Intercede - Preliminary Results for the Year Ended 31 March 2010
10/06/2010
Intercede, one of the world's leading developers and suppliers of identity management software, today announces its preliminary results for the year ended 31 March 2010.
SUMMARY
- Sales revenues increased from £5.7m to £6.2m.
- Full year profitability reported for the second consecutive period:
* Operating profit before exceptional item of £2.0m (2009: £1.9m)
* Profit before tax of £0.5m (2009: £1.4m)
* Profit for the year of £0.5m (2009: £1.7m)
- Full and final settlement of US and UK patent litigation; £1.5m exceptional item for legal costs.
- Cash balances of £4.7m at 31 March 2010 (2009: £3.7m).
- All external borrowings eliminated following the decision of the convertible loan note holders to convert their loan notes into ordinary shares.
- Increased investment in international sales and technical capabilities to support growing demand for and use of Intercede's proprietary MyID Identity and Credential Management System.
- National ID schemes powered by MyID go live in two countries.
- Continued expansion of Intercede's customer base in the US.
- Winning new contracts to supply MyID to government ministries, banks and business corporations around the world.
- Intercede overtakes competitors to be No1 in class as measured by the number of contract wins announced during the period.
Richard Parris, Chairman & Chief Executive of Intercede, said today:
"Intercede continues to prove that it is a world leader in identity and credential management. This is a market that is growing each year and we are right at its heart. In an increasingly virtual and highly mobile world, security of identity affects many areas of peoples' lives in a very real way: accessing facilities in the workplace, buying goods and services, proving entitlement, defeating terrorism and preventing cyber warfare."
"Our performance this year demonstrates how we have capitalised on this opportunity. We are becoming involved in increasingly long term projects across the world, we are financially strong and the millstone of patent litigation has been removed. We therefore remain optimistic about our future prospects."
CLICK HERE TO VIEW THE COMPLETE PRELIMINARY RESULTS (PDF)
About Intercede
Intercede is the producer of the MyID Identity and Credential Management System (IDCMS). Intercede's MyID is the only IDCMS software product that enables organisations to easily and securely manage the identities of people and their associated identity credentials within a single, integrated, workflow driven platform. This includes enabling and managing: secure registration, biometric capture, application vetting and approval through to smart card personalisation, issuance and management.
Intercede's MyID is being used around the world by large corporations, governments and banks to manage millions of identities for employees, citizens and customers. Notable deployments in the US include 10 Federal Agencies, a
program with Lockheed Martin and two major US financial institutions. In Europe and the Middle East, Intercede's MyID is being deployed in support of government identity, health and corporate employee ID security projects.
For more information visit http://www.intercede.com
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ENQUIRIES
Intercede Group plc
Richard Parris, Chairman & Chief Executive
Andrew Walker, Finance Director
Tel. +44 (0)1455 558111
FinnCap
Clive Carver
Sarah Wharry
Tel. + 44 (0)20 7600 1658
Pelham Bell Pottinger
Archie Berens
Francesca Tuckett
Tel. +44 (0)20 7861 3112
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