TIDMIGP
RNS Number : 2428W
Intercede Group PLC
06 November 2014
6 November 2014
INTERCEDE GROUP plc
('Intercede', 'the Company' or 'the Group')
Interim Results for the Six Months Ended 30 September 2014
Intercede (AIM: IGP.L) is a leading producer of Identity and
Credential Management software, called MyID, which manages the
secure registration, issuance and life cycle of digital identities
for a wide range of uses.
SUMMARY
-- Existing and new products and solutions gain traction in
target markets with significant revenues expected in future
periods. As previously announced in our October trading update,
first half sales totalled GBP4,045,000 (H1 2013: 4,614,000).
-- Short term and planned operating loss following investment in
corporate infrastructure announced previously in our most recent
full year results: loss for period of GBP705,000 (H1 2013: Profit
for period of GBP652,000).
-- Basic and fully diluted loss per share of 1.4p (H1 2013: Earnings per share of 1.3p).
-- Cash balances of GBP6,301,000 as at 30 September 2014 (30
September 2013: GBP7,429,000) demonstrating a strong cash balance
to support ongoing investment in business development.
-- First orders received for newly announced cloud-based Trusted
Application Management service and MyID v10.1 Mobile Derived
Credential platform validating product development strategy.
-- Significant new and repeat orders in existing and new
markets, including US public sector, aerospace and oil &
gas.
-- On track for year on year growth with further upside
potential based on a strong pipeline of opportunities, more and
more of which is developing in new markets.
Richard Parris, Chairman and Chief Executive of Intercede,
commented:
"We have experienced one of our busiest six-month trading
periods and, with a team that has grown 50% over the last 18
months, we have never been better placed to exploit the growing
need for digital identities across a wide range of corporate,
government and consumer markets.
That said, a glut of orders received and recognised at the end
of the last period and a delay in seasonal US government orders at
the end of this period, has made it that much more difficult to
exceed last year's H1 performance; and the unpredictably of timing
of government orders and uncertainty associated with the adoption
rates of new technologies are factors that must always be taken
into account. However, we have confidence that the high levels of
customer engagement experienced in H1 will continue into the second
half, leading to a strong end to the financial year."
ENQUIRIES
Intercede Group plc Tel. +44 (0)1455 558 111
Richard Parris, Chairman & Chief Executive
Andrew Walker, Finance Director
FinnCap Tel. +44 (0)20 7220 0500
Stuart Andrews, Corporate Finance
Joanna Weaving, Corporate Broking
Bell Pottinger Tel. +44 (0)7802 442486
Archie Berens
About Intercede
Intercede is a software company specialising in identity and
credential management with a global team of experts located in the
US and UK.
Intercede's MyID software enables organisations 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.
For more information visit www.intercede.com
INTERCEDE GROUP plc
('Intercede', 'the Company' or 'the Group')
Interim Results for the Six Months Ended 30 September 2014
Chairman's Statement
Introduction
I am pleased to announce Intercede's interim results for the six
month period ended 30 September 2014. We have experienced one of
our busiest six month trading periods and, based on the indications
so far, we have confidence that this pattern of customer engagement
will continue through the second half. Underlying that confidence
is a well publicised and growing acceptance that password-based
authentication is incompatible with the convenience and security
demanded by today's digital economy. With a team that has grown 50%
over the last 18 months we have never been better placed to exploit
the growing need for trusted digital identities across a wide range
of corporate, government and consumer markets.
Financial Results
Revenues in the period totaled GBP4,045,000 compared to
GBP4,614,000 in the previous year. A net loss of GBP705,000 for the
period compares to a GBP652,000 net profit in the prior year, a
reflection of the short term and planned operating loss following
the investment in corporate infrastructure announced previously in
our most recent full year results.
The Company has no debt and continues to fund its growth through
existing cash resources. Cash balances at the end of September
totalled GBP6,301,000 compared to GBP7,247,000 at the end of March
2014 and GBP7,429,000 at the end of September 2013.
Operational Highlights
This has been a very busy period in terms of product development
and customer engagement. The following additional contract wins
were added to the order book during the period, all of which will
contribute to revenues in the current financial year and
beyond:
-- First orders received for newly announced (i) Cloud-based
Trusted Application Management service and (ii) MyID v10.1 Mobile
Derived Credential platform validating product development
strategy.
-- New major US Federal agency added to Intercede's customer
list with focus on mobile identity showing intrinsic growth in our
existing government market. This was announced on 29 September
2014.
-- Further order received via CertiPath for 'PIV in a box'
identity solution demonstrates scalability of MyID as a component
in 'shrink wrapped' packages. This solution was first announced on
9 April 2013.
-- First oil & gas sector order from a European major who
has bought the Intercede MyID Mail solution for iOS to integrate
with existing employee smart cards showing the competitive strength
of our BYOD mobile applications.
-- European aerospace manufacturer buys MyID licences to
distribute into its airline customer base indicating how industry
leaders are starting to encourage the use of digital identities
throughout their supply chains. This customer was first announced
on 25 September 2013.
-- US aerospace manufacturer ready to go live with
enterprise-wide deployment of MyID for employee authentication.
This proves that Intercede MyID remains a highly current and
relevant technology for companies that take security seriously.
This contract was initially signed on 5 November 2013,
demonstrating the typical lead times from first engagement to
production delivery.
-- Repeat orders for national identity and critical national infrastructure projects.
Business Development
During the period, Intercede invested in developing the MyID
family of products to serve three new emerging markets:
1. Trustonic TEE - moving beyond identity into consumers, payments and the Internet of Things
We have extended our partnership with Trustonic to enable
Intercede to manage the provisioning of trusted applications to
devices equipped with a Trusted Execution Environment (TEE). Under
this collaboration, Intercede will expand its solution set to serve
the growing ecosystem of Trustonic and Intercede partners who
require fast, simple, secure deployment of TEE enhanced services.
Initial use of the Intercede cloud-based Trusted Application
Management service (MyTAM) will enable over-the-air provisioning of
trusted applications to TEE enabled devices. Partners will then be
able to personalise apps either with third party providers or, for
more convenience and security, use a seamlessly integrated MyID
Identity Management product hosted in the Cloud or on-premise.
From an end-user or consumer perspective, the MyTAM experience
will be as easy as using any cloud-based service with simple and
transparent user interfaces, high resilience, systems redundancy,
massive scalability and fast response. Leveraging Intercede's cyber
security expertise and trusted reputation, the MyTAM service will
be protected by industrial strength security.
At the time of writing, Intercede is engaging with 10
application developers and service providers who have already
written, or plan to write, trusted applications that utilise TEE
infrastructure. Each of these organisations is waiting on the
provision of a TAM service to complete their go-to-market
strategies. Intercede is well placed to be the preferred partner.
These partners are spread across multiple applications including
secure voice, banking, mobile operators, payments, Bitcoin, mobile
device management and mobile app toolkits. This will enable
Intercede to generate revenues beyond the digital identity market
eg through mobile payments. This is an important development that
validates Intercede's investment strategy.
2. Microsoft Virtual Smart Card - expanding the appeal of
Intercede's solutions into the mid-market customers
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