LONDON (Alliance News) - Intercede Group PLC Thursday said that revenues for the year ended March 31, will be ahead of expectations and over 40% higher than the previous year, boosted by new contract wins for its MyID identity and credential management technology.
Intercede said it had executed its business strategy to deliver a 30% or more increase in sales, whilst accelerating its investment in people and resources to take advantage of the opportunities provided by the impact of smart phones and global cyber-security concerns.
The company has won contracts in the telecommunications, aerospace and defence and public service sectors, it said.
It had net cash of GBP7.2 million at the end of year, up from GBP6.8 million, despite a 30% increase in headcount and its recently announced share buyback programme.
"This performance reflects an increasing recognition by major organisations throughout the world of the critical importance of protecting the digital identities of their IP, assets and digital content," said Chairman and Chief Executive Richard Parris.
Shares in Intercede were trading up 10% at 209.10 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Intercede (IGP)