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Date: Friday 22 Aug 2008

LONDON (ShareCast) - Bid target nCipher tipped into the red in the first half of 2008 as operational costs grew sharply, in line with the company’s three year plan to improve and scale-up all aspects of its business.

Order intake in the period rose 24% to £14.4m from £11.6m in the first half of 2007, while revenue grew by 2% to £12.3m from £12.1m.

The encryption software specialist said loss before tax was £1.6m, versus a profit of £2m a year earlier. Cash and cash equivalents dipped to £6.4m from £7.3m at the end of 2007.

Gross margins eased slightly to 84.9%, compared with 85.1% in the first half of last year, as the proportion of income from the lower margin Professional Services business increased.

The board believes the business is performing well and trading in line with expectations. It continues to recommend acceptance of the 300p per share cash offer from Thales UK.

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