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INTERCEDE | Trading Update | RNS

RNS Number : 8702W
Intercede Group PLC
01 February 2013

1 February 2013

Intercede Group plc



Trading Update


In the Interim Report issued on 22 November 2012, it was stated that the Company had made good commercial and operational progress in the first half of the year.  First half trading was reported to be in line with expectations and it was anticipated that several new contracts would begin generating revenue in the second half of the financial year.


However, since then the uncertainty surrounding the US Federal Budget has increased. This has had a consequential impact on the buying behaviour of US Government departments and the government defence contractor community. While Intercede had previously expected this uncertainty to be resolved in December 2012, President Obama's compromise agreement with Congress on the 'fiscal cliff' has delayed any decision on spending cuts until at least the end of February 2013. The probable consequence will be the deferral of some significant previously anticipated new orders into Intercede's next financial period. Given Intercede's dependence on the US market (72% of revenues in H1 originated in North America), this is expected to have a material adverse impact on the close out to the year.


If this does prove to be the case, Intercede's revenues are likely to remain at a level similar to last year. Given the extent of our planned investment in organic growth, this would result in an operating loss for the year. Cash balances are expected to remain above £6.0m.


The investment made by the Company was designed to provide a stronger platform for long term growth, and there is already evidence of success. The sales pipeline contains a number of high profile security sensitive enterprises and government organisations that validate the ongoing strength and relevance of Intercede's technology.





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

Archie Berens



About Intercede

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
The company news service from the London Stock Exchange

Intercede Group plc is a United Kingdom-based software and service company. The Company is engaged in developing and supplying of identity and credential management software. The Company provides MyID software, which is an identity and credential management system that enables organizations to create and assign trusted digital identities to employees, citizens and machines. Its MyID software protects the networks, facilities and intellectual property of governments, agencies and other enterprise customers. In addition, it provides MyTAM, which is a cloud-based service that provides Android application developers and service providers to deploy trusted applications to the trusted execution environment (TEE) on mobile devices. It offers its solutions to various sectors, including aerospace and defense, finance and telecommunications; governments and federal agencies, and mobile developers. The Company operates in the United States and the United Kingdom. more »

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