Positive Trading Update

RNS Number : 9916T

Intercede Group PLC

07 October 2010

 



7 OCTOBER 2010

Intercede Group plc

("Intercede")

Positive Trading Update

Intercede, the producer of the Intercede MyID Identity and Credential Management System, today announces excellent progress in the six months ended 30 September 2010.

Sales revenues for the first half of the current financial year are more than 20% higher than for the comparable period last year resulting in an increase in profit at all levels. The sales increase primarily reflects growth in the US market as evidenced by a number of recent contract wins, notably the announcements made on 22 and 30 September 2010 which have a combined order value in excess of $2m.

As a result of this growth, the US market now constitutes more than 50% of the Group's sales.

The cash balance as at 30 September 2010 was £4,470,000 compared to £3,913,000 at 30 September 2009 and £4,664,000 at 31 March 2010. As previously reported, the Group effectively entered the current financial year with a net cash balance of £3,917,000; that is, net of post year end exceptional payments relating to the previous financial year.

Richard Parris, Intercede's Chairman and Chief Executive, said: "Our order book demonstrates how Intercede continues to gain momentum. I am particularly pleased that our focus on the US government and defence market has been rewarded with new orders. Last year I stated Intercede had 'crossed the chasm'. This year I believe Intercede will reach the 'tipping point', the point at which Intercede's critical mass in the market will enable us to accelerate ahead of our competitors".

Further Information on Intercede MyID

Intercede 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.

MyID was the first electronic personalisation product to achieve compliance with the FIPS-201 standard and is widely deployed by Federal Agencies, government contractors and other commercial entities.  In particular, it supports the latest standards applicable for all PIV, PIV-Interoperable and PIV-compatible deployments.

It can issue and manage a wide variety of ID and credential management systems, providing customers with a platform that can meet their needs this year and in the future.   It is a fully supported commercial off-the-shelf product that can be quickly deployed for thousands or millions of users.

About Intercede

Intercede is the producer of the MyID Identity and Credential Management System (IDCMS).

Intercede MyID technology 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 14 Federal Agencies, a program with Lockheed Martin and two major US financial institutions. In Europe and the Middle East, Intercede MyID is being deployed in support of government identity, health and corporate employee ID security projects.

For more information visit http://www.intercede.com. 

ENQUIRIES

Intercede Group plc	Tel.      [phone]
Richard Parris, Chairman & Chief Executive
Andrew Walker, Finance Director
FinnCap	Tel.      + 44 (0)20 7600 1658
Sarah Wharry, Corporate Finance
Joanna Weaving, Corporate Broking
Pelham Bell Pottinger	Tel.      [phone]
Archie Berens
Francesca Tuckett

 

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