IndigoVision reports robust results and growth in new product investment

IndigoVision, supplier IP Video security solutions, has announced its half-year financial results. The company reported operating profits up by 14% to a record £1.59m ($2.5m) for the six-month period ending 31 January 2012. When currency fluctuations are factored in, operating profits rose by 25%.

IndigoVision continued its strong investment in research and development, increasing spending by 9%. Together with good cash flow and strong balance sheet, this places the business well for the future. Total revenue for the period was £14.5m ($22.8m), some 4% lower than the previous year's strong first half. However, this level of sales was 4% higher than the second half of last year. Operating performance was also dramatically improved from last year's second half.

Operating efficiency improved, enabling increased investment in new product development despite an overall reduced spend on overheads.

IndigoVision has continued to focus on product development with a number of significant projects coming to fruition. In the coming months, IndigoVision will announce the next release of its software, SMS4TM release 5, including Camera GatewayTM which allows cameras from top IP camera manufacturers to be integrated into the IndigoVision SMS4TM system. Other products due for release include IndigoVision's 11000 HD Fixed Dome camera, and Mobile CenterTM, which allows users to monitor their surveillance systems remotely on iPads and iPhones, in real time and with high quality video.

Commenting on the results Marcus Kneen, IndigoVision Chief Executive said: "These are strong first half results. There is a great deal of positive change taking place with a view to improving process, pace and execution. IndigoVision is a great business with clear potential to grow. Key to future growth is the introduction of new products where we are working closely with partners and end users. The second half has got off to an encouraging start with order intake up on the same period last year."

IndigoVision continues to be strong in major infrastructure projects worldwide. Safe city projects are a major area for IndigoVision with installations in around 100 cities in Latin America and many key projects with police departments. Airports and metro installations continue to be strong, with IndigoVision's system in Santiago Metro now covering 48 stations. IndigoVision's complete IP Video technology is also providing end-to-end surveillance for one of the world's largest integrated oil and gas projects, Sakhalin-2, in the harsh subarctic environment of Sakhalin Island in the Russian Far East. Nine Bavarian casinos in Germany have had their surveillance operations transformed by the installation of a fully digital IP Video solution, while in Asia, the Shanghai Diamond Exchange (SDE), the only diamond exchange in China, has installed a state-of-the-art IndigoVision CCTV system to provide assurance of legal and fair transactions.

The full results statement is available from http://www.indigovision.com/documents/public/investors/Interim-2012-accounts_FINAL.pdf