London, UK (PRWEB) December 9, 2008
Intercede (LON: IGP.L) is a leading developer of identity and Credential Management software, called MyID, which manages the secure registration, issuance and life cycle of digital identities for a wide range of uses.
28% increase in sales to £1,981,000 (2007: £1,546,000)
Excluding impact of one-off advance payment in September 2007, underlying sales increased by 90% over a 12 month cycle
Gross margin 99% (2007: 99%)
Operating profit of £268,000 (2007: £90,000)
Profit before tax of £222,000 (2007: £45,000)
Cash inflow before financing of £606,000 (2007: £244,000)
Cash balances of £1,839,000 at 30 September 2008 (30 September 2007: £1,575,000)
Continued good progress in US Federal Government market: 200,000 licenses now sold, demonstrating successful ongoing penetration of the large and growing PIV market
Significant sub-contract with Lockheed Martin valued in excess of $1m
Participation in two National Identity contracts with an aggregate current year revenue potential of $1.8m
Richard Parris, Chairman & Chief Executive of Intercede, said today, "Our performance during this period is the best ever. As a result we are firmly on track to achieve full year profitability. Significant interest in our MyID security solution by both the public and private sectors has resulted in strong sales growth throughout the world. Importantly, we are not seeing our business activity adversely affected by economic conditions. We are very excited about the size and scope of contracts we are working on and we are looking forward to making further progress on all fronts."
Intercede is the producer of the MyID® Identity and Credential Management System (IDCMS). Intercede's MyID is the only IDCMS software product that enables organizations to easily and securely manage the identities of people and their associated identity credentials within a single, integrated, workflow driven platform. This includes enabling and managing: secure registration, biometric capture, application vetting and approval through to smart card personalization, issuance and lifecycle management.
Intercede's MyID is being used around the world by large corporations, governments and banks to manage millions of identities for employees, citizens and customers. Notable deployments include 10 US Federal Agencies, the US Transportation Worker Identity Credential (TWIC) and two major US financial institutions. In Europe and the Middle East, Intercede's MyID is being deployed in support of government identity, health and corporate employee ID security projects.
For more details visit http://www.intercede.com
Intercede Group plc
Tel.+44 (0)1455 558111
Richard Parris, Chairman & Chief Executive
Andrew Walker, Finance Director
Pelham Public Relations
Tel.+44 (0)20 7743 6679
KBC Peel Hunt
Tel.+44 (0)20 7418 8900