27 November 2017

RESULTS: Intercede - Interim Results - 27th November 2017

Intercede has released its Interim Results for the six months ended 30 September 2017.

Highlights include:

- Revenues increased by 29% to £3.7m, primarily due to new contract wins; the most notable including MyID license sales to (i) a major US Aerospace & Defence contractor; (ii) the UK Defence Industry, (iii) the largest US military shipbuilding company; and (iv) one of the world’s largest diversified natural resource companies;
- Operating expenses marginally increased to £6.7m (2016: £6.4m), reflecting increased investment in sales and marketing. Its operating loss reduced by 16% to £3.1m;
- Loss for the period fell by 23% to £2.1m, resulting in a basic loss per share of 4.3p (2016: 5.7p);
- Launch of a cloud-based version of MyID including variants designed to secure employee authentication and consumer facing applications and websites;
- New Sales team in place by the period end following the appointment of Helen Adams as Chief Sales Officer.

Richard Parris, Chairman & Chief Executive of Intercede, said: “I am pleased with the progress that Intercede has made in the first half of the current year. The Group has secured important contract extensions and new client wins within its core market. It has successfully brought important evolutions of the core product to address previously unexploited, high volume markets and, critically, the Group has recruited exceptional staff who are expected to generate significant future revenues from these developments.