Intercede turns to a half year loss

Security software provider Intercede has turned to a loss for the half year ended September 30th, which the firm blamed on the implementation of its strategic investment programme to accelerate the growth of the business.

Security software provider Intercede has turned to a loss for the half year ended September 30th, which the firm blamed on the implementation of its strategic investment programme to accelerate the growth of the business.

On revenues of £3.51m (2011: £3.53m) the firm delivered a loss of £0.84m, compared to a profit of £0.7m the same period the previous year. Earnings per share fell from 1.4p to a loss of 0.2p.

Admin expenses suffered a significant rise, from £2.8m to £3.7m year-on-year, with staff costs continuing to represent the main area of expense, totalling 72% of the total operating costs during the period (2011: 79%).

Richard Parris, Chairman and Chief Executive of Intercede, said today: "We have continued to make good commercial progress in challenging markets while resolutely laying the ground for our future strategic development.

"As governments and corporations become increasingly aware that identity assurance is a critical cornerstone of cyber security, the need for Intercede's MyID software platform is becoming more widely recognised. To exploit this opportunity we have made excellent progress in developing a number of new solutions and partnerships that we expect to announce in the coming months.

"We are confident and committed to our investment plan in support of Intercede's 2020 vision for high growth in the medium to long term. In the short term shareholders should be comforted that, in spite of a period of increased investment, our cash position is stronger than ever."

Looking forward the company is looking to increase sales and marketing efforts in promoting its key 'MyID' product and to extend product development in areas such as mobile devices and integration with the newly released Microsoft Windows 8.

The group was able to boost cash levels to £7.2m compared to £6.97m at the end of March and £6.56m at the end of September. "Shareholders should be comforted that, in spite of a period of increased investment, our financial position is stronger than ever," the firm assured.

The share price fell 3.5% to 69p by 12:35.

NR

Recommended

The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
2 Feb 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
23 Jan 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023
Investing trends to watch out for in 2023: what analysts say
Investment strategy

Investing trends to watch out for in 2023: what analysts say

What are sensible strategies for high inflationary times? We ask analysts to find out.
22 Dec 2022

Most Popular

When will interest rates go up?
UK Economy

When will interest rates go up?

Interest rates are now at 4%, and they could rise further in the months ahead.
3 Feb 2023
NS&I brings back one-year fixed bonds with highest rates since 2010
Personal finance

NS&I brings back one-year fixed bonds with highest rates since 2010

NS&I’s one-year fixed bonds are back on sale after being pulled off the market in 2019 - but is the rate any good?
1 Feb 2023
Covid-19 vaccines helped these stocks take off, but what’s next for these companies?
Investments

Covid-19 vaccines helped these stocks take off, but what’s next for these companies?

Dominic Frisby explores how the top vaccine stocks are doing as booster take-up remains at a low
2 Feb 2023