IndigoVision sees better times ahead after '˜difficult' year

Commuters in Bogota, Colombia. IndigoVision is involved in 'safe city' projects across the South American country. Picture: AP Photo/Ricardo Mazalan

Video security specialist IndigoVision today said it expects to deliver an improved performance this year after falling into the red in 2015.

The Edinburgh-based firm posted an operating loss of $740,000 (£680,000) for the 12 months to the end of December, against a $4.3 million profit for the previous 17-month period.

However, chief executive Marcus Kneen said the Aim-quoted company returned to profit in the second half of the year and it had made a “better start” to 2016 having won a number of large contracts, including “safe city” projects in Colombia, Peru, Saudi Arabia, South Africa and the UK.

Kneen added: “2015 was a difficult year overall but action was taken during the first half when it became clear that markets were soft and pricing more competitive. As a result, IndigoVision returned to profit in the second half.

“Management in the regions has been strengthened; product strategy has been adjusted to reflect changed market conditions and we have had a better start to 2016. We therefore currently expect that 2016 will see improvements over last year.”