We are pleased to report high levels of interest in the Group’s new and exciting mobile digital identity technology. This further validates the size of the opportunity for Intercede’s technology as people better understand the security implications of areas such as the Internet of Things, the Cloud, and the inherent limitations of usernames and passwords.
As previously reported, Intercede continues to invest heavily in research and development resulting in the recent launch of MyID v9 Service Pack 2 and MyID v10.1 to meet the US government’s new FIPS 201-2 standard. On 29 September 2014, Intercede announced the first customer for the deployment of a derived credentials based identity solution for mobile devices.
In the meantime, Intercede’s smart card related identity business remains strong. However, the order book and associated revenues are subject to the timing of receipt of a relatively small number of large orders and seasonal variations mainly due to the US government fiscal year.
Against this backdrop, revenues in the first half of the current financial year will be in the region of £4.0 million (2013: £4.6 million) and cash balances at the end of September totalled £6.3 million (30 September 2013: £7.4 million) reflecting the investment outlined above.
Management remain optimistic that full year growth expectations will be achieved subject to the timing of receipt of orders, both from smart card related projects and from a number of mobile related opportunities.
A further update will be provided when the Group’s Interim Results are released towards the end of November 2014.
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