IndigoVision Group PLC AGM Trading Update (4847F)
18 May 2017 - 4:01PM
UK Regulatory
TIDMIND
RNS Number : 4847F
IndigoVision Group PLC
18 May 2017
18 May 2017
IndigoVision Group plc ("IndigoVision" or the "Group")
AGM Trading Update
At the Annual General Meeting to be held at 11am today, the
Board of IndigoVision will update shareholders on trading as
follows:
"The Group indicated at the time of the annual results in March
that the start of 2017 had been quiet, but that sales and orders
had strengthened markedly in February. IndigoVision is pleased to
report that, in the four months to April 2017, software licence and
camera volumes have again shown strong year on year growth, of 28%
and 10% respectively. After declining throughout 2016, average
camera prices have now stabilised. Pricing pressure on software,
combined with the lower priced software tiers launched in November
2016, has meant that these additional volumes have yielded modest
growth in overall revenue.
In the first four months of 2017, revenue growth in excess of
10% has been achieved in Latin America, and in Europe, Middle East
and Africa. Asia Pacific sales are in line with last year. North
American sales have been well below potential and, as intimated in
March, management action has been taken to improve sales
performance. A recent restructuring of the US sales organisation
into three teams has created a more regionalised focus, under the
leadership of experienced sales directors, two of whom have
recently been recruited from leading competitors. IndigoVision now
has a fully-distributed US sales team capable of driving revenue
growth in this important market and expects to see the benefits of
this showing through in results in the second half. After a one
year absence, the Group had a strong presence at the influential
ISC West trade show in Las Vegas in April, at which it launched
"CyberVigilant", a new, patent-protected cyber security
solution.
May started well. In the first 19 weeks of 2017, overall
revenues were ahead of the corresponding period last year. 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,
with both sales and profits, as in recent years, second-half
weighted, and the latter part of the year also benefitting from
higher revenues in North America.
Further to the Group's announcement of 18 April 2017 regarding
the retirement of Hamish Grossart as Chairman, the Board is pleased
to advise that the process to appoint a new chairman is well
advanced and a further announcement is expected to be made
shortly".
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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