Intercede Interim Results for the 6 Months Ended 30 September 2009
08/12/2009
Intercede (AIM: IGP.L) is a leading producer of Identity and Credential Management software, called MyID, which manages the secure registration, issuance and life cycle of digital identities for a wide range of uses.
SUMMARY
- 42% increase in sales to £2,811,000 (2008: £1,981,000).
- Operating profit before exceptional items of £674,000 (2008: £268,000).
- Profit before tax of £85,000 (2008: £222,000).
- Cash inflow of £202,000 (2008: £686,000).
- Cash balances of £3,913,000 at 30 September 2009 (30 September 2008: £1,839,000).
- All external borrowings eliminated following the decision of the convertible loan note holders to convert their loan notes into ordinary shares.
- Release of MyID 8 SR1, a major upgrade to the MyID platform.
- Successful deployment of MyID into two National ID schemes that have entered ’live’ production.
- Continued expansion of Intercede’s customer base in the US in partnership with VeriSign.
- Winning new contracts to supply MyID to government ministries, banks and business corporations around the world.
- Intercede overtakes competitors to be No1 in class as measured by the number of contract wins announced during the period.
Richard Parris, Chairman & Chief Executive of Intercede, said today:
“Our performance continues to grow in line with our expectations. Intercede has now delivered three consecutive half year periods of profitability as a result of substantial revenue growth. This growth is driven by a combination of recurring sales to existing installations, demand from new customers and an expansion of both our product scope and geographical reach. We remain very excited about the size and scope of contracts we are working on and the potential of our strongest ever sales pipeline.”
Download the full results here (PDF)
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About Intercede
Intercede is the producer of the MyID® Identity and Credential Management System (IDCMS). Intercede's MyID is the only IDCMS software product that enables organizations to easily and securely manage the identities of people and their associated identity credentials within a single, integrated, workflow driven platform. This includes enabling and managing: secure registration, biometric capture, application vetting and approval through to smart card personalization, issuance and management.
Intercede's MyID is being used around the world by large corporations, governments and banks to manage millions of identities for employees, citizens and customers. Notable deployments in the US include 10 Federal Agencies, a programme with Lockheed Martin and two major US financial institutions. In Europe and the Middle East, Intercede's MyID is being deployed in support of government identity, health and corporate employee ID security projects.
Intercede and MyID are registered trademarks or trademarks in the UK, US and/or other countries.
For more information visit http://www.intercede.com.
ENQUIRIES
Intercede Group plc
Tel.+44 (0)1455 558111
Richard Parris, Chairman & Chief Executive
Andrew Walker, Finance Director
FinnCap
Charles Cunningham: Tel. +44 (0)20 7600 1658
Pelham Public Relations
Archie Berens: Tel.+44 (0)20 7337 1509
Francesca Tuckett: Tel.+44 (0)20 7337 1537
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