IndigoVision Group PLC AGM Trading Update (1820Z)
16 May 2019 - 4:00PM
UK Regulatory
TIDMIND
RNS Number : 1820Z
IndigoVision Group PLC
16 May 2019
16 May 2019
IndigoVision Group plc ("IndigoVision", "the company", or the
"Group")
AGM Trading Update
At the Annual General Meeting to be held at 11am today, the
Board will update shareholders on trading as follows:
"IndigoVision reports that, in the four months to 27 April 2019,
trading was 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.
Nevertheless, the current indicators support the Board's target to
return the Company to profitability in the current year.
Operational highlights during the period include:
The Company receiving two large customer orders, each of which
was in excess of $1m. These orders, which relate to the open space
and car parking facilities in a substantial commercial building and
a mass transit rail line, both in Malaysia, will be delivered over
a period of up to 18 months.
The Company completed the majority of the planned restructuring
of its supply chain and recently launched its US National Defense
Authorization Act 2019-compliant Ultra X camera series. This week
saw the first production run of IndigoVision products from the
Group's primary camera supplier's new facility in Mexico, which is
intended to secure tariff-free access to the US market.
The Group has no debt and had cash on hand of $2.5m as at 27
April 2019. In order to provide balance sheet flexibility we have
been pursuing a new debt financing facility; the Board is pleased
to report that good progress has been made and anticipate
announcing the conclusion of an invoice finance facility
shortly."
Pedro Simoes, CEO, commented: "The year has started positively
and we are confident that 2019 will be another year of progress for
the Group."
For further information please contact:
Max Thowless-Reeves
IndigoVision Group plc (Chairman) +44 131 475 7200
Pedro Simoes (CEO)
Chris Lea (CFO)
N+1 Singer
Nominated Adviser and Broker Sandy Fraser +44 207 496 3000
Charlotte Street Partners Malcolm Robertson +44 7788 567680
Media Enquiries
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 24 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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