RNS – Preliminary Results for the Year Ended 31 March 2017

7 June 2017

INTERCEDE GROUP plc

(“Intercede”, the “Group” or the “Company”) 

Preliminary Results for the Year Ended 31 March 2017 

Intercede, the leading specialist in digital identity, credential management and secure mobility, today announces its preliminary results for the year ended 31 March 2017. 

Highlights

• Revenues of £8.3m (2016: £11.0m), reflecting a stronger second half, in line with the same period last year.
• Operating expenses increased to £12.9m (2016: £12.5m) reflecting continued high levels of investment in technology development totalling £4.0m (2016: £3.9m).
• Average number of employees and contractors unchanged year on year at 125.
• Loss for the year of £3.9m (2016: loss of £1.0m).
• Successful fundraising totalling £4.9m during the year (£4.6m net of expenses) in support of new market opportunities.
• Cash balances of £6.9m at 31 March 2017 (2016: £5.3m).
• Launch of RapID, RapID-SL and MyID as a Service (MyIDaaS) cloud-based services.
• Significant recent contract wins include a major US Government Agency, a US Healthcare group and a major US Aerospace & Defence contractor.
• Appointments of Helen Adams as Chief Sales Officer (formerly ARM VP Sales, Europe & Asia Pacific) and Chuck Pol as Non-Executive Director (formerly Chairperson, Vodafone Americas).

 

Richard Parris, Chairman & Chief Executive of Intercede, said:

 “I am pleased to report Intercede’s considerable progress during a challenging year. We have recovered successfully from a difficult first half, returning to the record revenue levels of the previous year in the second half. We have completed a significant fund raising, positioning the Group well to capture the potential growth in our addressable markets. We have strengthened the management team with key personnel who bring directly relevant experience to our strategic aims. Finally, we have continued to develop new, market-leading applications for our software which, I believe, will find sizeable and profitable markets in the medium term. Notwithstanding our reported results, Intercede is in excellent shape and I view the future with a high degree of confidence.”

 

Contact 

Intercede Group plc	Tel. +44 (0)1455 558111
Richard Parris	Chairman & Chief Executive
Andrew Walker	Finance Director
FinnCap	Tel. +44 (0)20 7220 0500
Stuart Andrews	Corporate Finance
Simon Hicks Steven Norcross	Corporate Finance Corporate Broking
Capital Access Group	Tel. +44 (0)20 3763 3400
Scott Fulton Ed Welsby	Media Investors

 

About Intercede

Intercede is a software and service company specializing in identity, credential management and secure mobility. Its solutions create a foundation of trust between connected people, devices and apps and combine expertise with innovation to provide world-class cybersecurity. Intercede has been delivering solutions to high profile customers, from the US and UK governments to some of the world’s largest corporations, telecommunications providers and information technology firms, for over 20 years. Intercede’s product portfolio includes MyID, an identity and credential management system that assigns trusted digital identities to employees citizens and machines. In 2015, Intercede launched MyTAM, enabling trusted applications to be loaded into a mobile device’s Trusted Execution Environment (TEE), providing hardware-level security for Android apps. In 2016, Intercede launched RapID, a secure, easy to implement authentication service for mobile apps and cloud services to completely eliminate the need for passwords.

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) No. 596/2014.

To read the full RNS, download the PDF version here.