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Short and sweet. Cash position improved which bolsters SP. Steady as she goes.
Trading Update
Intercede, the leading specialist in digital identity, credential management and secure mobility, is pleased to report further good progress during an unprecedented six-month period where colleagues, customers, partners and operations have all had to adjust to the impact of Covid-19.
Revenues for the six months ended 30 September 2020 are approximately 9% higher than last year. This is in line with expectations and reflects orders received from both new and existing customers resulting in revenues of £4.8m (2019: £4.4m).
We are also pleased to report that continued tight cost control has resulted in a positive operating cashflow during the period with cash balances as at 30 September 2020 totalling £8.1m compared to £4.8m as at 31 March 2020.
AND
Intercede join the FIDO Alliance
Intercede has now joined the Faster Identity Online (FIDO) Alliance as the company extends its MyID software platform to manage FIDO as well as PKI based strong authentication.
Wish I had spare cash to top up on this no news dip. Should have a trading update soon which should propel things forward again
wonder what the leak is...
The trouble with this stock is liquidity and news gaps. I tend to have the blind faith that no news is ok'ish, and that which has been released has been positive. So it seems these price movements are not really based on anything particular. So easy to get impatient and from experience with other companies patience usually pays off.
Another nice RNS today.
Klaas van der Leest, Intercede's CEO, said:
"We are delighted that MyID software will form the central element of the Department of State's next-generation IDMS. This contract win underlines the quality of our MyID software and its future in managing best in class digital identity solutions for security conscious organisations like the DoS. It also highlights the strength of our offering when working proactively with partners, following on from the recent launch of our Connect Partner Programme. Together with Guidehouse as the prime contractor, plus Appian Logic, Aware and CertiPath, we have an innovative solution that will meet the needs of the DoS now and over the next ten years."
Intercede expects to receive a further order for software licenses and associated development, professional services and support & maintenance within the next few months; a portion of which will be recognised in the current financial year ending 31 March 2021.
The contract was included within the directors' expectations for the current financial year ending 31 March 2021.
- Digital identity and credential management group Intercede revealed on Thursday that it was part of a successful bid for a ten-year contract with the US Department of State. More good long term contracts. This is increasingly a good area of almost necessity spend in an acutely troubled economy. It is still very small and illiquid stock, and we still need to see some good figures to back up the faith, but I ve very few better investment ideas right now
I thought there was a bit of a shortage of these to buy today. I can see why now. Good sign II hope.
I was expecting this to meander back into the 50's like last time to top up. No news, unless something has leaked. Not many shares around so it only takes a mild cough to send the shares spiralling off one way or the other. Yes fundamentally sound as a pound but still need evidence of new sales and contracts.
Gearing rather!
Massive operational hearing!
Think I worked it out at something like 85/90% of sales will drop straight through to bottom line.
Growth could very well be exponential here.
Very exciting business with industry leading products imo
Converible loans: These should be gone in about 18 months, mixture of repaying some, others converting into equity - fairly small dilution. Balance sheet will look much better once these are gone, and it might arguably remove a brake on the share price. Depends how the market sees it. The company is in control of the situation, now that it has enough cash to repay them in full - much better situation than 2 years ago.
There have been 3 different financial journalists cover the stock on Stockopedia including a transcript of an interview with a director yesterday. Only having 50 million shares it is quite tightly held, and illiquid. However rather unusually they have no requirement to raise funds and basically everything they do now is pure profit. Will need to get some news flow going to sustain this upward momentum
Been watching it for a long time and now it looks like the turnaround is well underway.
As soon as the contracts start to be won huge operational gearing will kick in and will flow straight to profit.
I reckon IGP is a stock at the start of level 2 so incredible times ahead if they can continue to execute.
This could easily be the next Games Workshop and have a meteoric rise.... probably sooner than we all think.
Exciting times
GLA
Looked a really good positive results this morning. I thought this would rise as a result.
Difficult to value. Good start from market, hope it continues. Have seen targets of 80p. Just announced no dividend yet, but plan to at some stage. All good stuff
Apologies. Apparently they can. Sometimes they don't flag up RNS.Just a bit slow this morning
will add if i can today without paying up to much.Market likes good news stories at present so maybe a flyer today
RNS for final results:· The Group generated a substantially increased profit for the year of £1.0m (2019: £0.4m).
· Gross cash balances increased to £4.8m as at 31 March 2020 (2019: £3.2m), primarily driven by cash generated from operations of £1.4m (2019: £0.7m).
Operating Highlights
· Intercede reacted swiftly to the Covid-19 pandemic to maintain business as usual with all staff working remotely from home both in the UK and US.
· The Group continues to execute its 5C strategy (Colleagues, Customers, Channels, Code and Cash) and continues to be successful in deriving a high level of recurring and follow on revenue. Meanwhile, the value of the sales pipeline is over 40% higher than this time last year.
· Three new initiatives have been launched during the year to increase customer interaction: US Customer Advisory Board (CAB), Customer Portal and the Customer Satisfaction Survey. The US CAB in particular was a great success and was attended by many US federal agencies and large enterprises from across North America. When the Covid-19 lockdowns are lifted, there are plans for a CAB in Europe, for Intercede's European, Middle East and Asia Pacific customers.
· The launch of Intercede's new Connect Partner Programme. This is a tiered channel scheme that rewards partner engagement to extensively integrate MyID software with world-leading strong authentication hardware and software. In particular Connect Partners will sell the newly released MyID Professional, a simplified and therefore more scalable version of MyID Enterprise.
· Strategic investment continues for the year ending 31 March 2021 with the goal of a significant release of MyID, currently designated MyID v11.6, which is the first release of a new operator client with an improved user experience and REST APIs for enhanced performance. Beyond MyID v11.6 is a planned expansion into new authentication technologies such as mobile ID and FIDO (Faster IDentity Online), which will enable Intercede to access a larger addressable segment of the authentication market.
Chuck Pol, Chairman, said:
"Just over two years ago a major Board reconstruction was undertaken with the clear recognition that the Group had to get back to sustainable revenue growth and profitability. All members of the team have remained focused throughout the last two years and it is to their great credit that the most difficult part of the operational turnaround has been delivered despite the worsening backdrop posed by the Covid-19 pandemic at the end of the period. The Board are most grateful for the endeavours of all staff and our immediate thoughts are focused on the safety and welfare of our staff, partners, customers and prospects.
The Group has identified various options to simplify, scale and expand the traditional markets of the MyID software platform, starting with the release of MyID Professional. We have maintained investment in Research & Devel
Any new contracts combined with continued easing of lockdowns will push IGP back to old trading prices back when they were last profitable.
Lovely jubbly :)
Correction
* Any new Contract(s) announced and then definitely new highs IMHO.
Thanks, hope to add some more when funds allow.
74p high and we are in an uptrend so hope to see that range again soon, with results out next month.
Contract(s) announcement and definitely new highs IMHO.
GLA.
Welcome aboard. It shot up to 74p last month and fortunately I bailed out then. Absolutely nothing has changed since but obviously being a very small cap with only 50 million shares its a bit jumpy everytime someone moves! Hope the results fulfil the guidance of the last update next month and a couple more contracts would be useful.
Joined the party @53.88 for £2.5k worth.