Intercede Share Discussion Threads

[carly2] 08/4/2010 07:58

How interesting that the price starts falling just a few days before this announcement...someone knew something!!
Anyway, lets hope for better things to come with the lawsuit out of the way.
All the best

[wjccghcc] 08/4/2010 07:56

With 1.9mm op profit, no interest charges, then assuming a full tax rate, it looks like PBT will be just under 1.5mm so they've missed the forecast by 100k. Given the distraction of the litigation on management and on the client base, that's pretty good going IMHO. Puts them on a historic PE of 12-13 with everything to play for.

[outsider] 08/4/2010 07:50

its the future thats important now and management will now concentrate (after the legal stuff consuming much time) at what they are very good at.

[felix99] 08/4/2010 07:46

1.9m was op profit not PBT I think they are saying - however looking at last year operating profit is everything barring exceptional and interest charges - so virtually the same. so if in exces sof last year PBT still a good result although will be wiped out by legal costs -done and dusted now though

[outsider] 08/4/2010 07:44

this is looking cheap to me with the setback in price, the 103% rise the previous year has been added to, and I suspect in the future a similar lumpy jump will occur

[fft] 08/4/2010 07:39

I cant see an updated Finncap forecast since 7th August 2009 !

Forecast was Pretax profit of 1.6m and eps of 3.3p and no dividend.

So, they must have updated since, as IGP have indicated the profit will be north of 1.9m.

[fft] 08/4/2010 07:35

And, given the cash being thrown off, no reason why we shouldnt get a dividend. Somewhere between 1 and 2p would seem appropriate (cash terms 400k to 800k).

That would help get on board people and institutions who only invest in companies that issue dividends

[outsider] 08/4/2010 07:32

what was the profit forecast felix?

[felix99] 08/4/2010 07:30

Think there is a bit of talking down here. Only forecast I can see is FINN at 6.8m sales. So sales at £6.3m is not much of a miss in a lumpy contracts market like IGP.

Happy to hold b ut I guess we now know why this didnt; fly after the legal settlement

[fft] 08/4/2010 07:14

so, we are expecting about 2m for the year (pre-exceptionals), which is a p/e of 10 in a business that is growing strongly, has no debt (indeed - a load of cash), and throws off cash as it generates profits.

Wouldnt be surprised if some larger security companies arent casting an eye over this now that the litigation has finished.

[outsider] 08/4/2010 07:05

8 April 2010

Intercede Group plc

("Intercede")



Trading Update for the Full Year to 31 March 2010



We are pleased to report that Intercede is continuing to experience growth in sales revenues, pre-exceptional operating profit and cash.



Revenues for the year ended 31 March 2010 are expected to be approximately 10% ahead of the previous year's reported revenues of £5.7m. This is a strong performance in a difficult economic market. However, with sales slightly below expectations and having maintained our planned investment for the growth of the business, the pre-exceptional operating profit for the year (2009: £1.9m) will be ahead of last year but lower than market expectations.



Cash balances at 31 March 2010 total £4.7m which compares to £3.7m at 31 March 2009.



As previously announced, the US and UK patent litigations involving ActivIdentity were settled on 23 March 2010. The exceptional charge to the current financial year for all of the legal fees and associated costs relating to this case is expected to be in the region of £1.5m. No further legal costs are expected to arise and, as previously advised, it is not anticipated that the patent license agreement included within the settlement will have a material impact on Intercede's current or future earnings.



Intercede Chairman and Chief Executive Richard Parris said:



"I am pleased to report an improved trading performance against a backdrop of the increasing adoption of our technology by national governments, managed service providers and large enterprise customers. Our increasing market penetration has not only provided financial returns in the current period but is also creating annuity revenue streams for the future."



Intercede expects to announce its full year results for the year ended 31 March 2010 by mid June 2010.

[machiavellianindian] 07/4/2010 12:28

psis this is isis or the south african... ignore the african... focus on isis :-

[awilson] 07/4/2010 12:27

This time last year (April 2) there was a trading update for
the financial year end March. Surely there should be one in the very near future.

[iicb] 03/4/2010 21:05

Sorry, ignore that, it was an old article from 2009.

Cheers,
iiCB

[iicb] 03/4/2010 21:00

Apparently, IGP got a mention in the IC this week with a buy recommendation, but I don't subscribe and haven't got to WH Smith yet, so if anyone sees it, would appreciate a posting here.

Cheers,
iiCB

[igoe104] 30/3/2010 12:09

NICE bit of work gmoney.

ive been doing some home-work as-well, and ive only just realised it looks like we have a contract with oracle.



if you read the rns it says Smart card management solution involving integration with SUN Identity Manager.

google (sun identity manager, and oracle comes up.)



This new win is a long term project that will not make a material contribution to current year financial performance. However, (it is a strategic new customer that represents significant future value.) sounds good to me.

[237gmoney] 29/3/2010 12:34

I notice Gemalto issued their results a few weeks back and did pretty well.

This snippet from their annual report indirectly includes IGP with the Kuwait ID card project.

"We reached several eID milestones in 2009, with particular activity in the Gulf region. In January, we announced delivery of another batch of one million eID cards, plus related services, to the Kingdom of Bahrain. The high-end cards combine built-in biometrics and contactless technologies. They can also be used as travel documents in the Gulf Cooperation Council (GCC) countries.
In March 2009 we concluded a deal to continue supplying eID to the Kingdom of Saudi Arabia for three years. In April, we issued the one millionth Gemalto eID in the United Arab Emirates.

In June, Kuwait deployed its own eID card program using Gemalto technology, again with a million-strong order for multi-application cards for citizens, and two million more for foreign residents.

Gemalto continued to break new ground in 2009. The ePurse functionality in the eID cards we supplied to Oman was 'post-activated' in July, allowing users to pay administrative fees for certificates, registrations, licenses and visa applications – as well as topping up cellphones and shopping in many stores. This is the first time on-card functionality has been activated post-deployment. The application uses Gemalto's turnkey Coesys ePurse solution.

In Europe, Lithuania's Ministry of Interior commissioned Gemalto to deliver 900,000 Sealys laser-secured cards for the country's national eID program. Portugal became one of the first countries to fulfill the EU requirement for an electronic European Residence Permit (eERP) from 2010. Gemalto will deliver 150,000 cards per year over the next three years and has also supplied INCM, the country's mint, with its Coesys Issuance personalization solution.

In July, Gemalto worked with Australia's Placard Pty Ltd to provide several million Sealys electronic driver licenses to the Department of Transport and Main Roads in Queensland. And in May, Gabon's national healthcare body chose Gemalto to run its new eHealthcare project, supplying a solution including cards, personalization services and an ID verification system."

[felix99] 29/3/2010 11:31

suspect there might have been long term sellers who were locked in. Now case is sorted they can sell as will be some buyers around who previously may have held off.

Best buy and Hurry whilst stocks last !

[interceptor2] 29/3/2010 11:28

Was the 40k a sell or a buy it's hard to tell, unless you can see on level 2 which I can't.

[237gmoney] 29/3/2010 10:21

Another 40k sell today? I thought the settlement of the case was a positive but I guess others think differently....

[igoe104] 29/3/2010 09:53

Another big id card data-base project starting soon.

[igoe104] 26/3/2010 14:40

Lots of projects for igp to get involved in the states.



ps 50K sell today also.

[boadicea] 26/3/2010 14:05

fft - You've probably got the patent settlement about right, imho - i.e. not treading on each other's toes.

A swap/cross-licensing of (relevant) patents with a small balancing settlement where appropriate sort of thing. This could put both of them in a stronger joint position to ward off others.
I am left wondering whether the latest Actividentity news (piv 1 program) could possibly have been subject to potential ip challenge by IGP and been used as a bargaining counter.

Another thought - It all ended surprisingly quietly.... but then there would be absolutely no point in Actividentity proceeding with costly litigation against IGP if they had an intention of acquiring them. (I am only thinking aloud.)

[fft] 26/3/2010 12:36

doesnt, for once, appear to be any shortage of stock. online dealing for 20k blocks inside spread very easy.

re. above, why do you think 44.5p would be a sell ? you can buy 20k for less than that !

added on edit. that 50k at 42.5 is a sell ! and is why stock has been easy to pick up. Suspect there is more for sale.

[237gmoney] 26/3/2010 12:36

And another trade today of 25,000 at 44p someone keeps on selling. how much more do they need to sell?