IndigoVision boosted by sporting events
A SUMMER of sport helped IndigoVision increase sales during the year to the end of July, but rising costs and adverse exchange rates curbed the corresponding boost to profits.
In its trading update for the fourth quarter, the video security specialist said year-end revenues would exceed £37 million, an increase of more than 15 per cent on the previous 12 months.
Chief executive Marcus Kneen said growth was coming both from one-off projects like the World Cup in Brazil and Glasgow’s Commonwealth Games, as well as ongoing work in markets such as the Middle East.
“We are getting it across the business,” Kneen said. “The US and Canada have seen good growth, and the UK is doing good as well – but there is no part of the business that dominates the others.”
Headquartered in Edinburgh, where about half of its 180 employees work, IndigoVision has staff in 23 countries selling its intelligent video security systems. These are used in casinos, airports and other high-demand settings.
Operating profits for the year will be about £2.4m, up 17 per cent on the previous 12 months. Had it not been for the rising strength of sterling against the US dollar, operating profits would have increased by some 50 per cent.
IndigoVision also said that its overhead costs were up by approximately 15 per cent as it continued to expand its global sales and distribution network.
Shares in the company closed 2 per cent lower yesterday, down 10p to 490p. Full-year results are due to be published on 17 September.