TIDMIGP
RNS Number : 1830G
Intercede Group PLC
04 June 2013
INTERCEDE GROUP plc
Preliminary Results for the Year Ended 31 March 2013
Intercede, one of the world's leading software providers, today
announces its preliminary results for the year ended 31 March
2013.
SUMMARY
- Resilient financial performance in line with February Trading Update:
-- Sales GBP6.7m (2012: GBP7.0m) include North American sales 7%
higher at GBP4.8m (2012: GBP4.5m).
-- Admin expenses GBP7.5m (2012: GBP6.0m) reflect planned
investment in infrastructure, technology development and sales
capacity.
-- Headcount increased to 80 at 31 March 2013 (2012: 70).
-- Loss before tax in line with expectations at GBP0.7m (2012: Profit before tax GBP0.9m).
-- Loss per share 1.2p (2012: Earnings per share 1.4p).
-- Cash balances of GBP6.8m remain strong at 31 March 2013 (2012: GBP7.0m).
- Won a major homeland security project since the year end for a
G8 government with a contract value likely to exceed GBP1.5m in the
year ended 31 March 2014 and GBP10.0m over a five year period.
- Increase in the number of digital identities under management by MyID to 7m (2012: 5m).
- New technology to manage virtual smartcards and the security
of mobile devices showcased in partnership with Microsoft and
GSMA.
Richard Parris, Chairman & Chief Executive of Intercede,
said today:
"I am pleased to report that Intercede is making good progress
towards the realization of its 2020 vision as the market validates
that our commercial vision is an 'Idea whose Time has Come'. For
the last ten years Intercede has been building a solid technology
and reference customer base in anticipation of widespread adoption
of digital identities for business and personal use. During this
period Intercede has built a leadership position in a highly
selective market.
"In 2014 we plan to exploit this established position as the
product life cycle moves from early adoption into a high growth
phase. This growth will be inexorably driven by the ubiquity of the
Cloud, trusted computing on smartphones and tablets, cyber security
threats and the cost savings to be harvested from on-line citizen
service provision. I am confident that Intercede will emerge as one
of the successful competitors in our sector, thereby adding
significant shareholder value."
About Intercede
Intercede(TM) 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(R) 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 to
deliver flexible digital identity solutions that are interoperable
with other existing technologies and which are tailored to customer
needs.
The world's largest governments, major corporations and mobile
network operators trust Intercede's deep expertise to deliver
effective solutions. The Company's technology achievements reflect
a significant investment in the development of intellectual
property, exemplary speed of deployment and adherence to
international standards including FIPS 201, where MyID(R) was the
first electronic personalisation 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(R) 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 is ISO 9001 and TickIT
certified.
For more information visit http://www.intercede.com
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
Chairman's Statement
Financial and Operational Highlights
Significant progress has been made this year in building a
platform for a step change in performance as the market for
identity management moves towards mass adoption. Highlights
include:
-- Resilient financial performance
o Sales GBP6.7m (2012: GBP7.0m) include North American sales 7%
higher at GBP4.8m (2012: 4.5m).
o Admin expenses GBP7.5m (2012: GBP6.0m) reflect planned
investment in infrastructure, technology development and sales
capacity.
o Headcount increased to 80 at 31 March 2013 (2012: 70).
o Loss before tax GBP0.7m (2012: Profit before tax GBP0.9m).
o Loss per share 1.2p (2012: Earnings per share 1.4p).
o Cash balances of GBP6.8m remain strong at 31 March 2013 (2012:
GBP7.0m).
-- Large scale homeland securityproject awarded by a
multinational prime contractor on behalf of a government agency in
a G8 Nation; an initial order for GBP0.6m received April 2013 with
a contract value likely to exceed GBP1.5m in the year ended 31
March 2014 and GBP10.0m over a five year period.
-- Increase in the number of digital identities under management by MyID to 7m (2012: 5m).
-- New corporate identity card projects demonstrate viability of current product line.
-- Services to support majorMyID system upgrades across a range
of international customers ensure longevity of existing customer
base.
-- MyID as Software as a Service (SaaS) deployments continue via
third parties in support of anticipated market demand.
-- Technology developments
o Re-architecting of MyID infrastructure to support new
platforms and to deliver new levels of user experience.
o MyID extensions to manage virtual identity credentials on
Trusted Platform Modules (TPM) in production release of Windows 8
Professional.
o Launch of the first MyID Apps to iTunes.
o Launch of the first MyID Near Field Communications (NFC) Apps
to GooglePlay for Android phones.
-- Corporate development: Additional office space and staff
recruitment in the UK and US to support the next phase of
Intercede's growth.
Results
In the year ended 31 March 2013, revenue decreased by 3% from
GBP6,964,000 to GBP6,727,000 at a gross margin of 99.6% (2012:
98.4%).
Good progress has been made growing our sales and delivery
capabilities. North American sales have increased to $7.6m (2012:
$7.1m) and Intercede has expanded its office in Reston, Virginia,
to support further growth.
The operating loss for the period was GBP764,000 which compares
to a prior year operating profit of GBP829,000. As at 31 March
2013, the Group had cash balances of GBP6,770,000 (2012:
GBP6,968,000).
During the year, Intercede recorded a loss before tax of
GBP673,000 (2012: Profit before tax GBP910,000). The loss reflects
planned investment in our infrastructure, technology development
and sales capacity.
Company Vision
Since I wrote my Chairman's Statement for last year's Annual
Report, the amount of digital data in the world has increased by at
least 40%, the number of internet users has grown by 0.4 billion,
tablet computer sales have overtaken laptops, the Samsung Galaxy
has outsold the iPhone, North Korea launched a cyber attack on
South Korea, social media has outpaced the mainstream news services
in covering global events, the UK and US governments have moved
citizen services to 'digitally by default' and the Bitcoin
phenomenon has provided a window into the future of on-line
payment. The boundaries between the real world and cyberspace are
becoming more blurred and the smooth running of the global village
is increasingly dependent on adequate levels of information
security.
Not only are we all now digital consumers, we are also becoming
digital publishers uploading gigabytes of multimedia content to the
likes of Facebook and Instagram. Furthermore, we are also actors in
a surveillance society leaving digital footprints wherever we
tread. The Cloud provides the storage and distribution mechanism
and Big Data the means to query and analyse the records of our
lives. This is a rich seam of information to be mined and exploited
by ourselves or others for years to come. In this brave new world
of human experience the need for digital security and privacy has
become a popular concern. Both viewers and providers of content
need to be identified with appropriate levels of trust and
confidence. This means digital rights management at an individual
level of granularity. We need to know if sources are trustworthy
and to control who can view our most cherished on-line memories and
intellectual property. Content needs to be protected for its
lifetime to avoid embarrassment, abuse or theft of value. This
requires we all have trusted digital identities or personas to
assert who we are in cyber space and that we have consumer level
access to cryptographic tools that can be used to lock our content
away from prying eyes. This is equally applicable in private,
citizen or business life.
Issuing and managing digital identities including necessary
encryption technology is Intercede's business.
Intercede currently has 7 million digital identities actively
managed by its MyID software. In my Chairman's Statement last year
I stated that Intercede's Vision is to have more than 100 million
identities under management by 2020. The Vision anticipates a
20-fold increase in volume from the 2012 base financial year will
yield a 10-fold increase in revenue against a much smaller increase
in the cost base. This is a very attractive business model. On the
basis of this Vision, Intercede continues to invest to ensure the
Company is best placed to exploit this opportunity and to maximise
medium and long term returns to shareholders.
Typically deployed as a back office infrastructure platform,
Intercede's MyID software manages the issuance of digital
identities that are used to authenticate the access of users to
networks and services. This is a key cyber security requirement
with significant commercial upside across governments, large
corporations and telecommunications network operators. Over the
last 12 months, we have also seen our customers, including
governments, large corporations and telecommunications network
operators, step change their dependency on the use of digital
channels for service delivery over the Cloud and on to mobile
devices such as smartphones and tablets. This is a new driver that
has the potential to push the use of Intercede's products into
support for consumer devices and the Internet of Things.
The inevitability of digital identities being ubiquitous by 2020
has moved a step closer during the last 12 months, driven by
consumer demand and new platforms eg support for virtual smart
cards on Windows 8 and the penetration of ARM's Trusted Execution
Engine into most smartphones. The remaining roadblock to widespread
adoption is the complexity of the integration, the interoperability
challenges and enforcement of security policies necessary to
deliver a transparent and convenient user experience. Amidst this
maelstrom of technology, I am pleased to report to shareholders
that Intercede's MyID platform solves this problem by acting as the
'missing link' that can unlock the market for all. I believe it is
rare for a company of Intercede's size to hold such a key position
in such a large potential market.
To realise this potential, Intercede will continue to focus on
two core drivers of business growth as a foundation for realising
its 2020 Vision:
-- Deepening our penetration of existing markets, where MyID has
already been particularly applicable; and
-- Tapping into new technology-led trends such as the Cloud and
the Internet of Things to protect and expand our industry
leadership.
Key Performance Indicators
-- Last year we set a target of 100m user identities under MyID
management by 2020. In the last 12 months we have advanced from 5m
to 7m users.
-- The level of exports remains high at 88% (2012: 89%).
-- Sales in North America have increased by 7% and the
proportion of revenue attributable to North American customers has
further increased to 72% (2012: 64%). While this concentration has
been challenging during a year when budgets have been subject to
substantial pressure and uncertainty, we remain confident that the
US is the largest and least fragmented market for our technology.
In the longer term this market will deliver the greatest returns
with the lowest cost of delivery.
-- The level of repeat business with existing customers remains
high at 93% (2012: 79%) which reflects the level of trust placed in
MyID as a critical component of their IT security
infrastructure.
-- The number of new customers with revenues over GBP20,000 is 9
(2012: 8) which demonstrates that MyID remains cutting edge and
meets market needs.
Strategy
The Group's 2012-13 Business Goals were as follows:
-- Corporate development
o Continue to invest in sales and marketing in order to increase
the pipeline of opportunities.
o Be the partner of choice for provisioning digital identities
to mobile devices.
o Position MyID as the convergence platform of choice for the
next generation of physical access control systems (PACS) as an
extension of our support of ICAM.
o Invest in protection of IP.
-- Product and innovation
o Exploitation of existing MyID product in maturing markets.
o Development of new product to target the mobile device
market.
o Development of a SaaS model and the positioning of MyID as a
core technology to sell to third party SaaS providers supporting
the PIV-I and CIV markets.
o Close alignment with the release of Microsoft Windows 8.
Intercede has delivered against these objectives with solid
progress. Examples include:
-- Corporate development
o Enhanced and enlarged sales and support teams to service
growing market demand for existing product lines.
o Working in partnership with a North American Telco on a mutual
mobile ID strategy.
o Formed a partnership with Certipath, to deliver converged LACS
and PACS solutions (CIV-in-a-Box).
o Increased levels of patent and trademark activity.
-- Product and innovation
o Proved the value of the existing MyID platform by winning a
major government security project.
o Demonstrated new MyID mobile platform in partnership with GSMA
(the trade body for mobile telecoms operators) on the GSMA booth at
the GSMA Mobile World Congress, Barcelona, February 2013.
o Received first MyID Mobile and Kiosk orders from US
customers.
o MyID SaaS deployments continue via third parties in support of
anticipated market demand.
o Launched MyID Windows 8 virtual smart card solution on the
Microsoft booth at the RSA Conference, February 2013.
Dustin Ingalls, Microsoft Group Program Manager for Windows
Security and Identity, said:
"Most enterprise mobile computer platforms, available on the
market today, ship with Trusted Platform Modules (TPM) already
installed. A key security benefit of Microsoft's Windows 8 is its
ability to easily configure the TPM to do a number of operations
including functioning as Virtual Smart Cards (VSC). We believe that
VSCs will change the way mobile computer users assert their
identities in cyberspace; therefore, we collaborated closely with
Intercede to ensure that VSCs can be managed 'out-of-the-box' using
the company's MyID Identity and Credential Management System. This
means that Windows 8 customers have immediate access to an
end-to-end solution for creating and managing the assured
identities of employees and consumers. We chose to work with
Intercede because of MyID's ease of deployment and advanced
technical features."
The Group's 2013-14 Business Strategy is as follows:
-- Corporate development
o Position MyID as the credential management system of choice
for high assurance networks.
o Exploit global leadership in PIV solutions market.
o Capture new major corporate accounts in US and Europe.
o Widen sales channels to cover major players in the mobile
telecoms industry.
o Progress the Microsoft partnership to revenues generation.
o Partner with Cloud service providers to deliver Identity in
the Cloud using MyID.
-- Product and innovation
o Continue to re-engineer the existing MyID platform to improve
scalability and supportability in anticipation of a rapid expansion
of market demand.
o Accelerate research and development in expanding the MyID
platform to provision digital identities into mobile devices.
o Expand the MyID mobile identity product suite to include
client applications for secure communications.
o Expand the scope of MyID to also manage the identities of
networked components as part of the emergence of the Internet of
Things. This expands the market size by at least one or two orders
of magnitude.
Intellectual Property
Intercede continues to invest to protect its intellectual
property and trademarks.
The Intercede MyID product suite is undergoing continuous
development and improvement to support new hardware platforms,
deliver heightened levels of user experience and ensure more
resilience and security.
The Board continues to support ongoing investment in existing
and new product capability to maximise the potential of market
leadership, the value of its intellectual property and to ensure
Intercede is best placed for future exploitation.
Appointment of Non-Executive Director
We were very pleased to announce the appointment, on 15 April
2013, of Ian Drew as a Non-Executive Director of the Company. Ian
is currently Executive Vice President of Marketing and Business
Development for ARM Holdings plc. He brings a wealth of highly
relevant experience of our markets and will be a valuable addition
to our Board.
Outlook
In summary, our pipeline of commercial opportunities is likely
to reach an inflexion point in 2014 as we continue to deepen the
penetration of markets where Intercede's MyID product has become an
industry standard. In the emerging markets of Cloud computing,
managed services and mobile digital identities I believe we can
accelerate our growth profile. The outlook is therefore very
positive and trending towards our 2020 Vision of having 100 million
digital identities managed by MyID.
Richard Parris
Chairman & Chief Executive
Business and Finance Review
Introduction
The past year has been challenging, but the Company has had the
courage of its convictions to execute the strategy determined by
the Board and previously advised to shareholders. The costs
associated with this strategy have been incurred now but the
benefits, in terms of increased revenues and cashflow generation,
are anticipated to arise in future periods.
Business Development
Intercede has embarked upon a period of substantial investment
in order to take advantage of the opportunities provided by the
advent of smart phones and global cyber security concerns.
The main areas of selective investment are;
-- The development of mobile security applications involving
interoperability with technologies such as iPhone, Android and
BlackBerry.
-- Increased collaboration with major industry players such as Microsoft and ARM.
-- The establishment of accredited PIV-I platforms with a number
of new entrants to a market which is forecast to involve in excess
of 50 million identities.
-- The launch of the world's first secure email service based on
TSCP specification (TSCP is the Trans Global Secure Collaboration
Program, a co-operative forum of leading aerospace & defence
companies and government agencies working together to develop an
open standards based security framework). Intercede is a member of
the consortium involved in this initiative.
-- Sales and marketing to promote and protect the MyID name and
technology and to build industry relationships.
These activities have resulted in further growth in headcount
and a commensurate need for office and IT infrastructure and
equipment. The Company has substantially increased its office space
to facilitate further growth with the acquisition of a new office
in Lutterworth close by the existing Head Office and by taking on
additional rental space in the Reston, US office.
Financial Results
Revenue for the year ended 31 March 2013 was GBP6,727,000 (2012:
GBP6,964,000) with no one project representing more than 25% of
total revenue (2012: 15%). Over the last four years, exports have
increased from 56% to 88% of total revenue.
Gross profit margins remain high, but the planned investment in
additional resources outlined above has resulted in a 24% increase
in administrative expenses from GBP6,023,000 to GBP7,467,000. With
revenues broadly flat, this has resulted in a GBP764,000 operating
loss (2012: GBP829,000 operating profit).
Staff costs continue to represent the main area of expense,
representing 74% of total operating costs (2012: 77%). Intercede
had 80 employees and contractors as at 31 March 2013 (2012: 70).
The average number of employees and contractors increased from 68
to 77 year on year.
Expenditure on research and development (R&D) activities
totalled GBP2,328,000 (2012: GBP2,071,000). In accordance with
IFRS, the Board has continued to determine that all internal
R&D costs incurred in the year are expensed. No development
expenditure has been capitalised as at 31 March 2013 (2012:
GBPnil).
Finance income for the year was GBP91,000 (2012: GBP81,000) as
the Group maintained cash and interest bearing short term deposits
in excess of GBP6 million throughout the period notwithstanding
increased levels of investment.
A GBP101,000 taxation credit for the period (2012: GBP233,000
taxation charge) primarily reflects cash received following the
2012 R&D claim. The Group is a beneficiary of the UK
Government's efforts to encourage innovation by allowing 125%
(2012: 100%) of qualifying R&D expenditure to be offset against
taxable profits.
As at 31 March 2013, the Group has GBP6,843,000 (2012:
GBP4,091,000) of prior year tax losses available for carry
forward.
A loss for the year of GBP572,000 (2012: Profit of GBP677,000)
resulted in a loss per share of 1.2p (2012: Earnings per share
1.4p).
Funding
As at 31 March 2013, the Group had cash balances totaling
GBP6,770,000 (2012: GBP6,968,000). The decrease in cash balances
principally reflects the acquisition of new UK office facilities
that resulted in a total outflow of GBP449,000 including set up
costs. Cash generated from operations remained positive at
GBP35,000 (2012: GBP862,000) notwithstanding the increased
investment outlined above.
The Group has no debt and, following the 2010 Capital Reduction,
is in a position to be able to commence the payment of dividends as
and when the Board considers this to be appropriate.
Summary
When the Board determined its strategy for increased investment,
it did so in expectation of a higher level of ongoing sales from
Intercede's existing technology. This was not the case during the
year ended 31 March 2013 against a general backdrop of funding
issues for both existing and potential new customers (government
and corporate alike) and consequent delays in project approval.
Markets remain difficult, as illustrated by EU austerity measures
and US sequestration, but we are better placed to successfully
execute and achieve the benefits of our strategy 12 months on.
Andrew Walker
Finance Director
INTERCEDE GROUP plc
Consolidated Statement of Comprehensive Income for the year
ended 31 March 2013
Notes 2013 2012
GBP'000 GBP'000
Continuing operations
Revenue 2 6,727 6,964
Cost of sales (24) (112)
__________ __________
Gross profit 6,703 6,852
Administrative expenses (7,467) (6,023)
__________ __________
Operating (loss)/profit (764) 829
Finance income 91 81
__________ __________
(Loss)/profit before tax (673) 910
Taxation 3 101 (233)
__________ __________
(Loss)/profit for the year (572) 677
__________ __________
Total comprehensive (expense)/income attributable
to owners of the parent company (572) 677
__________ __________
(Loss)/earnings per share (pence) 4
- basic (1.2p) 1.4p
- diluted (1.2p) 1.4p
__________ __________
There is no other comprehensive income for the year.
The accompanying notes are an integral part of these financial
statements.
INTERCEDE GROUP plc
Consolidated Balance Sheet at 31 March 2013
Notes 2013 2012
GBP'000 GBP'000
Non-current assets
Property, plant and equipment 644 183
__________ __________
Current assets
Trade and other receivables 991 1,311
Cash and cash equivalents 6,770 6,968
__________ __________
7,761 8,279
__________ __________
Total assets 8,405 8,462
__________ __________
Equity
Share capital 6 487 484
Share premium account 232 110
Other reserves 1,508 1,508
Retained earnings 3,530 3,930
__________ __________
Total equity 5,757 6,032
__________ __________
Current liabilities
Trade and other payables 998 910
Deferred revenue 1,650 1,520
__________ __________
2,648 2,430
__________ __________
Total equity and liabilities 8,405 8,462
__________ __________
The accompanying notes are an integral part of these financial
statements.
INTERCEDE GROUP plc
Consolidated Statement of Changes in Equity for the year ended
31 March 2013
Share Share Other Retained Total
capital premium reserves earnings
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 31 March 2011 484 86 1,508 3,113 5,191
Issue of shares, net of
costs (note 6) - 24 - - 24
Employee share option scheme
charge - - - 140 140
Total comprehensive income - - - 677 677
_______ ________ ________ _______ _______
At 31 March 2012 484 110 1,508 3,930 6,032
Issue of shares, net of
costs (note 6) 3 122 - - 125
Employee share option scheme
charge - - - 172 172
Total comprehensive expense - - - (572) (572)
_______ ________ ________ _______ _______
At 31 March 2013 487 232 1,508 3,530 5,757
________ ________ ________ _______ _______
The accompanying notes are an integral part of these financial
statements.
INTERCEDE GROUP plc
Consolidated Cash Flow Statement for the year ended 31 March
2013
2013 2012
GBP'000 GBP'000
Cash flows from operating activities
Operating (loss)/profit (764) 829
Depreciation 92 67
Employee share option scheme charge 172 140
Decrease/(increase) in trade and other
receivables 317 (461)
Increase in trade and other payables 218 287
__________ __________
Cash generated from operations 35 862
Taxation 101 47
__________ __________
Net cash generated from operating activities 136 909
__________ __________
Investing activities
Interest received 94 73
Purchases of property, plant and equipment (553) (84)
__________ __________
Net cash used in investing activities (459) (11)
__________ __________
Financing activities
Proceeds on issue of shares 125 24
__________ __________
Net cash generated from financing activities 125 24
__________ __________
Net (decrease)/increase in cash and
cash equivalents (198) 922
Cash and cash equivalents at the beginning
of the year 6,968 6,046
__________ __________
Cash and cash equivalents at the end
of the year 6,770 6,968
__________ __________
The accompanying notes are an integral part of these financial
statements.
INTERCEDE GROUP plc
Preliminary Results for the Year Ended 31 March 2013
NOTES
1. The financial information set out in this announcement does
not constitute the Group's Statutory Accounts for the years ended
31 March 2012 or 2013, but is derived from those accounts.
Statutory Accounts for 2012 have been delivered to the Registrar of
Companies and those for 2013, which have been approved by the Board
of Directors, will be delivered following the Group's Annual
General Meeting. The Company's auditors have reported on those
accounts; their reports were unqualified and did not contain
statements under Section 498 of the Companies Act 2006.
The Annual General Meeting of the Company will be held at 11.00
am on Wednesday 25 September 2013 at Lutterworth Hall. Copies of
the full Statutory Accounts will be despatched to shareholders in
due course. Copies will also be available on the website
(www.intercede.com) and from the registered office of the Company:
Lutterworth Hall, St. Mary's Road, Lutterworth, Leicestershire,
LE17 4PS.
2. SEGMENTAL REPORTING
All of the Group's revenue, operating profits and net assets
originate from operations in the United Kingdom. The Directors
consider that the activities of the Group constitute a single
business segment.
The split of revenue by geographical destination of the end
customer can be analysed as follows:
2013 2012
GBP'000 GBP'000
UK 806 779
Rest of Europe 651 814
North America 4,823 4,450
Rest of World 447 921
__________ __________
6,727 6,964
__________ _________
3. TAXATION
The tax credit/(charge) comprises:
2013 2012
GBP'000 GBP'000
Current year - UK corporation tax - -
Current year - UK deferred tax - (280)
Current year - US corporation tax (13) (12)
Prior year - US corporation tax 6 (11)
Research and Development tax credits
relating to prior years 108 70
__________ __________
101 (233)
__________ _________
The Group has unused tax losses of GBP6,843,000 (2012:
GBP4,091,000) and unrecognised deferred tax assets of GBP1,574,000
calculated at the UK corporation tax rate of 23% that came into
effect from 1 April 2013 (2012: GBP982,000 calculated at the
previous UK corporation tax rate of 24%).
4. (LOSS)/EARNINGS PER ORDINARY SHARE
The calculations of (loss)/earnings per ordinary share are based
on the (loss)/profit for the financial year and the weighted
average number of ordinary shares in issue during each year. Basic
and diluted loss per share are the same as potential dilution
cannot be applied to a loss making period.
2013 2012
GBP'000 GBP'000
(Loss)/profit for the year (572) 677
__________ __________
Number Number
Weighted average number of shares -
basic 48,613,172 48,367,939
- diluted 50,228,664 49,662,277
__________ __________
Pence Pence
(Loss)/earnings per share - basic (1.2p) 1.4
- diluted (1.2p) 1.4
__________ __________
5. DIVIDEND
The Directors do not recommend the payment of a dividend.
6. SHARE CAPITAL
2013 2012
GBP'000 GBP'000
Authorised
481,861,616 ordinary shares of 1p each
(2012: 481,861,616) 4,819 4,819
__________ __________
Issued and fully paid
48,735,005 ordinary shares of 1p each
(2012: 48,428,005) 487 484
___________ __________
On 14 March 2012, certain employees exercised options totalling
63,000 ordinary shares at an exercise price of 40.5p per share.
In June 2012, certain employees and a Director of the Company
exercised options totalling 307,000 ordinary shares at an exercise
price of 40.5p per share.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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