Intercede Share Discussion Threads

[igoe104] 07/6/2011 11:08

im with aphro on this one.

total lack of excitement in these results, nothing new that we know about, and no divi.

[yump] 07/6/2011 09:23

I don't think profitability is necessarily affected. It depends entirely on the timing of revenue in relation to expenditure. Hopefully they know their market well enough by now to not increase headcount dramatically without secure and significant contract revenue flow signed up. I certainly wouldn't want to see them responding to "increase your resources and we'll think about increasing our contract level" type negotiations by larger customers. Especially as IGP should have significant leverage from their leading position.

So the cash is important to fund working capital in the gap between expenditure and revenue flow.

Maybe the mention of cash implies capex anyway ?

(Aside from that a p/e of 20 seems pretty modest for the prospects)

[wjccghcc] 07/6/2011 09:00

It means their market is expanding exponentially and they're going to increase investment to take advantage of it.

Currently MyID is used primarily to manage the lifecycle of ID's on smart cards. However, it is really a platform to manage ID's over any products e.g. smart cards, tokens, e-ID's etc.. It already does this with Swisscom.

Their existing corporate customers such as Lockheed, Boeing want them to expand the platform to manage the ID assurance of their employees beyond the existing logical/physical access on their existing premises to mobile, tablet, third-party access points from anywhere. Hence the partnership with Microsoft.

The US and UK governments want them to provide the technology for ID Service providers who will provide ID assurance to citizens for any access to governmental cyber services. Where the UK and US lead, the rest of the world will follow.

In order to take advantage of this, they have to increase their headcount considerably.

In the meantime existing business will continue to grow as the increasing bids for national ID programs demonstrates.

If they succeed in leading the ID assurance space as they have for smart cards, then you're looking at a company with a market cap a multiple of today. The short-term cost for this is increased expenditure and probably static profitability for a couple of years.

Of course, assuming Microsoft doesn't buy them...

[felix99] 07/6/2011 08:42

"We also need to secure the requisite levels of scalability within our organisational structure to meet the demands of a growing number of customers".


Translated as our customers increasingly want us to manage mor easpects of their buisness than we do - so need lots of staff but opportunity to further expand our offering and increase profitability. Not sure what the risk and reward on that exercise would be though. If do go for it then that will need hiring and cash I guess.

[fft] 07/6/2011 08:11

interesting set of results. disappointed that profit (pre-exceptionals) was down from last year. But good solid cash generation.

[archa] 06/6/2011 07:16

The article in Shares magazine is somewhat misleading. The £1.5m hit was dealt with in the accounts for the year to 31st March 2010. The article rather implies that this year's results will deliver pre-tax profits of £2 million even after having suffered the £1.5m hit. Not so.

[looby loo] 04/6/2011 13:31

Guys, This week's Shares Mag, front cover main feature is on companies that are fighting cyber crime. For network monitoring, they've picked Endace (EDA) and Corero (CORO). For mobile payments, Monitise (MONI) .......

and for ID Security .......................... guess who? ;o)

You can download a freebie copy here:

[aphrodites] 04/6/2011 08:56

Shanklin

They have their own financial advisors to advise them!!!!!!!!!!!!!!!!!!

[shanklin] 04/6/2011 07:21

Aphrodites

Perhaps you could usefully speak with the IGP FD about this very topic.

[aphrodites] 03/6/2011 20:26

Awilson

Forgive me for being so direct but I know I am right!!!! :0)

Having made markets in the City I am only too aware of the tricks that some have up their sleeves.

And it is not always the MM's who play the games.

Any institutional player who understands how the market works can dictate the price moves in a share like IGP. And when working in conjunction with a MM the price can go where they want to take it.

This is why I believe IGP is in play for a take over. But we do need the Board to also understand how they should play their trump cards.

[awilson] 03/6/2011 15:49

Aphro

You may well be correct as I could not buy even 2K on line just now.

[aphrodites] 03/6/2011 12:26

FELIX

Thanks for pointing that out Felix.

Maybe my choice of words re the Plus market was not as clear as I intended.

So many trades are reported through the LSE that Plus takes almost a back seat. I am sure some IBD's report through Plus in the knowledge that trades are not quite so apparent. I for example never monitor the Plus trades because my screen shows me all the LSE trades.

You would think the SE would ensure maximum transparency.

I read that warehousing case! We need a few more fines like that.

Incidentally, today you can only buy 1k IGP online through one of my brokers but they will buy 20k at 78p.

The price is being deliberately manipulated.

[felix99] 03/6/2011 09:28

Concealing the trades on plus - it doesnt happen Aphro. Some brokers report through plus and some through LSE thats all so depends which broker is dealing. TDW for instance clear everything through PLUS wherever they can .

If you want to see warehousing this is the classic

[aphrodites] 03/6/2011 08:09

Hi Igoe

I sensed when I posted one of the deals was probably reported on Plus but I did not have the time to look or to find the link. Thanks for that link I have now noted.

Whenever I see deals through Plus, which is not as widely monitored, I always feel someone is attempting to conceal what is going on in the market.

Thanks also Looby for that update from LCF Research.

With the restricted liquidity in IGP the MM's do not have the same freedom to play their usual games. As I have posted before, any sizable buyer can try and give the impression of a seller in the market by climbing into bed with an IDB and being both sides of the market, selling to the IDB who warehouses it until the end of the day and then buys it back without changing his position. It's an old trick which probably accounts for some of the buys being reported on Plus.

I am still looking at IGP declaring a dividend soon which while it will certainly make it more attractive to institutions will not improve its liquidity in the market as they cannot buy shares in any large volume.

But the big threat is it being taken over by a US company,which at the right price will now be an attractive option for the Board to consider and also the two institutions sitting on their small holdings. While the present team is doing a very good marketing job, to expand further IGP's technology would be far better utilised in a much larger company.

The share price is stuck in a trading range and one cannot see it breaking out of this without it making an acquisition itself or being taken over.

But maybe the forthcoming results will prove me wrong.

[felix99] 02/6/2011 10:58

Thanks for link Igoe. My old ones stopped working and I thought Plus had pulled them unless you were a subscriber or something.

You can get them on ADVFN as well via L3

[igoe104] 02/6/2011 08:56

Them buys have gone in via the plus market aphro.

01/06/2011 15:35 15,000 @ 80.80
31/05/2011 12:08 6,126 @ 81.00
31/05/2011 09:27 5,000 @ 78.60
31/05/2011 09:27 5,000 @ 78.60
31/05/2011 08:26 5,000 @ 78.60
31/05/2011 08:24 5,000 @ 80.00
26/05/2011 15:33 824 @ 81.85


ps its worth keeping the link in your favouites so you can follow trades more closely.

[looby loo] 01/6/2011 20:44

Yes APHRODITES, I sense Intercede is coming onto a few radar screens. The MMers are probably starting to play their games for the run up to results in a few weeks.

Intercede gets a nice little mention in today's weekly update email from LCF Research; which goes out to all their registered users.






Security: we live in a world where the need for improved security is paramount and large companies have spent huge sums on developing new approaches, such as, biometrics, smart cards, facial recognition etc. However, it took a smallcap, Intercede, to recognise that organisations need a tool for helping them to manage the process of awarding a digital identity to individuals. The scale of the task is illustrated by, for example, a leading US defence manufacturer having to deal with 150,000 employees in order to align itself with the US government's Personal Identity Verification standard.

[aphrodites] 01/6/2011 18:32

Interesting games being played in the market today.

My broker has a buyer looking to pick up stock and he told me he bought two amounts today.

He bought 10k at 81p after which a sale of 5k supposedly went through at 79p and the MM dropped the bid side to 77p.

He then bought another 15k at 80.80p which was not reported on the main screen.

There is a distinct smell of the MM's trying to give the impression that there are more sellers than buyers which is clearly not the case.

June could be an interesting month for IGP.

[jackiewilson] 31/5/2011 10:26

thanks WJetc for confirmation of my suspicions and that MyID is likely to be a beneficiary

[wjccghcc] 31/5/2011 10:15

The RSA problems with SecurID tokens are nothing to do with IGP, although MyID can be used to register them. It appears the hackers managed to crack the algorithm the tokens use to generate the codes to allow network logins.

In fact, it will accelerate Lockheed's move to deploy their PIV-C card through MyID to their international offices. Once these are rolled out then they are likely to be used for all network access so that the SecurID tokens will become redundant.

[jackiewilson] 31/5/2011 09:59

A flavour of today's FT article - I note that RSA are an Intercede partner. Anyone with knowlege care to comment on the significance? It reads to me like the problem is related to SecurID tokens which is not really IGP's bit?


Lockheed cyberattack exposes flaws
By Joseph Menn in San Francisco Published: May 31 2011 00:35

snip) Lockheed Martin and US officials confirmed the attack after media reports linked it to a breach in March at RSA, the company that provides tokens authorising computer access by remote users at Lockheed and many other companies and agencies.

Lockheed did not confirm that the raid on its data built on the attack on RSA, but many analysts said that it was likely, because one of Lockheed's first acts had been to disable the remote logins.

(snip)

Please respect FT.com's ts&cs and copyright policy which allow you to: share links; copy content for personal use; & redistribute limited extracts. Email [e-mail] to buy additional rights or use this link to reference the article -

[awilson] 29/5/2011 12:29

This may add somedetail to the story

Hackers target US arms major Lockheed Martin
CNN-IBN

New Delhi: Hackers had reportedly infiltrated the computer networks of America's top defence contractor Lockheed Martin. The security breach was first detected on May 22 and was hushed up. The company immediately moved in to damage control mode and shut down most of its remote access. It's not clear if any sensitive information was stolen or compromised.

However, Lockheed Martin said it had successfully thwarted "a significant and tenacious" attack on its sensitive information systems network.

"Lockheed Martin detected a significant and tenacious attack on its information systems network," the top US defence contractor said in statement.
Hackers target US arms major Lockheed Martin

Lockheed learned of the attack on May 22 and the company's information security team quickly detected the attack and that no customer, programme or employee personal data has been compromised, CNN reported.

It did not elaborate on the nature of the attack.

"Throughout the ongoing investigation, Lockheed Martin has continued to keep the appropriate US government agencies informed of our actions," the statement said.

"The team continues to work around the clock to restore employee access to the network, while maintaining the highest level of security."

The Pentagon said it is working to establish the extent of the breach.

Lt Col April Cunningham, speaking for the US defence department, said the impact on the Pentagon was "minimal and we don't expect any adverse effect".

Bethesda-based Lockheed Martin, which makes fighter jets, ships and other major weapons systems, is one the world's largest aerospace companies.

[pyman] 29/5/2011 09:13

erk : lockheed martin under cyber attack 21 may. Detected almost immediately but still re establishing access for employees. I hope this is not damning for IGP.

[pyman] 27/5/2011 11:07

yup. I m surprised the gov did not step in and sub it all already!