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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Intercede Group Plc | LSE:IGP | London | Ordinary Share | GB0003287249 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 105.50 | 103.00 | 108.00 | 105.50 | 105.50 | 105.50 | 20,147 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Security Systems Service | 12.11M | 1.31M | 0.0225 | 46.89 | 61.43M |
From May 2019 to May 2024
TIDMIGP
RNS Number : 2902E
Intercede Group PLC
03 November 2015
3 November 2015
INTERCEDE GROUP plc
('Intercede', the 'Company' or the 'Group')
Interim Results for the Six Months Ended 30 September 2015
Intercede, the software and service company specialising in identity, credential management and secure mobility, today announces its interim results for the six months ended 30 September 2015.
Highlights
-- Revenues of GBP5.5m (2014: GBP4.0m), an increase of 37%.
-- Operating expenses increased to GBP5.7m (2014: GBP4.9m), as a result of continuing investment in infrastructure, technology development and sales capacity.
-- Headcount increased to 125 at 30 September 2015 (30 September 2014: 116). -- Operating loss of GBP0.4m (2014: GBP1.1m). -- Profit for the period of GBP0.5m (2014: loss of GBP0.7m). -- Basic earnings per share 1.0p (2014: basic loss per share 1.4p). -- Cash balances of GBP5.8m remain strong at 30 September 2015 (30 September 2014: GBP6.3m).
-- Four new contracts signed during period, which will all contribute to revenues during the current financial year and beyond:
- Enterprise-wide contract with one of the largest US healthcare corporations. - Mobile Derived Credential solution sold to a major US Federal Agency. - New agreement with a US West Coast bank. - First sale following the announcement of the Partner Agreement with Citrix on 13 May 2015.
Richard Parris, Chairman & Chief Executive of Intercede, said:
"We continue to execute our strategy of attacking multiple markets within the broader spectrum of identity and credential management. The more mature market is where our MyID product has entrenched itself as the industry standard, based on a high margin and strongly cash generative business model. This in turn provides the financial stability to invest in the second strand of our strategy, which is to use our technical knowledge and industry network to exploit newer opportunities based on the convergence of mobile data, cybersecurity and the Internet of Things. While we must be mindful of the fact that because they are new, the timing of the conversion of these opportunities into committed orders is harder to predict, we are increasingly confident that the success we have enjoyed in delivering the first part of our strategy will be replicated."
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
Joanna Weaving, Corporate Broking
Bell Pottinger Tel. +44 (0)7802 442486
Archie Berens
About Intercede
Intercede is a software and service company specialising 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 MyID software is an identity and credential management system that enables organisations to create and assign trusted digital identities to employees, citizens and machines and in turn allows secure access to services, facilities, information and networks. MyID adheres to international standards, while remaining simple enough to be deployed onto consumer devices such as smartphones, tablets and other devices in the Internet of Things.
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. The cloud-based service provides a cost-effective and convenient way for developers and corporations to protect their apps and users' sensitive data.
For more information visit: www.intercede.com
INTERCEDE GROUP plc
('Intercede', 'the Company' or 'the Group')
Interim Results for the Six Months Ended 30 September 2015
Chairman's Statement
Introduction
Intercede has enjoyed a successful first half of the current financial year. We have grown revenues and maintained a strong financial position, whilst also making good progress in the newer markets where we believe there is significant scope for our latest suite of products to secure a leading position.
The Group's short to medium term financial target is to deliver accelerated revenue growth by investing in people and resources to take advantage of the opportunities provided by the impact of smart phones and global cybersecurity concerns. This strategic investment has been funded organically to date.
Financial Results
As previously stated, Intercede has achieved strong revenue growth during the first half of the financial year. This is in line with market expectations and reflects continued progress with existing customers and a number of new contract wins.
Revenues in the period totaled GBP5,547,000, a 37% increase compared to GBP4,045,000 in the corresponding period last year. Existing and new products have gained traction in target markets with significant revenues expected in future periods.
Planned investment in additional resources as outlined above has resulted in a 16% increase in operating expenses from GBP4,868,000 to GBP5,670,000. The combined effect of increased revenues and planned investment has resulted in a substantial reduction in operating losses from GBP1,119,000 to GBP447,000.
Staff costs continue to represent the main area of expense, representing 78% of total operating costs (2014: 77%). Intercede had 125 employees and contractors as at 30 September 2015 (30 September 2014: 116). The average number of employees and contractors during the period increased from 110 to 121 year on year.
A GBP912,000 taxation credit for the period (2014: GBP383,000 taxation credit) primarily reflects cash received following the 2015 Research & Development ("R&D") claim as a result of the investment activities outlined above. The Group is a beneficiary of the UK Government's efforts to encourage innovation by allowing 125% of qualifying R&D expenditure to be offset against taxable profits and allowing 14.5% (2014: 11.0%) of the lower of R&D losses or taxable losses to be paid as tax credits.
A profit for the period of GBP480,000 (2014: loss of GBP705,000) resulted in a basic earnings per share of 1.0p and a fully diluted earnings per share of 0.9p (2014: basic and fully diluted loss per share 1.4p).
The Group has no debt and continues to fund its growth through existing cash resources. Cash balances as at 30 September 2015 totaled GBP5,767,000 compared to GBP5,895,000 as at 31 March 2015 and GBP6,301,000 as at 30 September 2014.
Operational Highlights
This has been a very busy period in terms of product development and customer engagement. The following additional contract wins were added to the order book during the period, all of which will contribute to revenues in the current financial year and beyond:
-- Enterprise-wide contract with one of the largest US healthcare corporations. -- Mobile Derived Credential solution sold to a major US Federal Agency. -- New agreement with a US West Coast bank. -- First sale following the announcement of the Partner Agreement with Citrix on 13 May 2015.
Strategy and Outlook
Intercede's strategy is to grow its digital trust service and software business from a core of existing high value reference customers to a much broader range of industry sectors and customer size.
Intercede plans to achieve this by continuing to generate revenues in its historically strong markets and to reinvest in the significantly higher growth opportunity that is anticipated in the Cloud-enabled, application service centric, mobile and Internet of Things markets. For example, in the next few weeks Intercede will announce details of a new business unit to be headquartered in California. This new team will focus on creating disruptive opportunities by exploiting the value of digital trust in both the consumer and general enterprise markets.
Intercede has already developed much of the required core technology, such as the MyID and MyTAM platforms. The strategic focus is now moving to packaging Intercede's portfolio of IP assets into new combinations to provide innovative solutions to some of the most intractable challenges of the digital economy. In doing so there is the potential for a step change in revenue and strategic value. To deliver this Intercede has streamlined its development processes, enlarged its sales team, expanded its geographical footprint and invested in new business development functions.
We believe the upside of success is huge. For example, trusted applications on mobile devices will increase convenience, privacy and security for everyday consumer and business applications and, by 2020, the Internet of Things market is estimated to be in excess of 50 billion devices with each 'thing' needing to validate the trustworthiness of its peers across a network. Each point of trust is an opportunity for Intercede to provide an enabling service.
Our expectations are for accelerating year on year growth. In the longer term it has become clear that Intercede is exceptionally well placed to capitalise on the market for digital trust services.
Richard Parris
Chairman & Chief Executive
(MORE TO FOLLOW) Dow Jones Newswires
November 03, 2015 02:00 ET (07:00 GMT)
3 November 2015
Hot Features
Premium
Consolidated Statement of
Comprehensive Income
For the period ended 30 September
2015
6 months 6 months
ended ended Year ended
30 September 30 September 31 March
2015 2014 2015
GBP'000 GBP'000 GBP'000
Continuing operations
Revenue 5,547 4,045 8,819
Cost of sales (324) (296) (344)
__________ __________ __________
Gross profit 5,223 3,749 8,475
Operating expenses (5,670) (4,868) (10,215)
__________ __________ __________
Operating loss (447) (1,119) (1,740)
Finance income 15 31 68
__________ __________ __________
Loss before tax (432) (1,088) (1,672)
Taxation 912 383 363
__________ __________ __________
Profit/(loss) for the period 480 (705) (1,309)
__________ __________ __________
Total comprehensive income/(expense)
attributable to owners of
the parent company 480 (705) (1,309)
__________ __________ __________
Earnings/(loss) per share
(pence)
- basic 1.0p (1.4)p (2.7)p
- diluted 0.9p (1.4)p (2.7)p
__________ __________ __________
Consolidated Balance Sheet
As at 30 September 2015
As at As at As at
30 September 30 September 31 March
2015 2014 2015
GBP'000 GBP'000 GBP'000
Non-current assets
Property, plant and equipment 835 786 853
__________ __________ __________
Current assets
Trade and other receivables 1,812 1,744 1,074
Cash and cash equivalents 5,767 6,301 5,895
__________ __________ __________
7,579 8,045 6,969
__________ __________ __________
Total assets 8,414 8,831 7,822
__________ __________ __________
Equity
Share capital 487 487 487
Share premium account 232 232 232
Other reserves 1,508 1,508 1,508
Retained earnings 2,453 3,010 2,257
__________ __________ __________
Total equity attributable
to owners of the parent company 4,680 5,237 4,484
__________ __________ __________
Non-current liabilities
Deferred revenue 210 48 229
__________ __________ __________
Current liabilities
Trade and other payables 1,109 1,396 1,126
Deferred revenue 2,415 2,150 1,983
__________ __________ __________
3,524 3,546 3,109
__________ __________ __________
Total liabilities 3,734 3,594 3,338
__________ __________ __________
Total equity and liabilities 8,414 8,831 7,822
__________ __________ __________
Consolidated Statement
of Changes in Equity
For the period ended
30 September 2015
Share Share Other Retained
capital premium reserves earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 April 2015 487 232 1,508 2,257 4,484
Purchase of own shares - - - (488) (488)
Employee share option
plan charge - - - 57 57
Employee share incentive
plan charge - - - 147 147
Profit for the period
and total comprehensive
income - - - 480 480
________ ________ ________ ________ _______
At 30 September 2015 487 232 1,508 2,453 4,680
________ ________ ________ ___________ _______
At 1 April 2014 487 232 1,508 3,972 6,199
Purchase of own shares - - - (379) (379)
Employee share option
plan charge - - - 62 62
Employee share incentive
plan charge - - - 60 60
Loss for the period
and total comprehensive
expense - - - (705) (705)
________ ________ ________ ________ _______
At 30 September 2014 487 232 1,508 3,010 5,237
________ ________ ________ ___________ _______
At 1 April 2014 487 232 1,508 3,972 6,199
Purchase of own shares - - - (688) (688)
Employee share option
plan charge - - - 118 118
Employee share incentive
plan charge - - - 164 164
Loss for the year and
total comprehensive
expense - - - (1,309) (1,309)
________ ________ ________ ________ _______
At 31 March 2015 487 232 1,508 2,257 4,484
________ ________ ________ ___________ _______
Consolidated Cash Flow Statement
For the period ended 30 September
2015
6 months 6 months
ended 30 ended 30 Year ended
September September 31 March
2015 2014 2015
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Operating loss (447) (1,119) (1,740)
Depreciation 89 72 153
Employee share option plan
charge 57 62 118
Employee share incentive
plan charge 147 60 164
(Increase)/decrease in trade
and other receivables (742) 41 709
(Decrease) in trade and other
payables (17) (323) (593)
Increase in deferred revenue 413 327 341
Interest received 19 31 70
__________ __________ __________
Cash used in operations (481) (849) (778)
Taxation 912 383 363
__________ __________ __________
Net cash generated from/(used
in) operating activities 431 (466) (415)
__________ __________ __________
Investing activities
Purchases of property, plant
and equipment (71) (101) (249)
__________ __________ __________
Cash used in investing activities (71) (101) (249)
__________ __________ __________
Financing activities
Purchase of own shares (488) (379) (688)
__________ __________ __________
Cash used in financing activities (488) (379) (688)
__________ __________ __________
Net decrease in cash and
cash equivalents (128) (946) (1,352)
Cash and cash equivalents
at the beginning of the period 5,895 7,247 7,247
__________ __________ __________
Cash and cash equivalents
at the end of the period 5,767 6,301 5,895
__________ __________ __________
Notes to the Consolidated Accounts
For the period ended 30 September 2015
1 Preparation of the interim financial statements
(MORE TO FOLLOW) Dow Jones Newswires
November 03, 2015 02:00 ET (07:00 GMT)
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