REG - Intercede Group PLC - Final Results
08/06/2022 07:00
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RNS Number : 0674O Intercede Group PLC 08 June 2022
8 June 2022
INTERCEDE GROUP plc
("Intercede", the "Group" or the "Company")
Preliminary Results for the Year Ended 31 March 2022
Intercede, a leading cybersecurity company specialising in digital identities,
derived credentials and access control to enable digital trust in a mobile
world, today announces its preliminary results for the year ended 31 March
2022.
Financial Highlights
· Revenue of £9.9m (FY21: £11.0m) in line with revised
expectations. This represents a 9% fall (4% at constant currency rates) driven
by delays in closing large new opportunities. A return to normalised trading
has taken longer than previously expected against a backdrop of continued
Covid-19 restrictions.
· Recurring Support and Maintenance revenue increased by 10% to
£6.7m (FY21: £6.1m) with renewal rates of 98% for FY22 (98% in FY21).
Recurring revenues from Support & Maintenance, plus repeatable
Professional Services revenues, now largely cover annual fixed costs.
· Operating expenses (OpEx) for the year were £9.3m (FY21: £9.1m).
Staff costs continue to represent the major expense representing 84% of total
operating expenses (FY21: 88%).
· The Group generated a profit for the year of £0.7m (FY21:
£1.5m), which resulted in a basic profit per share of 1.3p and a fully
diluted profit per share of 1.2p (FY21: basic profit per share of 3.0p and
fully diluted profit per share of 2.8p).
· The Group's cash position at 31 March 2022 was £7.8m (FY21:
£8.0m). The Group has no borrowings (FY21: nil).
Operating Highlights
· Following the completion of the first phase of the Intercede's
turnaround plan in FY21, the Group embarks on Phase Two with a focus on
scalability and consistent revenue growth. This will be achieved through a
combination of corporate development, with a strategy of acquiring quality
companies that meet this aim, and through enhancements to the MyID Credential
Management Software (CMS) platform to broaden the addressable market.
· Sixteen new deployments were signed up during the year, double the
number for FY21. This substantial increase in new deployment wins is clear
evidence of underlying momentum in the context of growing market demand for
cybersecurity.
· Intercede's Connect Partner Programme has signed new partnerships in
Europe, the US, ASEAN, Latin America and Africa.
· Two initial orders were received from prestigious independent US
Federal Agencies in the last quarter of the year. Both utilise Intercede's
MyID CMS to deploy digital identities to mobile devices in the form of derived
PIV credentials, compliant with US government security standards FIPS 201 and
SP 800-157. Successful implementation opens the potential for both deployments
to rollout to substantially more devices over time.
Chuck Pol, Chairman, said:
"I would like to take this opportunity to thank all our colleagues, customers,
partners and stakeholders for their efforts and understanding during what has
continued to be a challenging and uncertain period for everyone. Furthermore,
I extend my thanks to Klaas and his management team for their leadership and
invaluable assistance.
I would also like to express my sincere thanks to Andrew Walker for his
contribution to the Group over his 21 and a half years of service. As
announced in November 2021, Andrew informed the Board of his intention to
retire and step down from the Board and we wish him the very best for his
retirement. He is succeeded by Nitil Patel who was appointed as our new Chief
Financial Officer in April 2022.
It has been a promising year of financial and operational progress and
Intercede is now very well positioned for further growth. We enter FY23 with
positive momentum and lots of opportunities. When I look at the various
elements of this business; particularly the experienced management team, the
high growth cybersecurity market, the blue-chip customer base, the pipeline
and the resilient response to market conditions in the last two years, I
remain confident of the Group's future prospects. Significant progress was
made in FY22 and I am excited for the year ahead."
Contact
Intercede Group plc Tel. + 44 (0)1455 558111
Klaas van der Leest CEO
Nitil Patel CFO
finnCap Ltd. Tel. + 44 (0)20 7220 0500
Simon Hicks/Fergus Sullivan Corporate Finance
Tim Redfern/Charlotte Sutcliffe ECM
About Intercede
Intercede is a cybersecurity company specialising in digital identities,
derived credentials and access control, enabling digital trust in a mobile
world.
Headquartered in the UK, with offices in the US, we believe in a connected
world in which people and technology are free to exchange information
securely, and complex insecure passwords become a thing of the past.
Our vision is to make the highest levels of cybersecurity available to
organizations and consumers alike, solving complexity and scalability issues
by managing high volumes of digital credentials.
We have been delivering trusted solutions to high profile customers for over
20 years. Our team of experts has deployed millions of identities to
governments, most of the largest aerospace and defence corporations, and major
financial services and healthcare organizations, as well as leading
telecommunications, cloud services and information technology firms, providing
industry-leading employee and customer credential management systems.
For more information visit: www.intercede.com
The information communicated in this announcement contains inside information
for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as
it forms part of UK domestic law by virtue of the European Union (Withdrawal)
Act 2018 ("MAR"), and is disclosed in accordance with the company's
obligations under Article 17 of MAR.
The following sections are extracted from the Group's forthcoming Annual
Report and contain graphics to support the commentary. These graphics can only
be viewed by reading a PDF version of this announcement, which can be accessed
by clicking
here http://www.rns-pdf.londonstockexchange.com/rns/0674O_1-2022-6-7.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/0674O_1-2022-6-7.pdf)
For those unable to access the PDF, the data represented graphically is
instead set out in tabular format below.
INTERCEDE GROUP plc
Preliminary Results for the Year Ended 31 March 2022
CHAIRMAN'S STATEMENT
Following the completion of the first phase of the Group's turnaround plan in
FY21, it is pleasing to report the benefits that are evident in the
performance we achieved against the backdrop of the Covid-pandemic and other
geopolitical events. This time last year we reported the close of Phase One of
Intercede's turnaround and, as we embark on Phase Two, the focus is on
scalability and consistent revenue growth.
In respect of these goals, the Group has made a promising start on a number of
fronts. In last year's Annual Report, I noted our anticipation of a return to
normalised trading in the next 12-24 months on the back of eased Covid-19
restrictions. It is now clear that we are tracking towards the later end of
that estimate with delays experienced on the closure of a number of large new
opportunities during FY22.
However, the fundamentals of our business still hold true, namely the market
demand for cybersecurity, the introduction of FIDO functionality in our
release of MyID v12, a solid pipeline and the growth in new global
partnerships underpinned by the Connect Partner Programme. These fundamentals
will reinforce consistent growth going forward and it is therefore very
pleasing to note the highest number of new customer wins in recent memory,
some of which have the potential to lead to substantial follow-on license
orders.
Colleagues and Board Changes
I would like to take this opportunity to thank all our colleagues, customers,
partners and stakeholders for their efforts and understanding during what has
continued to be a challenging and uncertain period for everyone. Furthermore,
I would like to extend my thanks to Klaas and his management team for their
leadership and invaluable assistance.
Last, but certainly not least, I would like to express my sincere thanks to
Andrew Walker for his contribution to the Group over his 21 and a half years
of service. As announced in November 2021, Andrew informed the Board of his
intention to retire and step down from the Board and we wish him the very best
for his retirement. He is succeeded by Nitil Patel who was appointed as our
new Chief Financial Officer in April 2022.
Scalability and Growth
One of our most important KPIs is 'New deployments with revenues over
£20,000' which was eleven for this financial year and the highest number
since we began reporting our KPIs back in FY13. Part of this success can be
attributed to the new partnerships formed during the year in Europe, the US,
ASEAN, Latin America and Africa which is critical for the Group's future
growth prospects.
The other crucial element is the quality of our software and MyID's place as a
leading unified credential management solution. At the start of this financial
year, we were excited to announce the release of MyID v12, which will expand
Intercede's addressable market with the introduction of FIDO (Faster Identity
Online) to the MyID credential management platform. Following the delayed
release of the US FIPS 201-3 standard in February 2022, the Company is well
placed with its latest v12 version as FIDO is now specifically called out in
the latest release.
Acquisition Strategy
Meanwhile, the Group continues to assess a pipeline of potential acquisitions
that either fit our strategy of expanding our addressable cybersecurity market
or add scale to our business through additional customers that bring recurring
support and maintenance or subscription contracts.
Intercede has the benefit of an experienced and specialist development team
and a number of partner relationships via its Connect Partner Programme and is
therefore an attractive acquirer. We offer the opportunity for synergies and
the chance for acquirees to develop their businesses more effectively as part
of the Group than they would be able to independently.
During the year, Intercede has had exclusive discussions with a number of
potential acquisition targets. The majority of the discussions to date were
terminated by Intercede, after careful consideration, on the basis that they
did not meet our strict financial or strategic criteria. In the current
climate, it does take time to identify such opportunities, and the Group will
maintain its disciplined approach to pricing and diligence. Our M&A
pipeline is healthy, and we are confident we will find success in securing
businesses that will create enhanced shareholder value.
Summary
It has been a promising year of financial and operational progress and
Intercede is now very well positioned for further growth. We enter FY23 with
positive momentum and lots of opportunities. When I look at the various
elements of this business; particularly the experienced management team, the
high growth cybersecurity market, the blue-chip customer base, the pipeline
and the resilient response to market conditions in the last two years, I
remain confident of the Group's future prospects. Significant progress was
made in FY22 and I am excited for the year ahead.
Chuck Pol
Chairman
INTERCEDE GROUP plc
Preliminary Results for the Year Ended 31 March 2022
CHIEF EXECUTIVE'S REVIEW
FY22 started with varying degrees of Covid-19 restrictions and has ended with
conflict in Europe. It is no understatement to say that it has been the most
volatile year in recent memory and unfortunately not the environment in which
Intercede wished to start the second phase of its turnaround. Yet, despite
these headwinds, the Group continues to demonstrate its potential to drive
organic growth with an impressive number of new customer wins.
I am proud to say that this year we have continued to deliver recurring
revenue growth, high quality software and excellent service to our customers
and partners. We have also continued to make good progress against our growth
strategy and last, but not least, finished the year by securing prestigious
new US Federal Government customers with the potential to generate substantial
follow-on license orders.
Market Opportunity
Intercede's MyID credential management system (CMS) integrates and manages a
broad range of PKI (Public Key Infrastructure) and FIDO (Faster Identity
Online) technologies and has built a market-leading position in a number of
very attractive, but niche, market segments with high barriers to entry. As
part of Phase Two we continue to explore new authentication solutions, to
complement the existing PKI and FIDO solutions, by moving down the
authentication pyramid below and thereby increasing our addressable market:
This graphic can only be viewed by reading a PDF version of this announcement.
The MyID platform addresses the issue that cybersecurity is focused on
stopping hackers breaking in but is quite often undermined by hackers simply
logging in through guessed or breached passwords. MyID provides effective
protection against the number one cause of data breach - compromised user
credentials. Last year, username/password breaches increased by over 450% in
the US, according to ForgeRock's Identity Breach Report 2021. Passwords are
simply not safe and represent a very weak form of authentication.
Fundamentally, it is time to move on from passwords and instead use MFA (Multi
Factor Authentication) to ensure that digital users are who they say they are
by requiring that they provide at least two pieces of evidence to prove their
identity. Each piece of evidence must come from a different category:
something they know (eg a PIN), something they have (eg a device, card or
token) or something they are (eg a finger print or face ID).
Commonly, day-to-day MFA utilises SMS-based OTP's (one-time passwords), but
these are at risk of phishing via open source and readily available phishing
tools or methods such as SIM swapping that rely on social engineering. This is
not the case with secure MFA (strong authentication solutions) such as PKI and
FIDO, which provide highly secure phishing resistant crypto-based security, a
cornerstone of zero-trust architectures.
The importance of securing authentication with encryption of data at rest and
in transit should not be understated and was in fact mandated in President
Biden's Executive Order on cybersecurity in May 2021. This Executive Order is
wide ranging, covering enhanced information sharing, replicable 'playbook'
style responses to cybersecurity incidents and increased vendor transparency.
The EU has subsequently followed suit with the introduction of the NIS2
Directive which defines cybersecurity standards that must be met for a large
range of enterprises and their supply chains, specifically calling out strong
authentication.
Intercede lives and breathes authentication and encryption and has the skill
set to meet the increasing global demand for truly secure digital identity.
Growth Strategy and Review of Operations
Intercede's growth strategy continues to be based on 5Cs, centred around
Colleagues, Customers, Channels, Code and Cash but has evolved to include a
focused acquisition strategy that is intended to accelerate the Group's
growth. As the Group enters the second phase of its turnaround, a new C is
added: Corporate Development.
1 Colleagues and Board Changes
Intercede's product innovation roadmap leverages over 1,000 person-years of
internal development expertise that would require a competitor to spend
significant time and effort to replicate. Put very simply, the Group respects
its staff and recognises they are its most valuable assets. To help colleagues
thrive the Group aims to create a happy and fulfilling working environment
where there are opportunities to gain experience that will support future
career development.
It is important for colleagues to feel their contribution is valued and that
they are rewarded appropriately. Intercede invests in its people, providing
training opportunities to support development and enhance individuals'
opportunities for career progression and the Group continues to actively
review the benefits package in order to retain and attract the brightest
talent.
As announced on 23 November 2021, Andrew Walker has decided to retire and step
down from the Board. During my tenure, Andrew has been a phenomenal support
and contributor in Phase One. His long-standing experience, professionalism,
commitment and prudence has ensured the Group is now well prepared for Phase
Two of the turn around and we wish him the very best for his impending
retirement as he plans to spend more time with his family. I am very pleased
that we have been able to appoint Nitil Patel as his successor and our new
Chief Financial Officer. Nitil started in April 2022, so we have had the
benefit of a handover prior to Andrew's departure following the completion of
the FY22 Accounts.
Staff engagement
The Group maintains regular contact with its staff via annual company-wide
kick-off conferences, company-wide video calls, regular management meetings,
internal presentations, team announcements and news articles on the company
intranet. Cross-department communication between management and their teams is
encouraged to happen freely and transparently. During the pandemic we have
compensated for the lack of office-based social interaction by introducing
quiz nights, virtual bake-offs and 'Virtual Espresso' sessions in which a
moderator leads a Q&A on a work-based topic or opens the floor for a free
forum chat.
Two-way communication is promoted to encourage colleagues to share their views
and preferences, be they positive or negative, so they can be addressed to
deliver a workplace that is enjoyable and productive. In September 2021, all
colleagues were invited to take part in the annual employee survey which saw a
high response of 96% (compared to an industry average in the mid-60%s).
Engagement has increased from 63% in 2017 to 85% in 2021 (significantly above
industry norm) and has held steady compared to the prior year, which is
reassuring and a positive indication of colleagues' health and wellbeing
during the pandemic and the switch to remote working. The results of the
survey were shared with employees and action plans were formulated by the
self-selected Employee Working Group (EWG) to address identified opportunities
for improvement.
Furthermore, our colleagues raise funds for their chosen charity selected each
year (2022: Cancer Research UK), support the local foodbank in Lutterworth and
the surrounding villages and work with charities for equipment disposal
(WEEE). The Group is also investigating ways to reduce our carbon footprint
including the daily use of collaboration tools to complement face to face
meetings, as well as a new scheme started in the year with Oblong Trees to
plant 200 trees in the UK and US for our colleagues on their birthdays,
thereby offsetting CO2. Waste reduction and recycling is actively encouraged
and practiced by many.
Finally, we have a Group wide, most valuable player recognition scheme where
colleagues nominate individuals or teams who have made significant
contributions to the business as a whole.
Staff wellbeing and retention
We take the wellbeing of our colleagues extremely seriously and, with the
wider world emphasising the need for mental health awareness, we have
proactively trained a large group of mental health first aiders as part of a
Group-wide approach whereby line managers as well as all employees will also
receive online training.
Over the year, staff numbers increased to 87 as at 31 March 2022 (31 March
2021: 84), while the attrition rate (average number of leavers over the year
as a ratio of average headcount over the year) rose to 7% compared to 0% in
the previous year. The increase was not unexpected given the distortion of the
pandemic on the labour market and 7% still compares favourably to 9% and 33%
recorded in FY20 and FY19 respectively. This measure continues to be a
validation that the Colleague strategy is contributing to higher staff
satisfaction levels and the Group strives for market leading staff
retention.
2 Customers
Intercede has built an enviable client list, which has been created by
delivering outstanding value. The security, reliability and interoperability
of MyID software sets it apart and is why we are proud to help many leading
organisations around the world manage the secure digital identities they issue
to citizens and employees.
Sample Customers:
US Department of Homeland Security, Boeing, Kuwait Public Authority for Civil
Information, US Department of State, US Social Security Administration,
Lockheed Martin, United Health Group, Northrop Grumman, UK Government Ministry
of Defence, BASF, Natwest Group, US Federal Aviation Administration, RDW,
Singapore Government, Lloyds Bank, United States Air Force, Raiffeisen Bank,
United States Federal Reserve Bank.
Sixteen new deployments were signed up during the year, which is double the
number signed up during FY21. Of these new deployments, eleven meet the
criteria to be included in one of the Group's most prominent KPIs 'New
deployments with revenues over £20,000' compared to six in FY21. Intercede
has built market leading positions in a number of very attractive market
segments, meeting the needs of Aerospace & Defence contractors and
governments. This is both a blessing, due to the potential for large initial
one-off license orders and steady recurring Support & Maintenance, but it
can also present a challenge as the timing of contract awards is invariably
outside of Intercede's control.
While the lack of a significant license deal has been felt more acutely in the
comparison of FY22 revenue to FY21, the substantial increase in new deployment
wins is clear evidence of underlying momentum. Meanwhile the quality of the
MyID solution is indisputable as evident in the low level of attrition with
Support & Maintenance renewal rates of 98% for FY22 (98% in FY21), which
is offset by an average inflationary increase in this revenue stream of 3% in
FY22 (FY21: 3%).
Hence, even before the impact of new license sales is accounted for, the
existing recurring Support & Maintenance revenue stream is increasing.
Intercede therefore finds itself in a privileged position in which its annual
recurring revenues from Support & Maintenance, plus repeatable
Professional Services revenues, now largely cover annual fixed costs. This is
a firm foundation that allows the Group to remain profitable, even in leaner
years that don't contain a significant license deal.
Intercede works closely with customers and partners to understand what is
important to them and reflect this in the MyID product roadmap. New features
such as enhanced REST APIs for simpler integration, the improved user
experience of the operator interface and support for a wider range of
authentication mechanisms including FIDO and mobile ID, help to keep MyID
relevant to our customers/partners and ensure that MyID is the system of
choice where both security and flexibility are essential in ensuring data is
protected now and into the future.
Highlights:
Customer upgrades to the latest release indicate their support for the new
features as evidenced by the Group's recent announcement that multiple major
customers have chosen to upgrade their existing MyID deployments including:
· A major global Aerospace & Defence manufacturer upgrading to benefit
from enhanced system configuration capabilities and integration APIs, enabling
them to remove customisations and to achieve greater in-house control of the
solution. In addition, support for the latest device types, such as YubiKey
5s, will allow the customer to deploy modern authentication devices better
suited to their working environment.
· A major transportation deployment wishing to modernise their
supported infrastructure platforms and also benefit from the more intuitive
and faster browser-independent operator interface.
· A major US Government agency choosing to extend their deployment to
overseas workers, benefiting from enhanced self-service via kiosk interfaces,
reducing operational costs while maintaining compliance with stringent
government security standards.
One important communication channel we have with our customers is the annual
Customer Advisory Board (CAB). Virtual CABs were held during October and
November for Customers and partners in the RoW and US respectively. They have
followed a different format this year, starting with a Product Roadmap and
Customer Success initiative session, then followed by non-concurrent workshops
that allowed customers to attend all sessions including: FIDO for the
Enterprise, Mobile Authentication & Transaction Signing and Upgrading
MyID. A key output of these sessions is to validate Intercede's product
roadmap against market requirements, ensuring our product remains relevant and
ahead of the competition.
There are encouraging signs that our efforts to increase and improve customer
interaction are paying off as evidenced by the increase in participation of
the Customer Satisfaction Survey, the low churn rate and an increased NPS (Net
Promoter Score).
3 Channels
Intercede's partner-centric growth strategy remains unchanged. The Group grows
revenues by expanding market presence and brand awareness through an
increasing number of reseller and technology partner relationships and
building strong commercial relationships with larger customers by serving
those customers with a feature-rich and relevant product that sits at the
heart of their cyber security needs. This enables the Group to confidently
approach its objectives in order that commercial risks can be contained and
that it has the bandwidth and resources to execute its 6C strategy.
Technology Partners:
Sailpoint, VMware AirWatch, Giesecke & Devrient, Entrust Datacard, Idemia,
Microsoft, Verizon, Yubico, DigiCert, Aware, Keyfactor, Thales.
Integration & Reseller Partners:
Accenture, Widepoint, Altron, CertiPath, Cryptas, Carillon Information
Security, DigiCert, Ensign Infosecurity, Diyar United Company, Esysco, Thales
eSecurity, Expisoft, Salt Group (Cyber Security), Guidehouse, Essendi IT,
ImmixGroup, Plurilock Security, Insight.
The deep focus on strengthening relationships with reseller and technical
alliance partners underlies Intercede's go-to-market strategy, namely:
Additional Partners = increased served market = more customer deployments
A key element of the Group's growth strategy is therefore focused on
increasing the number of partner relationships via Intercede's Connect Partner
Programme. There is a vast and ever-growing number of PKI and FIDO
technologies in global circulation and the business is continually assessing
them to identify those hardware and software vendors which meet Intercede's
criteria for providing a successful partnership.
The Group has made excellent progress on this front with new partnerships
formed in Europe, the US, ASEAN, Latin America and Africa. Of the eleven new
deployments with revenues over £20,000, nine came through partners with
orders in excess of £1.5m, most of which was recognised in revenue in FY22.
And, of the nine new deployments that came through partners, three deployments
were won via new partners signed up during FY22 with orders in excess of
£0.3m, most of which was recognised in revenue in FY22.
Intercede continues to focus on technical alliances so that customers benefit
from their digital infrastructure being seamlessly joined by the secure
credential issued and managed by the MyID CMS. In Europe we continue to work
with the likes of Cryptas and ESYSCO to embed MyID into a turnkey solution
comprising of industry leading components, which simplifies the complexities
of PKI deployment. This enables enterprises to benefit from a single and
secure source of identity to access centralised systems, such as HR and
Finance, and provide strong authentication to eIDAS (electronic
identification, authentication and trust services) signing services.
There has been interest from a major service provider in Latin America who
wishes to issue secure and verifiable digital identities with MyID acting as
an identity service for applications such as student ID, healthcare and
financial services applications, which would utilise relevant experience that
Intercede has from working on the Kuwait National ID scheme. This would
involve enrolment in an app using biometric and document scans for which MyID
would then issue a digital identity containing information about the applicant
into the app and allow the user to securely authenticate to services.
All of this leads Intercede into exciting new territory such as mobile driving
licenses, following the publication of the eagerly anticipated ISO/IEC 18013-5
International Standard for Mobile Driver's License. This paves the way for
digital driver's licenses to be trusted and accepted across state and national
borders and enable the underlying identity to be used securely by citizens of
participating jurisdictions to seamlessly access products and service across
business, industry and government entities. While it is still early days,
Intercede believes it has a role to play in thought leadership and support of
the new standard.
4 Code
Code for Intercede's MyID CMS is written and managed by a large in-house team
of expert and experienced developers, which makes MyID the leading unified
credential management solution. During this financial year, Intercede has
continued to invest in the MyID platform in accordance with its core
development principles:
· Create and maintain a modern platform based upon market leading
technology;
· Broaden the addressable market with new functionality; and
· Meet constantly evolving Customer and Partner needs.
The start of FY22 saw the announcement of the release of MyID v12 which
introduced the following significant new features:
· FIDO - MyID can now operate as a FIDO server, supporting a wide
range of FIDO2 authenticators and delivering the ability to manage issuance
policy and lifecycle management, providing organisations with the control they
need to ensure that only the right people can access protected systems and
resources.
· Authentication Server - an easy to operate method of
authentication that enables a customer to use mobile devices within their
existing PKI to secure access to the applications, such as Office 365, that
they need as part of their role using fingerprint, PIN, or facial matching.
· Operator Client - additional features have now been migrated to
the new operator client to improve performance and user experience. The
operator client is now supported on Google Chrome, Microsoft Edge (Chromium)
and Mozilla Firefox browsers.
Intercede has maintained a quarterly release schedule, the most recent being
MyID v12.3 in March 2022. These releases have incorporated new and improved
features such as:
· Improvement to FIDO functionality to allow derived FIDO
credentials to be issued to users compliant with US Government security
standard FIPS 201-3. The solution is zero-footprint (requiring no software on
the user's device) making it quick and easy to deploy.
· Improvements to searches and reports on the new Operator Client,
providing more flexibility and simpler access to audit and management
information.
· The MyID Self Service Kiosk can be customized to incorporate a
customer's own web pages and content, making the solution highly adaptable to
environments via a zero/low code approach without the need for custom
development.
· The MyID Toolkit consists of a package of APIs, documentation and
sample code designed to extend the capabilities of MyID, enabling partners and
customers to add value to MyID and integrate it simply into their own
environments and applications.
· Updated MyID integration with the Office of Personnel Management
(OPM) for Background Investigations, allowing adjudication decisions to be
recorded in MyID and enhanced 10-Slap fingerprint capture and EFT generation,
fully compliant with the latest US Government security standards.
The ever expanding and evolving code base, with its associated features and
benefits, will support the use of new use cases which in turn lead to:
Additional technology/code = increased addressable market = more customer
deployments
MyID releases during the year also incorporated integrated updates with the
latest technology in the secure authentication market:
· Latest generation of Yubikeys and Yubikey FIPS devices.
· Simplified interface to Entrust Certificate Authority products.
· Latest Thales smartcards, eTokens, T-Series HSMs and Safenet
Authentication Client.
· Latest PrimeKey EJBCA Enterprise PKI.
· Digicert One PKI.
· SecuGen Pro 10 & Pro 20 fingerprint readers.
· Aware Preface (PIV Facial biometric enrolment) with Canon EOS.
As mentioned in the 'Customer' section above, some of our largest customers
are choosing to upgrade MyID to benefit from these new features and
capabilities, making the MyID CMS a heavily integrated and embedded solution.
5 Cash
The Group continues to maintain its fine record of managing working capital
cash flow and benefits from relatively low credit risk from trade receivables
due to the requirement for customers to pay in advance for their recurring
Support and Maintenance, which is the business's biggest revenue stream. Where
there are credit accounts, these are typically with the largest and most
reputable companies in the world and receivables are controlled through tight
credit terms and regular monitoring.
Cash balances were £7.8m as at 31 March 2022, a small decline from cash of
£8.0m as at 31 March 2021. Cash balances are monitored weekly for working
capital and corporate development funding requirements. The Group continues to
have no debt.
6 Corporate Development
The Group is actively exploring buy-side M&A following the Summer 2021
appointment of a new full time Head of Corporate Development with extensive
experience as a software investment banker and who has led corporate
development efforts in one of the largest M&A based software scale ups
undertaken in the public markets.
The Board sees the value in taking time to ensure the right strategic fit(s)
to ensure scalability and accelerated revenue growth, whilst also pursuing a
disciplined approach to deal pricing. Any future acquisition will aim to be
earnings enhancing as well as increasing our ability to access a larger
addressable market and/or provide an end-to-end offering to our customers.
Outlook and Phase Two
Intercede's strategic priorities are clear as the Group embarks on Phase Two
of its turnaround. The overall aim of scalability and consistent revenue
growth will be achieved through a combination of:
· corporate development, with a focus on acquiring quality
companies that meet this aim; and
· enhancements to the MyID CMS platform to broaden the addressable
market.
Meanwhile the Group will continue to pursue organic growth in all its forms -
winning new customers via new and existing partners and growing recurring
revenue streams from existing customer relationships.
We will maintain our open and transparent style of communication and
collaboration with colleagues, customers, partners and the wider stakeholder
community in order to create increased growth opportunities as well as
shareholder value.
Moving forward, the Group has a great opportunity for growth with Intercede
having established a strong market position in a rapidly expanding sector. Our
differentiated offering sets us apart from competitors, in addition to a
quality team and a strong financial position. We look forward to the future
with confidence.
I would like to thank Intercede's Board, colleagues, customers and partners
for their valuable contributions to the Group's progress. As FY23 begins, the
year has also been marked by a terrible conflict that affects us all. We
expect Intercede's progress to continue unabated, and we hope for a stable,
secure and peaceful environment for ourselves and the wider global community.
Klaas van der
Leest
Chief Executive
Officer
INTERCEDE GROUP plc
Preliminary Results for the Year Ended 31 March 2022
STRATEGIC REPORT
Introduction
Intercede is a best-in-class cybersecurity software and services provider
specialising in digital trust for a hyper-connected, increasingly mobile
world.
The Group's vision is a world without passwords and its mission is to provide
the enabling technology and services to make this possible simply, securely
and at scale. Intercede's core pillars of strength can be outlined as follows:
· For over 20 years, Intercede has been providing trusted
identities for some of the world's largest corporations and government
agencies.
· Intercede's product innovation roadmap leverages well over 1,000
person-years of internal expertise and is underpinned by strong customer
demand and a committed set of international partners.
· New solutions are engineered at high speed by a specialist team
with longevity of employment. Product design is also informed by major
customers and interoperability partners.
· Intercede's MyID software is US and UK Government accredited,
which secures access to regulated markets. Traditionally it was delivered as
an on-premise solution for employee ID, but it is now also deployed on a large
scale by managed service partners for transport workers and national ID
programmes.
These core strengths mean that Intercede is well placed to take advantage of
opportunities in the market, in particular:
· Passwords are universally recognised as being insecure and
inconvenient by organisations and end users.
· A growing number of governments and industry bodies are enacting
legislation (such as FIPS 201-3 in the US and NIS2 in Europe) to mandate
enhanced levels of security by removing passwords. This increased regulation
covers a wide range of activities including banking & finance, general
data protection and critical national infrastructure.
· In-house cybersecurity skills are in short supply creating an
increased demand for packaged security solutions.
· There is a growing demand for identity solutions to meet the
scalability requirements of large end user populations, particularly in the
government, enterprise and supply chain markets.
Intercede has the experience, skills and technology platform to deliver
digital identity solutions across a wide range of market sectors and
geographical regions, meeting the growing demand for a secure and convenient
alternative to passwords.
Trading Results
Intercede continues to demonstrate its resilience against the backdrop of the
Covid-19 pandemic and other geopolitical events, securing sixteen new
deployments, which is double the number signed up during FY21. It is pleasing
to note that eleven of these meet the criteria to be included in the KPI 'New
deployments with revenues over £20,000', a sizable increase on the six new
deployments in FY21.
While overall revenue decreased slightly compared to last year owing to the
impact of Covid-19 on client decision-making, particularly impacting license
purchases, the underlying recurring Support & Maintenance revenue stream
continues to increase.
Intercede therefore finds itself at an inflection point in which its annual
recurring revenues from Support & Maintenance, plus repeatable
Professional Services revenues, now largely cover annual fixed costs. This is
a firm foundation that allows the Group to remain profitable, even in leaner
years that don't contain a significant license deal.
Revenue Highlights:
· A new MyID PIV deployment order from a prestigious independent US
Federal Agency. The deployment will leverage Intercede's technology
partnership with Microsoft, by delivering PKI credentials into Microsoft
Intune managed smartphones enabling sensitive data protection and secure
access to agency systems. This order is for an initial 20,000 devices plus
associated Professional Services and Support & Maintenance totalling
$0.5m, the majority of which was recognised as revenue in FY22. The deployment
has the potential to rollout to substantially more devices over time.
· Immediately prior to year-end, Intercede announced an initial
order totalling $0.3m from another large and prestigious US Federal Agency.
This deployment also has the potential to rollout to a significant number of
devices over time. The contract relates to the supply of Intercede's MyID
credential management software to deploy digital identities to mobile devices
in the form of derived PIV credentials, compliant with US government security
standards FIPS 201 and SP 800-157. Intercede will work closely with its new
partner to commence the migration from a competitor.
· A new MyID Enterprise deployment sale to the US Air Force to
support an overseas forward deployment.
· As previously mentioned, multiple major customers have chosen to
upgrade their existing MyID deployments including, but not limited to, a major
global Aerospace & Defence manufacturer, a major transportation program
and a major US government agency.
· A new MyID Enterprise deployment sale to a photonics technology
business based in the UK to help them automate the issue of virtual smart
cards (VSCs) at scale.
· A new MyID Enterprise deployment sale and order for Professional
Services to assist a new partner based in South America to set up a pilot ID
Provider for the service network of a multinational financial services
corporation.
· A new MyID Enterprise deployment sale to a shared service
provider for a major US government defence agency.
· Two new MyID PIV deployment sales to an existing US Air Force
base customer. This customer now operates six similarly sized MyID PIV
deployments.
These orders include software licenses, associated Support & Maintenance
and Professional Services, some of which will be recognised as revenue in
FY23.
£m Americas ROW
2018 6.5 2.7
2019 7.0 3.1
2020 8.0 2.4
2021 9.1 1.9
2022 7.8 2.1
The US continues to represent Intercede's largest market with the Americas
making up 79% of total revenues during 2022 (2021: 83%). Key markets for
Intercede in Europe and the Middle East have continued to experience Covid-19
lockdowns at various points during FY22, which inevitably slowed down new
customer opportunities with their short-term focus switching to the public
health emergency.
£m S&M Professional Services Software Licenses
2018 4.6 1.4 3.2
2019 4.8 1.7 3.6
2020 5.5 2.3 2.6
2021 6.1 2.6 2.3
2022 6.7 2.2 1.0
The last five years has seen progressive growth in recurring Support &
Maintenance (S&M) revenues due to an increase in deployments and a loyal
customer base that is resilient to churn. Software Licenses revenue decreased
in the absence of a significant license deal due to delays in customer
decision-making. However Professional Services revenue remained steady
reflecting customer appetite to upgrade to the latest release to take
advantage of new features. This, in combination with a low rate of churn, is
evidence that the quality of the MyID solution is indisputable.
In the year ended 31 March 2022, revenue decreased 9% (4% at constant currency
rates) to £9,925,000 (2021: £10,961,000). This is predominately the reason
for the Group's gross profit decreasing to £9,727,000 (2021: £10,726,000) as
the gross profit margin has remained constant at 98% year on year.
£m Revenue OpEx Profit/Loss Year end cash
2018 9.2 13.7 -3.8 2.3
2019 10.1 10.1 0.5 3.2
2020 10.4 9.2 1.0 4.8
2021 11.0 9.1 1.5 8.0
2022 9.9 9.3 0.7 7.8
Higher Operating expenses (OpEx) in FY18 primarily reflected strategic
investment in product development to expand MyID into emerging high-volume
markets to secure mobile apps and devices, provide cloud services and protect
the Internet of Things (IoT). This expenditure was substantially reduced
following the change in strategy reported in the FY18 Annual Report and has
averaged £9.4m during the period from FY19 to FY22. This lower cost base,
when combined with increased recurring revenues, has enabled the Group to
return to profit and cash generation.
Operating expenses (OpEx) for the year were £9,337,000 (2021: £9,137,000).
OpEx is in line with the prior year and the small increase primarily reflects
the impact of the April 2021 pay review and an increase in headcount. Staff
costs continue to represent the main area of expense, representing 84% of
total operating expenses (2021: 88%).
£m Year end cash CLN debt Net cash/(borrowing)
2018 2.3 (4.7) (2.4)
2019 3.2 (4.7) (1.5)
2020 4.8 (4.8) 0.0
2021 8.0 0.0 8.0
2022 7.8 0.0 7.8
Following the successful early conversion and redemption of all convertible
loan notes (CLNs) in February 2021, Intercede is debt free with a much
strengthened financial position, enabling the Group to embark on Phase Two of
its turnaround plan.
Intercede continues to recognise the achievements of its staff with pay rises
and performance-related rewards. The average number of employees and
contractors was 84, up from the previous year's average of 83 and the number
of employees and contractors as at 31 March 2022 was 87 (31 March 2021: 84).
Throughout the pandemic staff numbers have been consistent; business as usual
has been maintained without anyone being furloughed or made redundant and
without any pay cuts or reductions in working hours. Intercede has not
utilised any government Covid-19 assistance schemes, so there is nothing to
repay.
Average Employees Year end Employees
2018 119 98
2019 86 79
2020 81 83
2021 83 84
2022 84 87
Employee numbers have stabilised and started to selectively increase again
following the substantial reductions that were made during FY18.
Expenditure on research and development (R&D) activities totalled
£2,953,000 (2021: £2,892,000). In accordance with the IFRS recognition
criteria, the Board has continued to determine that all internal R&D costs
incurred in the year are expensed. No development expenditure has been
capitalised during the year (2021: £nil).
£m R&D Expenditure R&D Tax Credit (in arrears)
2018 3.7 1.1
2019 2.8 1.0
2020 2.8 0.4
2021 2.9 0.4
2022 3.0 0.4
R&D is an important part of Intercede's investment strategy. Intercede
makes an R&D Claim as part of its annual tax return and can choose whether
to carry taxable losses forward or to request a cash repayment from the UK
government. Prior to FY20, the tax credit received was unrestricted due to
taxable losses exceeding R&D expenditure. As that is no longer the case,
the level of cash received has reduced.
A £400,000 taxation credit in the year (2021: £425,000) primarily reflects
cash received following the 2021 R&D claim as a result of the investment
activities outlined above. The Group is a beneficiary of the UK Government's
efforts to encourage innovation by allowing 130% of qualifying R&D
expenditure to be offset against taxable profits.
The net finance cost for the year was £67,000 (2021: £485,000). This
includes interest in respect of lease liabilities totalling £83,000 (2021:
£65,000). The conversion and redemption of all convertible loan notes (CLNs)
in FY21 means there were no CLN finance costs during the year (2021:
£429,000).
Profit for the year was £723,000 (2021: £1,529,000), which resulted in a
decreased basic profit per share of 1.3p and a fully diluted profit per share
of 1.2p (2021: basic profit per share of 3.0p and fully diluted profit per
share 2.8p). Intercede employs a high operating leverage which can result in
large swings in profit depending on whether significant license orders are
received.
Financial Position and Cashflow
The Group's cash position as at 31 March 2022 was £7,787,000, compared to
cash of £8,029,000 as at 31 March 2021. During FY22 there has been a net cash
inflow from operating activities of £110,000 (2021: £4,235,000 inflow, which
reflected cash received from significant license orders received both during
the year and prior to the end of FY20). The conversion and redemption of all
CLNs in FY21 resulted in £nil CLN finance costs (2021: £445,000) and £nil
repayments in respect of the redemptions of CLNs (2021: repayment of
£450,000).
The Group remains focused on investing in the MyID platform to deliver future
growth and has no plans to commence the payment of dividends. It will do so
when the Board considers this to be appropriate.
Treasury
The Group manages its treasury function as part of the finance department.
Whilst the Group's operations are primarily based in the UK it has
successfully exported its technology throughout the world for many years. This
results in invoices being raised in currencies other than sterling; the most
notable being US dollars and euros. A number of suppliers also invoice the
Group in US dollars and euros. The Group's current policy is not to hedge
these exposures and the exchange differences are recognised in the Statement
of Comprehensive Income in the year in which they arise.
Key Performance Indicators (KPIs)
2018 2019 2020 2021 2022
Revenue growth 11% 10% 2% 6% (9%)
Revenues - Export 94% 97% 99% 99% 99%
Revenues - Americas 71% 69% 77% 83% 79%
New deployments with revenues over £20,000 10 9 4 6 11
Principal Risks and Uncertainties
Like all businesses, Intercede operates in an environment that is not free
from risks or uncertainties. The nature and complexity of the services it
provides can present technical challenges that carry a certain element of
commercial risk, and the Group is naturally exposed to external market,
geopolitical and compliance related risks that are not necessarily within its
control. Intercede works diligently to identify, monitor and mitigate all
risks and uncertainties:
· The Group operates in a complex and competitive technological
environment so the business will be negatively affected if it does not enhance
its product offerings and/or respond effectively to technological change. This
risk is mitigated by ongoing investment in research and development.
· The Group operates in multiple markets, both geographically and
by sector, so there is a risk that territory and global macro-economic
conditions (including the impact of the Ukraine conflict) may result in one or
more of these markets being adversely affected and the revenues of the
business impacted accordingly. This risk is mitigated to an extent, both
through the long-term nature of customer relationships and the diversification
that results from operating in multiple markets as well as the increased focus
on cyber security.
· To date, the Group has not experienced interruptions in its
operations or services to customers as a result of the Covid-19 pandemic.
Management was well prepared for the current conditions, with business
continuity plans already in place precisely for situations where staff were
unable to work from the office. All staff continue to work productively either
remotely or in the office where permissible. Intercede continually assesses
travel, meetings and office working needs across its global locations in
advance of formal government directives.
· Technology companies are exposed to intellectual property
infringement and piracy. The Group rigorously defends its intellectual
property in the primary jurisdictions within which it operates.
· The Group's performance is largely dependent on the experience
and expertise of its employees. The loss or lack of key personnel is likely to
adversely impact the Group's results. To mitigate this risk, the Group aims to
put in place appropriate management structures and to provide competitive
remuneration packages to retain and attract key personnel.
By order of the Board
Andrew Walker
Finance Director
INTERCEDE GROUP plc
Consolidated Statement of Comprehensive Income for the year ended 31 March
2022
2022 2021
£'000 £'000
Continuing operations
Revenue 9,925 10,961
Cost of sales (198) (235)
Gross profit 9,727 10,726
Operating expenses (9,337) (9,137)
Operating profit 390 1,589
Finance income 16 9
Finance costs (83) (494)
Profit before tax 323 1,104
Taxation 400 425
Profit for the year 723 1,529
Total comprehensive income attributable to owners of the parent company 723 1,529
Profit per share (pence)
- basic 1.3p 3.0p
- diluted 1.2p 2.8p
INTERCEDE GROUP plc
Consolidated Balance Sheet as at 31 March 2022
2022 2021
£'000 £'000
Non-current assets
Property, plant and equipment 117 154
Right of use assets 431 725
548 879
Current assets
Trade and other receivables 4,598 4,098
Cash and cash equivalents 7,787 8,029
12,385 12,127
Total assets 12,933 13,006
Equity
Share capital 577 571
Share premium 5,268 5,138
Merger reserve 1,508 1,508
Accumulated deficit (1,842) (2,471)
Total equity 5,511 4,746
Non-current liabilities
Lease liabilities 388 762
Deferred revenue 233 420
621 1,182
Current liabilities
Lease liabilities 368 350
Trade and other payables 1,464 1,920
Deferred revenue 4,969 4,808
6,801 7,078
Total liabilities 7,422 8,260
Total equity and liabilities 12,933 13,006
INTERCEDE GROUP plc
Consolidated Statement of Changes in Equity for the year ended 31 March 2022
Share Share Equity Merger Accumulated Total
capital premium reserve reserve deficit equity
£'000 £'000 £'000 £'000 £'000 £'000
As at 1 April 2020 505 673 66 1,508 (4,133) (1,381)
Purchase of own shares - - - - (29) (29)
Issue of new shares on conversion of convertible loan notes 66 4,465 (60) - - 4,471
Reversal of equity component following redemption of convertible loan notes - - (6) - - (6)
Proceeds from recycling of own shares - - - - 26 26
Employee share option plan charge - - - - 88 88
Employee share incentive plan charge - - - - 48 48
Profit for the year and total comprehensive income - - - - 1,529 1,529
As at 31 March 2021 571 5,138 - 1,508 (2,471) (4,746)
Purchase of own shares - - - - (187) (187)
Issue of new shares 6 130 - - - 136
Employee share option plan charge - - - - 67 67
Employee share incentive plan charge - - - - 26 26
Profit for the year and total comprehensive income - - - - 723 723
As at 31 March 2022 577 5,268 - 1,508 (1,842) 5,511
All amounts included in the table above are attributable to owners of the
parent company.
INTERCEDE GROUP plc
Consolidated Cash Flow Statement for the year ended 31 March 2022
2022 2021
£'000 £'000
Cash flows from operating activities
Profit for the year 723 1,529
Taxation (400) (425)
Finance income (16) (9)
Finance costs 83 494
Depreciation of property, plant & equipment 70 60
Depreciation of right of use assets 237 255
Exchange losses / (gains) on foreign currency lease liabilities 22 (74)
Employee share option plan charge 67 88
Employee share incentive plan charge 26 48
Employee unit incentive plan charge 9 30
(Increase) / decrease in trade and other receivables (550) 1,078
(Decrease) / increase in trade and other payables (465) 357
(Decrease) / increase in deferred revenue (26) 877
Cash (used in) / generated from operations (220) 4,308
Finance income 13 12
Finance costs on convertible loan notes - (445)
Finance costs on leases (83) (65)
Tax received 400 425
Net cash generated from operating activities 110 4,235
Investing activities
Purchases of property, plant and equipment (33) (95)
Cash used in investing activities (33) (95)
Financing activities
Purchase of own shares (187) (29)
Proceeds from recycling of own shares - 26
Proceeds from issue of ordinary share capital 136 -
Principal element of lease payments (321) (338)
Repayment of convertible loan notes - (450)
Cash used in financing activities (372) (791)
Net (decrease) / increase in cash and cash equivalents (295) 3,349
Cash and cash equivalents at the beginning of the year 8,029 4,758
Exchange gains / (losses) on cash and cash equivalents 53 (78)
Cash and cash equivalents at the end of the year 7,787 8,029
INTERCEDE GROUP plc
Preliminary Results for the Year Ended 31 March 2022
NOTES
1. While the financial information included in this annual
financial results announcement has been prepared in accordance with UK adopted
international accounting standards (IFRS) and with those parts of the
Companies Act 2006 applicable to companies reporting under IFRS, this
announcement does not contain sufficient information to comply therewith. The
financial information set out in this announcement does not constitute the
Group's Statutory Accounts for the years ended 31 March 2022 or 2021.
Statutory Accounts for 2021 have been delivered to the Registrar of Companies
and those for 2022, which have been approved by the Board of Directors, will
be delivered following the Group's Annual General Meeting. The Company's
auditors have reported on those accounts; their reports were unqualified and
did not contain statements under Section 498 of the Companies Act 2006.
The Annual General Meeting will be held on Wednesday 21 September 2022. Copies
of the full Statutory Accounts and the Notice of Annual General Meeting will
be despatched to shareholders in due course. Copies will also be available on
the website (www.intercede.com
(file:///C%3A/Users/Andrew.Walker/AppData/Local/Microsoft/Windows/Temporary%20Internet%20Files/Content.Outlook/KLE57QMN/www.intercede.com)
) and from the registered office of the Company: Lutterworth Hall, St. Mary's
Road, Lutterworth, Leicestershire, LE17 4PS.
2. REVENUE
All of the Group's revenue, operating profits and net assets originate from
operations in the UK. The Directors consider that the activities of the Group
constitute a single business segment.
The split of revenue by geographical destination of the end customer can be
analysed as follows:
2022 2021
£'000 £'000
UK 119 115
Rest of Europe 992 1,061
Americas 7,801 9,095
Rest of World 1,013 690
9,925 10,961
3. OPERATING PROFIT
Operating profit is stated after charging:
2022 2021
£'000 £'000
Staff costs 7,819 8,022
Foreign exchange loss 31 167
Depreciation of property, plant and equipment 70 60
Depreciation of right of use buildings 210 228
Depreciation of right of use equipment 27 27
Included in the staff costs above is research and development expenditure
totalling £2,953,000 (2021: £2,892,000).
4. TAXATION
The tax credit comprises: 2022 2021
£'000 £'000
Current year - UK corporation tax - -
Current year - US corporation tax (33) (22)
Research and development tax credits relating to prior years 433 447
Taxation 400 425
The Group has unused tax losses of £10,446,000 (2021: £9,174,000) and
unrecognised deferred tax assets of £2,612,000 (2020: £1,743,000) calculated
at the corporation tax rate of 25% (2020: 19%), being the enacted rate at
which the deferred tax assets would unwind, were they to be recognised.
Intercede makes an R&D Claim as part of its annual tax return and can
choose whether to carry taxable losses forward or to request a cash repayment
from the UK government.
5. EARNINGS PER SHARE
The calculations of earnings per ordinary share are based on the profit for
the financial year and the weighted average number of ordinary shares in issue
during each year.
2022 2021
£'000 £'000
Profit for the year 723 1,529
Number Number
Weighted average number of shares - basic 57,265,739 51,359,410
59,413,261 54,049,938
- diluted
Pence Pence
Profit per share - basic 1.3p 3.0p
- diluted 1.2p 2.8p
The weighted average number of shares used in the calculation of basic and
diluted earnings per share for each year were calculated as
follows:
2022 2021
Number Number
Issued ordinary shares at start of year 57,143,357 50,523,926
Effect of treasury shares (112,412) (41,645)
Effect of issue of ordinary share capital 234,794 877,129
Weighted average number of shares - basic 57,265,739 51,359,410
Add back effect of treasury shares 112,412 41,645
Effect of share options in issue 2,035,110 2,648,883
Weighted average number of shares - diluted 59,413,261 54,049,938
Please see note 7 for details of issues of ordinary share capital.
6. DIVIDEND
The Directors do not recommend the payment of a dividend.
7. SHARE CAPITAL
2022 2021
£'000 £'000
Authorised
481,861,616 ordinary shares of 1p each (2021: 481,861,616) 4,819 4,819
Issued and fully paid
57,743,357 ordinary shares of 1p each (2021: 57,143,357) 577 571
The increase in issued and fully paid ordinary shares of 1p each represents
the issue of 100,000 shares to facilitate the exercise of options by senior
managers in June 2021 and the issue of 500,000 shares to facilitate the
exercise of options by a Director in December 2021.
As at 31 March 2022, the Company had 131,645 ordinary shares held in treasury
(2021: 41,645). During the year 67,500 options were exercised using treasury
shares (2021: 35,000) and the Company purchased 157,500 ordinary shares (2021:
35,000) for a consideration of £155,000 (2021: £29,000) to facilitate the
exercise of options by senior managers during the year.
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