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nCipher warns of bleak outlook
Europe looks particularly dicey...

By Sonya Rabbitte

Published: Tuesday 20 November 2001

Security software firm nCipher is remaining downbeat about its prospects after reporting a 17 per cent drop in third quarter sales.

Third quarter sales fell from £3.3m in 2000 to £3m. However, sales for the first nine months were £11.1m - up from £9m for the first nine months of 2000. Pre-tax losses for the quarter jumped to £1.2m compared with a loss of £949,000 in Q3 2000.

Shares in nCipher dropped just 0.98 per cent after opening, to trade at £1.02, buoyed by a stable cash balance - the company has £105m in the bank.

Alex Van Someren, CEO of nCipher, warned that the outlook, particularly for Europe, continues to look poor and warned there will be little improvement in fourth quarter results.