IndigoVision back in the black

SHARES in IndigoVision rose by more than 8 per cent yesterday after the Edinburgh technology company reported it had moved back into profit in the first quarter of the year.

In a trading update provided at its AGM, the digital CCTV systems maker also said gross margins had recovered strongly and that tight control of costs had led to lower overheads.

Hamish Grossart, chairman of the company, which makes security systems for airports, casinos and other sites in 84 countries, said it had been an encouraging start to the year.

“There is little sign of easier background conditions but we currently expect that the progress we have made on margins and costs should continue to show through as the year progresses.”

The company said sales in the quarter were similar to levels seen last year. In the second half of last year the company, led by chief executive Oliver Vellacott, incurred losses after a slow-down in growth particularly in North America, Europe, the Middle East and Africa. Shares in the company, which has lost around half of its market value this year, rose by 15p to close at 190p.