At Intercede’s Annual General Meeting, to be held today, Chairman & Chief Executive Richard Parris will make the following statement:
“We are pleased to report that Intercede has achieved strong revenue growth during the first half of the financial year. This is in line with expectations and reflects continued progress with existing customers and a number of new contract wins.
“In April we reported the award of a major contract in support of a large scale government security program and in July we announced contract awards in support of two major telecommunications customers in North America and Europe. In addition to our core MyID services, both of the telecommunications customers have also contracted to use our innovative mobile identity solutions, justifying our commitment to invest in this important and fast growing area of the market.
“We are also delighted to be able to announce two further new contract wins. The first of these is with a major European aerospace and defence contractor which provides further evidence of Intercede’s strength in this sector, and the second is with one of Europe’s largest urban police forces thereby providing an additional endorsement of Intercede’s technology and market position.
“All of these new contracts have already contributed to revenues in the current period and will continue to do so for the remainder of the financial year and beyond.
“As previously announced, we continue to invest in the recruitment and training of specialist technical professionals to ensure we remain scalable in a fast growing market. The size of the team has grown by more than 10% year on year.
“Total revenues in the first half of the current financial year are currently projected to be in the region of £4.5m compared to £3.5m in the previous year. The Company expects to be both profitable and to report an increase in cash balances to in excess of £7.0m as at 30 September 2013 (31 March 2013: £6.8m).”
Intercede® is a security software provider whose MyID® identity management platform enables global organizations and governments to create trusted digital identities for employees and citizens on secure devices such as smart cards, 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, defense, financial services and other industries.
The Company operates in global markets (including the US, Europe and Middle East) and works with large international partners to deliver flexible digital identity solutions that are interoperable with other existing technologies and which are tailored to customer needs.
The world’s largest governments, major corporations and mobile network operators trust Intercede’s deep expertise to deliver effective solutions. The Company’s technology achievements reflect a significant investment in the development of intellectual property, 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 is ISO 9001 and TickIT certified.
For more information visit www.intercede.com
Intercede Group plc
Tel.+44 (0)1455 558111
Richard Parris, Chairman & Chief Executive
Andrew Walker, Finance Director
Tel.+44 (0)207 220 0500
Stuart Andrews, Corporate Finance
Joanna Weaving, Corporate Broking
Tel.+44 (0)7802 442486