Again LSE can't be arsed!2 Jun 2020 08:43
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