Edinburgh's IndigoVision focuses in on profit
Releasing a brief trading update, the group told investors that sales for the six months ended 30 June totalled $24.1 million (£19m), marking an 8 per cent increase over 2018’s first-half sales of $22.2m as well as a continuation of the revenue growth trend seen throughout last year.
As a result, the firm expects to report “positive” earnings before interest, tax, depreciation and amortisation (Ebitda) and an operating profit for the first half of the calendar year for the first time since 2014. For the first half of 2018, IndigoVision racked up an operating loss of $1.1m.
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Hide AdThe group, which has sales and support teams in 24 countries with its headquarters in Edinburgh, also said net cash in hand had risen to $2.7m, as of the end of June, from $2m six months earlier.
The company is due to publish its interim results on 14 August.
In May, IndigoVision, which has offices in New Jersey, Toronto, Dubai and Sao Paulo, noted that two orders worth more than $1m each secured in Malaysia had helped it get the current year off to a solid start. The twin contracts will see the group’s technology installed at a commercial building and a mass transit rail line in the Asian country.
News of the deals came in a trading update ahead of the firm’s annual general meeting in which it said that in the four months to 27 April, progress had been in line with market expectations.
“As in previous years, sales are expected to be weighted towards the second half of the year and the nature of our business is such that the precise timing of our orders is difficult to predict,” it noted at the time. “Nevertheless, the current indicators support the board’s target to return the company to profitability in the current year.”