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Intercede News
Trading Update for the Full Year
to 31 March 2006
Intercede today provides an update on trading
at the end of its financial year ended 31 March 2006.
Intercede is pleased to report significant progress
over the past year in continuing to strengthen its position in the
identity and smart card management market. This market is relatively
new, but is expected to grow rapidly as a result of the increasing
need for digital identities for employees, citizens and individuals.
It is likely that every citizen, and especially every employee,
in the US and EU will have a digital identity within the next 3
to 5 years. We see this becoming a global trend within the next
10 years.
During the financial year, we have added RSA
Security and VeriSign to our growing OEM partner list. SafeNet has
also become an active OEM partner following its acquisition of Datakey,
a long term Intercede partner. RSA Security, SafeNet and Verisign
are the top three corporate IT security solutions companies in the
world. It is an outstanding achievement for Intercede to have penetrated
the main supply chains which service its target market. The fact
that large, global entities such as these are choosing to partner
with Intercede is a major endorsement for its MyID identity and
smart card management software.
The US Federal Government’s, Homeland Security
Presidential Decision-12, known as HSPD-12, is creating a major
new and specific market opportunity for Intercede’s MyID technology.
This directive stated that smart card identity badges will be issued
to all US Federal Government employees and contractors starting
in October 2006. HSPD-12 is also accelerating the use of smart cards
in the rest of the US market. Through its partner network, Intercede
is in an excellent position to exploit this rapid growth as the
US becomes the largest single market for smart card technology.
It is too early to say with certainty when the contracts to procure
the necessary technology will be awarded. However, Intercede has
developed strong links with a range of partners who will be actively
involved in this process and is therefore well placed to exploit
this market opportunity at its earliest stages.
The outturn for the current year is now expected
to result in revenues that will be slightly lower than previously
expected and a small loss is expected to be incurred. The year end
cash balance will, however, close ahead of target. This is primarily
the result of the accounting treatment of a non-refundable payment
of £0.3m for OEM licences. Although the payment was received
in January 2006, it will nevertheless be taken as revenue in the
financial year ending 31 March 2007.
Intercede expects to announce its full year results
towards the end of May 2006.
About Intercede
Intercede Group plc is a leading developer and supplier of smart
card and identity management software listed on the London Stock
Exchange (IGP LN) (IGP.L). The Group's MyID software manages the
secure registration, issuance and lifecycle of digital identities
for a wide range of uses. This requires the integration of multiple
technologies and products from many different vendors, including
smart cards, biometrics, digital certificates and Open Platform
applets.
Intercede's customers cover a range of industries and include Athena
Smartcard Solutions, Department of Transport Ireland, Fujitsu, Getronics
PinkRoccade, Gemplus, Lloyds TSB, National Health Service (NHS),
Metropolitan Police, Oberthur Card Systems, RSA Security, Royal
Bank of Scotland, SafeNet, Siemens, Thales, Ubizen, VeriSign and
various US and UK Government agencies and departments.
For more information, visit www.intercede.com
Intercede and MyID are registered trademarks or trademarks in the
UK and/or other countries.
Enquiries:
Tel. +44 (0) 1455 558111
Richard Parris - Chairman & Chief Executive
Andrew Walker - Finance Director
Pelham Public Relations
Tel. +44 (0)20 7743 6679
Archie Berens
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