of IP, assets, and digital content, delivering trusted digital identities as the cornerstone of cyber security strategies for government, defence, financial services and other industries.
The Company operates in global markets (including the US, Europe and Middle East) and works with large international partners including BT, Gemalto, HP, Microsoft, Oberthur, SafeNet, Symantec and Thales to deliver flexible digital identity solutions that are interoperable with other existing technologies and which are tailored to customer needs.
Corporations such as Boeing, Booz Allen Hamilton and Lockheed Martin, and governments including the USA, UK and Kuwait, trust Intercede's deep expertise to deliver effective solutions. The company's technology achievements reflect an investment of 300 plus man years of development, exemplary speed of deployment and adherence to international standards including FIPS 201, where MyID was the first electronic personalization product to obtain GSA approval. This trust is reflected in Intercede's rate of repeat business with its customers, which typically runs at 70-80% of annual revenues.
Intercede has been developing ID management systems since 1992 and MyID is currently deployed by end customers located in 24 countries. The company is headquartered in the UK, listed on the London Stock Exchange AIM: IGP and ISO 9001 and TickIT certified.
For more information visit http://www.intercede.com
This information is provided by RNS