Scotland business

IndigoVision lifted by Fifa World Cup deal in Brazil

Video security specialist IndigoVision has reported a strong start to its financial year, after securing "major" new projects including a contract for the Fifa 2014 World Cup in Brazil.

The Edinburgh-based company said revenues in the latest quarter were 14% higher than the same period last year.

The World Cup deal includes providing video IP systems, cameras and storage to at least one venue in Brasilia.

It will also bring together footage recorded by other suppliers.

The company did not disclose the value of the contract.

Other new projects included city surveillance in Malaysia and Sao Paulo International Airport in Brazil.

In a statement at IndigoVision's annual general meeting, chairman Hamish Grossart said sales of intelligent cameras increased by more than one-third on the corresponding quarter last year.

He also outlined plans for new product releases, including a 20 megapixel camera and an "explosion-proof" camera range designed for the oil and gas industry.

Detailing the company's performance during the three months to the end of October, Mr Grossart said: "Gross margins were similar to last year's average and, as planned, overheads rose following the increased sales and sales support headcount put in place in the second half of last year.

"Notwithstanding these cost increases, the combination of better sales and solid margins resulted in net operating performance for the first quarter being comfortably ahead of the corresponding period last year."

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