Intercede Group PLC Trading Update (7522U)
April 02 2019 - 1:00AM
UK Regulatory
TIDMIGP
RNS Number : 7522U
Intercede Group PLC
02 April 2019
2 April 2019
INTERCEDE GROUP plc
('Intercede', the 'Company' or the 'Group')
Receipt of $4.3m Order
Trading Update
Intercede, the leading specialist in digital identity,
credential management and secure mobility, is pleased to announce
that a large US Federal Government order totaling $4.3m was
received on 29 March 2019. The order includes software licenses and
annual support & maintenance; $2.05m (GBP1.57m) of which will
be recognised in the financial year ended 31 March 2019.
Subject to the completion of the year end audit, revenues for
the year ended 31 March 2019 are expected to be in excess of
GBP10.0m, which is ahead of market expectations and approximately
10% higher than the previous financial year. This reflects the
impact of follow on orders from existing customers plus new
contract wins via partners in the US, Europe and SE Asia. The
establishment and further development of these and other partner
relationships is critical for the Group's future growth
prospects.
The combined effect of increased revenues and action taken to
reduce the cost base, is expected to result in a return to
profitability at both operating profit level (2018: GBP4.5m
operating loss) and after interest and tax (2018: GBP3.8m loss for
the year).
As at 31 March 2019, gross cash balances totalled GBP3.2m (2018:
GBP2.3m).
Further detail will be provided within Intercede's final results
which are expected to be published in June 2019.
ENQUIRIES
Intercede Group plc Tel. +44 (0)1455 558 111
Klaas van der Leest, Chief Executive
Andrew Walker, Finance Director
finnCap Tel. +44 (0)20 7220 0500
Stuart Andrews, Corporate Finance
Simon Hicks, Corporate Finance
About Intercede
Intercede is a cybersecurity company specialising in digital
identities, derived credentials and access control, enabling
digital trust in a mobile world.
Headquartered in the UK, with offices in the US, we believe in a
connected world in which people and technology are free to exchange
information securely, and complex insecure passwords become a thing
of the past.
Our vision is to make the highest levels of cybersecurity
available to organizations and consumers alike, solving complexity
and scalability issues by managing high volumes of digital
credentials.
We have been delivering trusted solutions to high profile
customers for over 20 years. Our team of experts has deployed
millions of identities to governments, most of the largest
aerospace and defence corporations, and major financial services
and healthcare organizations, as well as leading
telecommunications, cloud services and information technology
firms, providing industry-leading employee and customer credential
management systems.
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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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