Last checked at 5 Apr 2017 07:00
5 April 2017
INTERCEDE GROUP plc
("Intercede", or the "Group")
Trading Update
Intercede announced on 3 March 2017 that the revenue outturn for the financial year ending 31 March 2017 would be approximately £8.0m, with a further £2.0m of new orders in the near term pipeline. The Group today confirms that three of these contract orders were received by the end of the trading period. Subject to the completion of the year end audit, revenues for the year ending 31 March 2017 are expected to be between £8.2 - 8.4m.
The new orders include two customer wins that relate to the deployment of MyID within a US Government Agency and a US Healthcare group. Intercede continues to work diligently to bring the remainder of the near term pipeline into reported revenue. It is confident that this will occur within the first half of the year to 31 March 2018.
The Group is also pleased to report that gross cash balances for the year are £6.9m. This compares to the £6.0m forecast which it highlighted in the earlier statement.
Further detail will be provided within Intercede's final results for the year ending 31 March 2017 which are expected to be published during the week commencing 5 June 2017.
Commenting on the financial close to the year, Richard Parris, Chairman and CEO of Intercede, said;
"After the uncertainty created by the initial phase of the new US Administration, we are pleased that business appears to be returning to normal. Importantly, there is progress in securing the remainder of our near term pipeline and encouraging signs of demand within our core markets. Momentum is building and we view the future with considerable confidence".
Contact
Intercede Group plc | Tel: +44 (0) 1455 558 111 |
Richard Parris | Chairman & Chief Executive |
Andrew Walker | Finance Director |
finnCap | Tel: +44 (0) 20 7220 0500 |
Stuart Andrews | Corporate Finance |
Simon Hicks | Corporate Finance |
Capital Access Group | Tel: +44 (0) 20 3763 3400 |
Scott Fulton | Media |
Ed Welsby | Investors |
About Intercede
Intercede is a software and service company specializing in identity, credential management and secure mobility. Its solutions create a foundation of trust between connected people, devices and apps and combine expertise with innovation to provide world-class cybersecurity. Intercede has been delivering solutions to high profile customers, from the US and UK governments to some of the world's largest corporations, telecommunications providers and information technology firms, for over 20 years. Intercede's product portfolio includes MyID, an identity and credential management system that assigns trusted digital identities to employees citizens and machines. In 2015, Intercede launched MyTAM, enabling trusted applications to be loaded into a mobile device's Trusted Execution Environment (TEE), providing hardware-level security for Android apps. In 2016, Intercede launched RapID, a secure, easy to implement authentication service for mobile apps and cloud services to completely eliminate the need for passwords.
For more information visit: www.intercede.com
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.