IndigoVision to more than double operating profits

Internet video security firm IndigoVision said turnover for the year to 31 July 2012 is expected to be not less than £30m.

The Scottish technology firm, which sells digital surveillance equipment worldwide, said sales growth in the second half year is expected to exceed 10 per cent and full year sales are around 5 per cent ahead of the previous year.

The group, which supplies its surveillance equipment to airports, transport, education, casinos, police and the military, said margins have improved compared with the previous year and costs have been well controlled, it added.

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As a result, operating profits, before exceptional items that were included in the first half year, are expected to not be less than £2.6m, more than double last year's total, the group explained.

IndigoVision, which underwent a number of board changes in December last year, said it has since implemented a thorough review of business led by chief executive.

"This has resulted in changes being implemented to operating management in certain regions, material improvements being made in product quality control, a greater focus on the vertical market segments globally, bringing forward certain new product introductions and a much stronger commercial focus being applied to the product roadmap," the group said in a statement.

Chairman Hamish Grossart commented: "The return to double digit levels of sales growth in the second half, and the strong recovery in operating performance, have happened somewhat faster than we expected a few months ago, and is directly attributable to the energy and effort being put in by the management team."

"IndigoVision is an excellent business operating in a growing market, and the opportunity is there to grow it further."

CJ