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HOME arrow Computing arrow Market decodes discouraging message from nCipher arrow Registration
Market decodes discouraging message from nCipher
Written by Sam Fountain   
Tuesday, 18 March 2008
Image
nShield, the company's dedicated hardware security module for advanced cryptographic security and secure key management
Shares in Encryption and database security technology firm, nCipher have taken a considerable hit after the firm told of a substantial reduction in profits expected for the coming year, despite managing a swing into profit for 2007.

The Cambridge-based firm said that profits earned during the current financial year would be used to fund investment in the company's future, precipitating a 13 per cent drop in its share value.

"Profits in calendar 2008 will be substantially reduced by the investment needed to ensure a strong foundation for scaleable future growth of both sales and profits," said CEO, Geoffrey Finlay.

The company has been doing something right however, as it also posted its results for the full year to December, boasting a £3.4m in pre-tax profits, against a loss of £4.7m last year.

The company's sales have also improved dramatically as it told of £24.2m revenues for the period, up 15 per cent on last year's figure of £21.1m.

"These results, with sales and profits both up significantly, are a testament to the quality of our technology and our people, and are further proof of the benefits of our strategic commitment to invest in maintaining our technological lead," said Finlay.

Despite the warning over profits during 2008, nCipher added that prospects for high-end encryption hardware, the core business of the company, remain strong and continue to provide a solid foundation for future growth.

The company announced a target of doubled sales over the next three years, and said that significant investment would be made over the year to improve all aspects of the business.

"We will invest only in the right mix of products and services - those with the highest potential return on investment - and will have the sales and marketing structure and skills in place to maximise sales," he continued.

The market was less optimistic however, and news of reduced profits in the current troubled climate has seen the company's shares shed over 13 per cent, or 20p of their value to 128p.
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Category: Information Technology

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