Intercede Group PLC Trading Statement (7371S)
October 05 2017 - 2:00AM
UK Regulatory
TIDMIGP
RNS Number : 7371S
Intercede Group PLC
05 October 2017
5 October 2017
INTERCEDE GROUP plc
("Intercede", or the "Group")
Trading Update
Intercede, the leading specialist in digital identity,
credential management and secure mobility, today announces a
trading update for the first six months of its current financial
year ending 31 March 2018.
First half revenues increased by approximately 30% compared to
the previous period to more than GBP3.6m (H1 2016: GBP2.8m)
primarily due to new customer wins; the most notable including MyID
license sales to the largest US military shipbuilding company, a
major US Aerospace & Defence contractor and one of the world's
largest diversified natural resource companies.
As at 30 September 2017, cash balances totalled GBP4.8m compared
to GBP1.4m as at 30 September 2016. Intercede raised GBP4.6m (net)
from the issue of Convertible Loan Notes ("CLN") and new equity in
January 2017 with a further GBP0.5m from the same CLN instruments
in August 2017.
During the period under review, Intercede has continued to
develop the applications for its market leading identity software.
This includes the launch of the MyID service for employees. This is
a cloud-based service that allows enterprises of all sizes to
eliminate the use of user passwords through the issuance of strong
identity credentials to staff members. This service uses
Government-grade cyber security and avoids customers having to
incur the costs and complexity of on-site software installation and
maintenance.
Several significant appointments have also been made to
strengthen the Group's Sales & Marketing. Chuck Pol (former
Chairperson Vodafone Americas) and Helen Adams (former VP Sales
Europe & Asia/Pacific for ARM Holdings plc) were both appointed
in June 2017 with further recruitment subsequently taking place to
expand and refresh the Sales team. As a commitment to achieving
consequential high sales growth, Helen Adams has this week agreed
to a share option plan incorporating performance targets based upon
the achievement of 50% growth on FY2017 revenues in FY2018, a
doubling of FY2017 revenues in FY2019 and a tripling of FY17
revenues in FY2020.
Commenting on the trading update, Richard Parris, Chairman &
CEO of Intercede said;
"The last six months have been a positive period for Intercede.
Progress has been made in our existing core market within
government agencies and large enterprises. Enabled by our enlarged
sales team, we have strengthened our European sales pipeline to
diversify away from our heavy dependency on the US government
centric market. We have also made significant future-facing
business development advances with multiple major IT and cloud
service providers. These partnerships are expected to be pivotal to
Intercede's channel based go-to-market strategy and are evidence of
our ongoing leadership in powering digital trust solutions.
Safe in the knowledge that we have created a significant engine
for growth, we are shortly to relaunch our MyID product proposition
as a seamless suite of software and Cloud based services to address
newly emerging regulated markets in financial services, open
banking and general data protection. In doing so, we can refocus
and simplify messaging around real-life use cases and the problems
we solve for each of our target verticals. This gives the Board
confidence that we will experience a strong second half to the
financial year, notwithstanding likely budget difficulties in our
traditionally large US government customer base."
ENQUIRIES
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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