IndigoVision sees better second half

IndigoVision Group, an internet video security company, posted a slight fall in revenues and profit before tax for the half year ended January 31st.

Revenue fell from £15m to £14.49m year-on-year while pre-tax profit dropped from £1.4m to £1.3m, mainly as a result of higher research and development expenses and selling and distribution expenses. Basic earnings per share fell from 13.6p to 12.8p.

In a statement the firm said: "In the six months to January 31st, management has been restructured with a view to improving process, pace and execution; a good start has been made in reshaping the business for future growth; there has been a strong recovery in operating performance driven by focusing on margins and costs; and record profits and earnings have been achieved.

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"IndigoVision has the potential to be substantially larger than it is today, and has positioned itself well in a growing market, but much remains to be done to achieve its potential.

The company said that the rate of order intake has started to improve in the second half and it now seems probable that the group will return to sales growth at some point before the end of the fiscal year.

Cash rose from £5.4m to £7.2m year-on-year. The interim dividend has been increased from 4p to 5p per share.

Shares rose 1.99% to 385.00p.

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