Intercede, the leading specialist in digital identity, credential management and secure mobility, is pleased to announce that a large US Federal Government order totaling $4.3m was received on 29 March 2019. The order includes software licenses and annual support & maintenance; $2.05m (£1.57m) of which will be recognised in the financial year ended 31 March 2019.
Subject to the completion of the year end audit, revenues for the year ended 31 March 2019 are expected to be in excess of £10.0m, which is ahead of market expectations and approximately 10% higher than the previous financial year. This reflects the impact of follow on orders from existing customers plus new contract wins via partners in the US, Europe and SE Asia. The establishment and further development of these and other partner relationships is critical for the Group’s future growth prospects.
The combined effect of increased revenues and action taken to reduce the cost base, is expected to result in a return to profitability at both operating profit level (2018: £4.5m operating loss) and after interest and tax (2018: £3.8m loss for the year).
As at 31 March 2019, gross cash balances totalled £3.2m (2018: £2.3m).
Further detail will be provided within Intercede’s final results which are expected to be published in June 2019.
Intercede Group plc Tel. +44 (0)1455 558 111
Klaas van der Leest, Chief Executive
Andrew Walker, Finance Director
finnCap Tel. +44 (0)20 7220 0500
Stuart Andrews, Corporate Finance
Simon Hicks, Corporate Finance
Intercede is a cybersecurity company specialising in digital identities, derived credentials and access control, enabling digital trust in a mobile world.
Headquartered in the UK, with offices in the US, we believe in a connected world in which people and technology are free to exchange information securely, and complex insecure passwords become a thing of the past.
Our vision is to make the highest levels of cybersecurity available to organizations and consumers alike, solving complexity and scalability issues by managing high volumes of digital credentials.
We have been delivering trusted solutions to high profile customers for over 20 years. Our team of experts has deployed millions of identities to governments, most of the largest aerospace and defence corporations, and major financial services and healthcare organizations, as well as leading telecommunications, cloud services and information technology firms, providing industry-leading employee and customer credential management systems.
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.