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Intercede Group First Half Revenue Jumps After New Contract Wins

LONDON (Alliance News) - Intercede Group PLC saw revenue rise significantly for the first half ...

Alliance News 5 October, 2017 | 9:36AM
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LONDON (Alliance News) - Intercede Group PLC saw revenue rise significantly for the first half of the financial year after a number of new customer wins.

Revenue for the half, which ended September 30, increased by approximately 30% to over GBP3.6 million from GBP2.8 million, driven by the winning of new contracts.

Intercede, an identity software specialist, said these include MyID licence sales to the largest US military shipbuilding company, a major US aerospace and defence contractor, and one the world's largest diversified natural gas resource firms.

MyID is a cloud based service allowing business of all sizes to eliminate user passwords by issuing "strong" identity credentials to staff members using "government-style" cyber security.

As of September 30, the company's cash balances totalled GBP4.8 million, up from GBP1.4 million at the start of the half, with the company raising GBP4.6 million net from the issue of convertible loan notes and new equity in before the period in January with a further GBP500,000 from the same CLN instruments in August.

During the period, Intercede said it has continued the development of its applications for its identity software, including the launch of MyID for employees.

Chairman and Chief Executive Officer Richard Parris said: "The last six months have been a positive period for Intercede. Progress has been made in our existing core market within government agencies and large enterprises."

"Enabled by our enlarged sales team, we have strengthened our European sales pipeline to diversify away from our heavy dependency on the US government centric market. We have also made significant future-facing business development advances with multiple major IT and cloud service providers," Parris said.

He added: "These partnerships are expected to be pivotal to Intercede's channel based go-to-market strategy and are evidence of our ongoing leadership in powering digital trust solutions. This gives the board confidence that we will experience a strong second half to the financial year, notwithstanding likely budget difficulties in our traditionally large US government customer base."

Intercede shares were down 5.2% Thursday at 55.00 pence.

By George Collard; georgecollard@alliancenews.com

Copyright 2017 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Intercede Group PLC 34.00 GBX -4.23 -

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Alliance News

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