Intercede Group PLC Trading Statement (7152C)
21 Januar 2015 - 8:00AM
UK Regulatory
TIDMIGP
RNS Number : 7152C
Intercede Group PLC
21 January 2015
21 January 2015
INTERCEDE GROUP plc
('Intercede' or 'the Company')
Trading Update
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.
At the time of reporting its Interim Results for the six months
ended 30(th) September 2014 on 6 November 2014, Intercede remained
optimistic that full year growth expectations would be achieved.
However, the Company did state that this would be subject to the
timing of certain orders, both from smart card related projects and
from a number of mobile related opportunities.
As set out below, there have been a number of market related
delays beyond the Company's control and, whilst revenues are
expected to be greater in the second half of the current financial
year than the first half, full year revenues are now anticipated to
be at a similar level or slightly lower than the prior financial
year.
In the US, two key standards FIPS 201-2 and SP800-157 were
released and ratified more than three months later than anticipated
thereby delaying the time to revenue of our MyID v10.1/v10.2
derived credential platform. The availability of TEE capability on
OEM handsets has also been slower than anticipated thereby delaying
the monetisation of the newly launched MyTAM service. In addition,
a number of our existing customers are making slower progress than
forecast on large scale modernisation projects incorporating our
technology, resulting in delays in the receipt of follow on license
orders.
The reduction in revenue expectations is expected to result in a
loss for the period of approximately GBP1 million and year end cash
balances, after planned investment and share buy-backs, in the
region of GBP5 million.
Whilst the inevitable effect of the delays referred to above is
a reduction in short term revenues, they do not structurally reduce
the future demand for Intercede products nor do they impact the
Company's strong growth prospects. We continue to experience high
levels of interest in the Group's new mobile digital identity
technology, which validates the potential scale of the opportunity
for Intercede's products as people better understand the security
implications of areas such as the Internet of Things, the Cloud,
and the inherent limitations of usernames and passwords.
Consequently, the Board remains confident in and committed to its
chosen strategic course.
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 specializing in identity and
credential management with a global team of experts located in the
US and UK.
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 smartphones 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
cybersecurity 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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