IndigoVision surges on strong first-half results

Marcus Kneen: World Cup sales boost. Picture: Stewart Attwood
Marcus Kneen: World Cup sales boost. Picture: Stewart Attwood
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CCTV specialist IndigoVision watched its shares soar by almost 15 per cent today after the Edinburgh-based firm revealed its half-year profits had swelled by a third.

Chief executive Marcus Kneen said sales of the Edinburgh-based firm’s cameras grew 28 per cent as it benefited from a string of contract wins, including deals to supply the 2014 World Cup in Brazil and the country’s São Paulo International Airport.

He added: “The positive progress in these results reflects the extensive changes made over the past two years to IndigoVision’s product range. Sales of our camera range were very encouraging and resulted in a strong financial performance. We have had a solid start to the second six months and the rate of order intake remains well ahead of last year.”

Operating profits rose to £1.23 million for the six months to the end of January, from £926,000 a year earlier, on revenues 14 per cent higher at £18.4m.

Although sales grew by 23 per cent in many of its key regions, Canada’s takings suffered in comparison with last year’s “very strong” first-half performance.

Shares in the Aim-quoted company ended the day up 53.5p at 411p.

Investors will receive an interim dividend of 6p a share on 17 April, an increase of 9 per cent on a year ago.