Intercede is a leading provider of identity and credential management software, creating trusted digital identities through its proprietary MyID product
Further to the Trading Update issued on 8 January 2014, Intercede is pleased to confirm that the Group has delivered on the execution of its business strategy for the financial year ending 31 March 2014.
The Group’s financial targets were to deliver a 30%+ increase in sales whilst accelerating investment in people and resources to take advantage of the opportunities provided by the impact of smart phones and global cyber security concerns.
Following a strong end to the year, pre-audit indications are that revenues will be ahead of expectations and in excess of 40% higher than the prior year as Intercede continues to experience high levels of demand for its proprietary MyID identity and credential management technology, with notable contract wins secured in the telecommunications, aerospace and defense and public service sectors.
Cash performance also continues to be strong with an increase in net cash from £6.8 million to £7.2 million year on year, notwithstanding a 30% increase in headcount and the impact of the recently announced share buyback programme in support of the new Intercede Share Incentive Plan.
Richard Parris, Intercede Chairman & Chief Executive, said: “We are delighted to report record sales, substantially ahead of the challenging growth targets we set for ourselves for the year. This performance reflects an increasing recognition by major organizations throughout the world of the critical importance of protecting the digital identities of their IP, assets and digital content. At the same time, we continue to strengthen our market position in new and emerging areas of digital security, giving us even more confidence for the future. I look forward to providing further detail when we announce the full year results.”
As in prior years, Intercede intends to announce audited financial results for the year ended 31 March 2014 during the early part of June.
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.
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