Intercede - Preliminary Results for the Year Ended 31 March 2009
10/06/2009
Intercede, a leading international developer and supplier of software for identity and credential management, today announces its preliminary results for the year ended 31 March 2009.
SUMMARY
- Sales revenues have more than doubled from £2.8m to £5.7m.
- Full year profitability reported at all levels:
o Operating profit of £1.5m (2008: loss of £0.1m)
o Profit before tax of £1.4m (2008: loss of £0.2m
o Profit for the year of £1.7m (2008: loss of £0.1m)
- Cash inflow of £2.6m (2008: £0.5m) during the year which includes £0.1m from the issue of shares (2008: £0.7m).
- Cash balances of £3.7m (2008: £1.15m) and convertible loan notes of £1.9m (2008: £1.8m) at the financial year end.
- All external borrowings subsequently eliminated following the decision of the convertible loan note holders to
convert their loan notes into equity.
- Repositioning of MyID from being a smart card management system to a fully featured Identity and
Credential Management System.
- Contracts signed in support of two national ID card programmes, several public sector projects and a
large defence contractor.
Richard Parris, Chairman & Chief Executive of Intercede, said today:
“This was the year when Intercede bridged the chasm between market opportunity and commercial
success, resulting in a rapid increase in profitability. We have spent a number of years laying the
foundations for future exploitation of the identity security market, which we always believed would
present a major commercial opportunity.”
“These results demonstrate that our product is now being adopted as the security management system
of choice by governments and large corporations all around the world. Demand continues to be
strong and, with cash in the bank and a healthy pipeline of business, we are extremely optimistic
about our future prospects.”
ENQUIRIES
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Intercede Group plc
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Tel. +44 (0)1455 558111 +44 (0)1455 558111
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Richard Parris, Chairman & Chief Executive
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Andrew Walker, Finance Director
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FinnCap
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Tel. +44 (0)20 7600 1658 +44 (0)20 7600 1658
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Charles Cunningham
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Pelham Public Relations
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Archie Berens
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Tel. +44 (0)20 7337 1509 +44 (0)20 7337 1509
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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 organizations 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 personalization, 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 programme 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.
Intercede and MyID are registered trademarks or trademarks in the UK, US and/or other countries.
For more information visit http://www.intercede.com.
CLICK HERE TO VIEW THE COMPLETE PRELIMINARY RESULTS (PDF)
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