REG - Intercede Group PLC - Trading Update & Contract Win

IntercedeAnnouncement

05/04/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220405:nRSE2229Ha&default-theme=true

RNS Number : 2229H  Intercede Group PLC  05 April 2022

 

 

 

5 April 2022

 

INTERCEDE GROUP plc

('Intercede', the 'Company' or the 'Group')

 

Trading Update & Contract Win

 

Intercede, the leading specialist in digital identity, credential management
and secure mobility, announces that, subject to the completion of the year end
audit, revenues for the year ended 31 March 2022 are expected to be in the
region of £9.9-10.0m, which is approximately 9% lower than the previous
financial year (4% lower at constant exchange rates).

 

Whilst the number of new deployments is the highest in recent years, delays
have been experienced with a number of large new opportunities that had been
expected to close this year and consequently there has not been a substantial
license order received during the year ended 31 March 2022. Furthermore,
COVID-19 has continued to impact trading outside the US market.

 

Although revenues are lower than market expectations, strong progress has been
made during the past year with all other aspects of the business. MyID v12 has
been launched which includes FIDO functionality thereby enabling the Group to
substantially increase its addressable market following the long-awaited issue
of FIPS 201-3 which finally took place in February 2022. New partnerships have
also been formed during the year in Europe, the US, ASEAN, Latin America and
Africa which is critical for the Group's future growth prospects.

 

Having increased the value of annual recurring revenues from Support &
Maintenance plus repeatable Professional Services revenues to reach the point
where they now largely cover annual fixed costs, the Group is expected to
remain profitable. As at 31 March 2022, gross cash balances totalled £7.8m
(2021: £8.0m).

 

Further detail will be provided within Intercede's final results which are
expected to be published in June 2022.

 

Contract Win

 

Further to the announcement of 2 February 2022, Intercede announces that it
received an initial order totalling $0.3m immediately prior to the year end
from another large and prestigious US Federal Agency, a portion of which will
be recognised in the year ended 31 March 2022.

 

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.

 

 

ENQUIRIES

 

Intercede Group
plc
Tel. +44 (0)1455 558 111

Klaas van der Leest, Chief Executive

Andrew Walker, Finance Director

 

finnCap
                                    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 (http://www.intercede.com)

 

 

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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTUPUCUCUPPGMC