IndigoVision says outlook is positive as sales grow
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The Edinburgh-based firm said that, during the four months to April, software licence and camera volumes had shown “strong” year-on-year growth of 28 per cent and 10 per cent respectively, following a quiet start to the year.
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Hide AdWhile average camera prices have stabilised, having declined throughout 2016, IndigoVision – led by chief executive Marcus Kneen – said pricing pressure on software meant that the additional volumes had yielded “modest” growth in overall revenues.
Revenues grew more than 10 per cent in Africa, Europe, Latin America and the Middle East, but the firm told investors that sales in North America had been “well below potential”. To address this, the Aim-quoted company has restructured its US sales team, with the benefits expected to make themselves felt in the second half.
It added: “The immediate outlook is more positive than it has been for some time, and the medium-term prospects are promising. The board continues to expect that 2017 as a whole will see improvements over last year.”
Results in March showed that IndigoVision returned to the black in 2016 with an underlying operating profit of $359,000 (£276,000), compared with a $743,000 loss in 2015.
The group also said that process of appointing a new chairman was “well advanced” following Hamish Grossart’s decision, announced last month, to step down after 20 years at the helm no later than 30 September.