Preliminary results for the year ended 31 March 2014
Intercede, a leading provider of identity and credential management software, today announces its preliminary results for the year ended 31 March 2014
Against the backdrop of an aggressive investment plan, and a target of remaining EBITDA positive for the year, Intercede has returned to profit at all levels and reported a record year end cash balance:
• Sales revenues up 45% to £9.8m (2013: £6.7m).
• Operating expenses increased to £9.4m (2013: £7.5m) reflecting planned investment in infrastructure, technology development and sales capacity.
• Headcount increased to 105 at 31 March 2014 (2013: 80).
• Profit for the year of £0.8m (2013: loss of £0.6m).
• Earnings per share 1.6p (2013: loss per share 1.2p).
• Cash balances of £7.2m remain strong at 31 March 2014 (2013: £6.8m).
• The Group has no debt.
• Significant contract wins include a large-scale US government security programme, major US & European aerospace & defence contractors and major North American & German telcos.
• Technology developments include the MyID Identity Agent which enables the delivery of digital identities to the secure element of mobile devices and the MyID Mobile Identity Software Development Kit which enables developers to make use of credentials within apps.
Richard Parris, Chairman & Chief Executive of Intercede, said today:
“Intercede has achieved many key milestones during the past year, with record sales ahead of expectations and a return to profitability. More importantly, we have continued to strengthen our market position, with significant contract wins in the key government, aerospace & defence and telecoms sectors. Our customer base now includes four of the top six worldwide aerospace & defence companies and we are also working on a large scale US government security programme. These will provide a stable base of revenue, with additional scope to grow as we win similar such contracts.”
“And, as we report a record year for the Company, it is the newer cyber security market that is increasingly providing larger opportunities for growth. The trends we are seeing here suggest the market is on the edge of potentially explosive growth: the traditional password becoming obsolete, the proliferation of mobile devices to conduct more and more daily lifestyle functions and the increasing number of business services being conducted online. All require highly sophisticated forms of trusted identity, the cornerstone of cyber security, and this is an area in which Intercede is a leading provider”
“With this in mind, we will continue to invest in the necessary corporate infrastructure to provide us with the scale and critical mass to take advantage of these trends. We are confident that a considered programme of investment is the correct direction for the Company to take. It is against a backdrop of strong revenue growth and a market with the potential to grow exponentially that the Board executes its long-term growth strategy and has continued confidence it will create significant shareholder value.”
Intercede is a software company specializing in identity and credential management with a global team of experts located in the US
Intercede’s MyID software enables organizations to create and use trusted digital identities for employees, citizens and machines. This allows secure access to services, facilities, information and networks.
MyID meets the highest government standards yet is simple enough to be deployed onto consumer devices such as smart phones and tablets. Critically, MyID provides an easy, convenient and secure alternative to passwords.
Millions of identities are managed using MyID and Intercede has provided identity verification and management services to global customers for more than 20 years. MyID is a commercial off the shelf software product, designed and developed to be configurable so it can be embedded as the cornerstone of cyber security infrastructure for governments and corporations.
Customers trusting Intercede for secure digital identity include the US and UK governments and some of the world’s largest corporations, telecommunications providers and information technology partners.
For more information visit: www.intercede.com
Tel. +44 (0)1455 558111
Richard Parris, Chairman & Chief Executive
Andrew Walker, Finance Director
Lorraine Homer, Communication Director
Tel. + 44 (0)20 7220 0500
Stuart Andrews, Corporate Finance
Joanna Weaving, Corporate Broking
Pelham Bell Pottinger
Tel. +44 (0)7802 442486