Scotland business

Indigovision shares up sharply after strong results

Indigovision website
Image caption The company said it was positioning itself for future growth, after releasing a strong set of results

Shares in internet video security firm IndigoVision rose sharply after it reported a rise in profits and revenue for the year.

The Edinburgh firm said pre-tax profits to the end of July doubled to £2.39m, while revenue climbed 5% to £30.3m.

Company chairman Hamish Grossart said they were "excellent results from a business with the potential to be much larger".

The firm's share price rose by more than 17% in early trading.

IndigoVision said its results were largely driven by strong growth in Latin America, offset by a decline in Europe, Middle East and Africa.

Group sales growth in the second half was 14%, more than offsetting a 4% decline in the first half.

The company has overhauled its management in North America, in an effort to improve its performance in the region.

Sales in Canada grew by 21% last year, but this growth was offset by a 5% fall in USA sales.

"IndigoVision has not reached its potential in the USA for a considerable period," the company said in a statement.

"Accordingly, structural and management changes were made during the year and investment in a new team continues."

'Excellent results'

Mr Grossart described the annual results as "excellent".

He added: "Extensive changes to the business, both completed and planned for the current year, are designed to position it for future growth.

"Double digit growth in sales and order intake has continued into the first seven weeks of the current year. At this early stage there is every reason to believe that the current year will be a good one."

IndigoVision manufactures IP security management solutions for a wide range of sectors, including airports, ports, rail, retail, banking, casinos and prisons.

It provides support from 15 regional centres including New Jersey, Sao Paulo, Singapore, Mumbai, Dubai, London and Edinburgh.

More on this story

Related Internet links

The BBC is not responsible for the content of external Internet sites