IndigoVision Group PLC Trading Update for the Year to 31 December 2016 (7630Q)
02 December 2016 - 6:01PM
UK Regulatory
TIDMIND
RNS Number : 7630Q
IndigoVision Group PLC
02 December 2016
2 December 2016
IndigoVision Group plc ("IndigoVision" or the "Group")
Trading update for the year ending 31 December 2016
Following the Interim Results announcement on 15 September 2016,
IndigoVision provides a trading update for the year ending 31
December 2016.
The Group successfully launched its tiered Control Center video
management software as planned on 1 November 2016. This expansion
of the software range is expected to widen the available market
opportunities for the Group and reduce, over time, the volatility
arising from larger, project-related sales.
As anticipated, the second half of the year to date has seen
higher revenue than in the first half and second half revenues are
running ahead of the corresponding period in 2015, with camera
volumes up 20% year on year largely offset by lower selling prices.
Price competition has had limited impact on IndigoVision's gross
margin as a result of the change in hardware strategy made at the
start of 2016. Overheads remain well controlled and materially
below last year. As a result of these factors IndigoVision is
trading profitably in the second half, after losses in the first
half, and expects to report a profitable outcome for the year to 31
December 2016 as a whole. This would represent a substantial
improvement over the 2015 full year operating loss of $0.7m.
The working capital improvements previously reported have been
maintained and the Group expects to finish the year with an
improved net cash balance year-on-year (2015: net cash of
$2.8m).
For further information please contact:
IndigoVision Group plc
Marcus Kneen (CEO) +44 (0)131 475 7200
Chris Lea (CFO)
N+1 Singer - Nominated
Advisor
Sandy Fraser +44 (0)207 496 3000
Notes to Editors
About IndigoVision
IndigoVision is a leader in the design and supply of high
performance, highly-intelligent video security systems for security
installations of differing sizes and complexity. From video capture
and transmission to analysis and storage, IndigoVision's networked
video security systems provide the best quality and most secure
video evidence, using market leading compression technology to
minimise bandwidth and reduce storage costs.
IndigoVision's technology is ideally suited for use in mission
critical facilities such as government, oil and gas, transport,
cities, industry, education, police, prisons and casinos to improve
public safety, protect assets, develop organisations' operational
efficiency and support law enforcement.
IndigoVision has sales and support teams in 23 countries and
operates through 18 regional centres, in Edinburgh, London, Paris,
Amsterdam, Dusseldorf, Johannesburg, Dubai, Mumbai, Singapore,
Macau, Shanghai, Sydney, Mexico City, Toronto, Bogotá, New Jersey,
Buenos Aires and Sao Paulo.
IndigoVision partners with a network of some 1,000 trained and
authorised IndigoVision resellers to provide local system design,
installation and servicing to IndigoVision's system users.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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