14th Feb 2008 07:00
Intercede Group PLC14 February 2008 14 FEBRUARY 2008 INTERCEDE GROUP PLC ("Intercede" or the "Company") Trading Update Intercede, one of the world's leading developers and suppliers of smart card andidentity management software, is pleased to report excellent progress in thefirst part of 2008. Since 11 December 2007, when the Company reported its interim results for the 6months ended 30 September, a number of new contracts have been won, and progresshas also been made on several projects in which Intercede's MyID technology hasbeen selected. These are set out below: New Contracts: 1. Intercede has won a contract via an established partner for a leading German manufacturing company involving up to 80,000 users. 2. The Company has received notification of an award of a large UK Government related project that has the potential to use more than 1m MyID licences over a 3 year period. 3. Intercede delivered the first 10,000 MyID PIV licences to a new VeriSign Federal Government customer (as announced in Intercede's 2007 Interim Report) along with a contract to supply dedicated professional service support over an extended period. A further 90,000 licences are planned for delivery over the next 12 months. 4. An Intercede partner has been notified of its selection by a European (non-UK) telecommunications provider for a high volume health care project. Project Updates: 1. A major US banking customer has completed a successful pilot involving the use of MyID to deploy physical access control cards to staff in 12 bank branches. This is a significant testament to the use of MyID to power the convergence of physical and logical access control in an enterprise environment. With the achievement of this important milestone, the deployment of more than 100,000 smartcards to bank employees can begin, the immediate target being to issue cards to staff and contractors across a further 600 bank branches. 2. A major US defense contractor has recently completed an Operational Readiness Review for the deployment of a MyID powered, converged physical and logical employee smart badge. This is expected to lead on to a rollout to more than 200,000 employees, commencing within the next 6 months. 3. The US Transport Worker Identity Card system, powered by MyID, has now been used to enrol more than 50,000 port workers and mariners at more than 50 ports across the US. With a targeted issuance of more than 1 million TWIC cards by the end of 2008, it is increasingly likely that additional MyID licences to power TWIC will be procured during the next financial year. The delivery of all the above projects is scheduled to take place in the coming12 months. Although it is not possible at this time to forecast their impact onthe current year's revenue performance, the Company currently believes thatthere will be an increase in reported revenues compared to the year ended 31March 2007. Further statements will be issued as progress is made. In the longer term, Intercede remains confident of the growth opportunities thatexist in the security market. Intercede calculates that the combined value ofthe projects outlined above and other existing projects is several times itscurrent annual revenue run rate. This does not include any further contractsthat Intercede are likely to win in the future, which gives the Directorsconsiderable grounds for optimism. ENQUIRIES Intercede Group plc Tel.+44 (0)1455 558111Richard Parris, Chairman & Chief ExecutiveAndrew Walker, Finance Director Pelham Public RelationsArchie Berens Tel.+44 (0)20 7743 6679 KBC Peel HuntRichard Kauffer Tel.+44 (0)20 7418 8900 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Intercede