IndigoVision Grows Sales and Product Development

IndigoVision has announced an increase in worldwide revenues at the same time increasing engineering spend by a third over the same period. The company, in its results for the year ending July 2010, reported an increase in total product revenues of 6% to a record £28.0m ($44.5m) and operating profits down by 6% to £3.1m ($4.9m).

The increasing spend on R&D has resulted in a number of significant product launches in the last year. Two new High Definition (HD) models have been added to the company's increasingly popular range of IP cameras. The 11000 HD PTZ dome and HD fixed camera are now being deployed around the world, delivering excellent video quality and extremely low bandwidth compared to traditional megapixel cameras. Another major product release was the next generation of ‘Green' Network Video Recorders (NVRs), which deliver increased performance and resilience, with reduced energy consumption. The company has also developed further integration modules, which allow interfacing to third party systems across an IP network.

As part of its continued commitment to open standards IndigoVision demonstrated at a number of trade shows a technology preview of ‘Control Center', its Security Management Software, displaying live video from ONVIF-compliant IP cameras. The company is very active in the ONVIF development and currently sits on two of the working groups.

IndigoVision has continued to be strong with transport infrastructure projects. Major airport projects were completed in Shanghai and rail projects delivered in UK, Brazil, Canada and Finland. Other strong sectors for the company's IP Video solution have been law enforcement, government and banks.

Commenting on the results Oliver Vellacott said "As anticipated, the year under review proved to be particularly challenging given the economic backdrop. Whilst the Company saw a mixed performance across the regions in which it operates, operating margins held up well and cash generation remained positive. The increase in spend on research and product development, up by nearly a third against the previous year, was largely absorbed by reductions in other operating costs. We have had an encouraging start to the current year, with sales comfortably ahead of last year, although performance across the regions remains mixed. We are therefore cautiously optimistic in relation to the current year. Reflecting that, the board is recommending an increased dividend to shareholders."