Profits up at Intercede

06/06/14

Intercede has announced its preliminary results for the year ended 31 March 2014, including record sales, a return to profitability, and significant contract wins with major aerospace and defence contractors as well as telcos.

The company says it believes the cyber security market is on the edge of potentially explosive growth and this is providing big opportunities. There is an increasing demand for highly sophisticated forms of trusted identity as the traditional password becomes obsolete, people are using mobile devices more and more to conduct their daily lives, and an increasing number of business services are being conducted online.

Intercede says sales revenue grew 45% from £6.7m to £9.8m. Operating expenses increased from £7.5m to £9.4m reflecting planned investment in infrastructure, technology development and sales capacity. Headcount increased from 80 to 105 and profit for the year was £0.8m compared to a loss of £0.6m in 2013.

Significant contract wins for the company include a large-scale US government security programme, and deals with major US and European aerospace and defence contractors and major North American and German telcos.

Technology developments include the MyID Identity Agent, which enables the delivery of digital identities to the secure element of mobile devices, and the MyID Mobile Identity Software Development Kit, which enables developers to make use of credentials within apps.

“Intercede has achieved many key milestones during the past year, with record sales ahead of expectations and a return to profitability,” says Richard Parris, chairman and chief executive of Intercede. “More importantly, we have continued to strengthen our market position, with significant contract wins in the key government, aerospace and defence, and telecoms sectors. Our customer base now includes four of the top six worldwide aerospace and defence companies and we are also working on a large-scale US government security programme.  These will provide a stable base of revenue, with additional scope to grow as we win similar such contracts.”

“And, as we report a record year for the company, it is the newer cyber security market that is increasingly providing larger opportunities for growth.  The trends we are seeing here suggest the market is on the edge of potentially explosive growth: the traditional password becoming obsolete, the proliferation of mobile devices to conduct more and more daily lifestyle functions and the increasing number of business services being conducted online.  All require highly sophisticated forms of trusted identity – the cornerstone of cyber security – and this is an area in which Intercede is a leading provider.

“With this in mind, we will continue to invest in the necessary corporate infrastructure to provide us with the scale and critical mass to take advantage of these trends.  We are confident that a considered programme of investment is the correct direction for the company to take.  It is against a backdrop of strong revenue growth and a market with the potential to grow exponentially that the board executes its long-term growth strategy and has continued confidence it will create significant shareholder value.”

 

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Profits up at Intercede
Profits up at Intercede

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