Intercede Group PLC Trading Update (8702W)
01 Februar 2013 - 8:00AM
UK Regulatory
TIDMIGP
RNS Number : 8702W
Intercede Group PLC
01 February 2013
1 February 2013
Intercede Group plc
("Intercede")
Trading Update
In the Interim Report issued on 22 November 2012, it was stated
that the Company had made good commercial and operational progress
in the first half of the year. First half trading was reported to
be in line with expectations and it was anticipated that several
new contracts would begin generating revenue in the second half of
the financial year.
However, since then the uncertainty surrounding the US Federal
Budget has increased. This has had a consequential impact on the
buying behaviour of US Government departments and the government
defence contractor community. While Intercede had previously
expected this uncertainty to be resolved in December 2012,
President Obama's compromise agreement with Congress on the 'fiscal
cliff' has delayed any decision on spending cuts until at least the
end of February 2013. The probable consequence will be the deferral
of some significant previously anticipated new orders into
Intercede's next financial period. Given Intercede's dependence on
the US market (72% of revenues in H1 originated in North America),
this is expected to have a material adverse impact on the close out
to the year.
If this does prove to be the case, Intercede's revenues are
likely to remain at a level similar to last year. Given the extent
of our planned investment in organic growth, this would result in
an operating loss for the year. Cash balances are expected to
remain above GBP6.0m.
The investment made by the Company was designed to provide a
stronger platform for long term growth, and there is already
evidence of success. The sales pipeline contains a number of high
profile security sensitive enterprises and government organisations
that validate the ongoing strength and relevance of Intercede's
technology.
ENQUIRIES
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/Rose Herbert, Corporate
Finance
Joanna Weaving, Corporate Broking
Pelham Bell Pottinger Tel. +44 (0)20 7861 3112
Archie Berens
About Intercede
Intercede(R) is a security software provider whose MyID(R)
identity management platform enables global organisations and
governments to create trusted digital identities for employees and
citizens on secure devices such as smartcards, smartphones and
tablets. MyID enables the protection of IP, assets, and digital
content, delivering trusted digital identities as the cornerstone
of cyber security strategies for government, defence, financial
services and other industries.
The Company operates in global markets (including the US, Europe
and Middle East) and works with large international partners
including BT, Gemalto, HP, Microsoft, Oberthur, SafeNet, Symantec
and Thales to deliver flexible digital identity solutions that are
interoperable with other existing technologies and which are
tailored to customer needs.
Corporations such as Boeing, Booz Allen Hamilton and Lockheed
Martin, and governments including the USA, UK and Kuwait, trust
Intercede's deep expertise to deliver effective solutions. The
company's technology achievements reflect an investment of 300 plus
man years of development, exemplary speed of deployment and
adherence to international standards including FIPS 201, where MyID
was the first electronic personalization product to obtain GSA
approval. This trust is reflected in Intercede's rate of repeat
business with its customers, which typically runs at 70-80% of
annual revenues.
Intercede has been developing ID management systems since 1992
and MyID is currently deployed by end customers located in 24
countries. The company is headquartered in the UK, listed on the
London Stock Exchange AIM: IGP and ISO 9001 and TickIT
certified.
For more information visit http://www.intercede.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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