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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Indigovision Group Plc | LSE:IND | London | Ordinary Share | GB0032654534 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 391.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMIND
RNS Number : 8802J
IndigoVision Group PLC
15 September 2016
15 September 2016
IndigoVision Group plc ("IndigoVision" or "The Group")
Interim Results for the six months ending 30 June 2016
Financial Highlights
-- Overall revenue $21.8m (2015: $22.6m) -- Camera volumes 20% ahead -- Gross margin maintained despite downward pricing pressure -- Overheads reduced by 8% to $11.9m (2015: $12.9m) -- Operating loss reduced by $1.0m to $0.3m (2015: $1.3m)
-- Net cash at 30 June 2016 $4.6m (2015: net debt $0.5m) reflecting strong focus on working capital
Operational Highlights
-- Major new project wins:
o Healthcare, education and banking projects in the Middle East
o Casino projects in North America
o Safe cities projects in Latin America
-- Product launches included:
o Additions to the BX camera range including Fisheye 360deg
o FrontLine 2, second generation Body Worn Video camera
o Enterprise NVR-AS 4000 with a Linux Operating System
o Five new integrations with leading access control and intercom software providers
-- Successful withdrawal from own camera manufacture completed in January 2016
Marcus Kneen, Chief Executive, commented:
"The results for the first half of 2016 are a strong improvement on 2015, notwithstanding falling camera prices across the market as a whole. The tiered camera offering introduced last year has been well received and this concept will be extended to software later this year, enabling IndigoVision's products to be competitive in all sectors of the market".
Notes to Editors
About IndigoVision
IndigoVision's business is security
IndigoVision is a leader in the design and supply of high performance, highly-intelligent video security systems for security installations of differing sizes and complexity. From video capture and transmission to analysis and storage, IndigoVision's networked video security systems provide the best quality and most secure video evidence, using market leading compression technology to minimise bandwidth and reduce storage costs.
IndigoVision is reliable
IndigoVision's unique Distributed Network Architecture removes the need for a central server. So there is greater resilience, no single point of failure, reduced latency and no network bottlenecks.
IndigoVision systems are secure and scalable
IndigoVision's system is end-to-end, a complete video/audio security solution from camera to controller, so it is both remarkably secure and remarkably stable. Offering all the reliability and compatibility benefits of a closed system, but with hardware and management software which is open, customers are able to integrate their cameras and security systems, making migration and expansion easy.
IndigoVision keeps important places safe
IndigoVision's technology is ideally suited for mission critical facilities - airports, casinos, cities, banks, police, government, oil and gas, transport, cities, education and industry. IndigoVision's systems help protect assets, improve operational efficiency, and support law enforcement.
We support our customers
Sales and support teams operate in 23 countries and 18 regional centres: in Edinburgh, London, Paris, Amsterdam, Dusseldorf, Johannesburg, Dubai, Mumbai, Singapore, Macau, Shanghai, Sydney, Mexico City, Toronto, Bogotá, New Jersey, Buenos Aires and Sao Paulo. We partner with a network of 984 authorised IndigoVision resellers, who we train. They provide local system design, installation, and servicing to system users.
At IndigoVision, we know how to keep people and property safe. Safe is a wonderful feeling
Enquiries to:
IndigoVision Group +44 (0) 131 475 plc Marcus Kneen (CEO) 7200 Chris Lea (CFO) N+1 Singer, Nominated +44 (0) 20 7496 Advisor Sandy Fraser 3176
Shareholder information
Our website can be accessed at www.indigovision.com which carries copies of prior year accounts and stock exchange announcements.
Shareholder calendar
Hot Features
Premium
2 March 2017 Annual report and accounts for the
year ending 31 December 2016
Chairman's Statement
As announced on 8 July 2016, sales in the six month period to 30 June 2016 amounted to $21.8million. Within this, camera volumes increased markedly but this gain was offset by lower camera prices arising from continued competitive market conditions. Notwithstanding the market challenges, gross margin remained broadly in line with 2015 as a whole and within the Group's normal trading range.
Results
In the six months to 30 June 2016 revenue was $21.8m compared with $22.6m in the corresponding period last year. The volume of cameras sold in the period increased by 20%, but at lower average selling prices, as substantial price cuts by a number of far-eastern manufacturers affected the market as a whole.
Sales growth has been strong across the Middle East, with successful projects delivered in healthcare, education, finance and safe cities across the region. By contrast, Latin America remains a challenging market, due to reduced capital expenditure budgets in economies exposed to commodity prices.
Despite the reduction in camera selling prices, a gross margin of 52.1% compares favourably to the full year 2015 margin of 51.4% (H1 2015: 52.8%) as, following the withdrawal from manufacture of IndigoVision's own camera range in early 2016, the Group was able to benefit from lower camera prices by purchasing hardware at reduced prices from manufacturing partners.
Overhead reductions achieved during the second half of 2015 have been maintained, notwithstanding the one-off redundancy costs of $0.1m associated with the withdrawal from manufacture of the Group's own range of cameras. Research and development spend is being maintained at a consistent percentage of between 8% and 10% of sales to ensure that the Group continues to innovate and release a regular stream of new products. The Group's research and development is now wholly focused on a software-led end-to-end video security. The Group continues to invest in its people, with continued investment in high quality, experienced engineers and sales and marketing personnel across its core markets.
The operating loss for the six months ended 30 June 2016 was $0.3m (2015: $1.3m). As a result of the stronger US dollar, which reduced operating expenses denominated in euros and sterling when translated into US dollars, the Group benefitted from foreign exchange gains of $0.2m in the period (2015 losses: $0.2m). The loss after tax was $0.3m (2015: $0.9m), representing a loss per share of 4.1 cents (2015: 12.3 cents).
Following the challenges of 2015, working capital management has been an area of focus; net cash as at 30 June 2016 of $4.6m represented a significant improvement on the net debt of $0.5m at 30 June 2015. In addition, the Group has unutilised overdraft facilities of $4.0m.
Taxation
The Group currently has a deferred tax asset of $4.9m which arose in relation to historical trading losses. In light of the current trend in product pricing and the continuing availability of research and development tax credits, the Group intends to re-evaluate the likelihood of fully utilising its tax losses over the medium term when preparing its 2016 annual financial statements. The Board continues to expect that the Group will not pay cash tax in the foreseeable future.
Dividends
The Board continues to believe that the discipline of paying dividends to shareholders benefits the business and its planning. It is also the Board's policy that dividends relate to earnings and, given the first half loss, the Company will not pay an interim dividend this year. The Board currently expects to recommend a final dividend to shareholders when the annual results are published.
Markets and Products
IndigoVision products are used in many market sectors, using a wide range of cameras, for a variety of customers from small and medium sized enterprises to large and multinational corporations. The Group is particularly well known in the enterprise markets of airports, safe cities, banks, casinos and law enforcement. End users value the image quality, reliability and scalability of the IndigoVision system, together with the end-to-end customised solutions achieved through an extensive suite of integration modules with operational and other security software. The first half saw major project wins in Colombian safe cities, a leading bank in the Middle East and a large casino in the USA, as well as installations for the petrochemical, rail, mining, telecoms, industrial, retail and residential sectors.
The Group continues to expand its product range, offering hardware at a series of differing price points to suit end-user requirements across the SME to enterprise markets. The Group will shortly be launching a similar, three-tier version of its Control Centre video management software, which is expected to open up segments of the market where IndigoVision has not operated historically. This broadening of the product offering is expected to create additional sales opportunities and to help to reduce the volatility which arises from the Group's exposure to individually large projects in developing economies.
Board Changes
After nine years with the Group, the last four of which were as CFO, Holly McComb stepped down from the Board on 31 May 2016. I would like to thank Holly for her valuable contribution over that time. Holly's successor, Chris Lea, was appointed as a Director on 19 May 2016 and took up his role as CFO effective 4 July 2016.
Outlook
After a quiet start to 2016, the Group experienced an improving trend in financial results as the first half progressed. The pipeline of large projects for the second half is stronger than the first half and, although market conditions remain highly competitive and the timing of a number of customer projects remains uncertain, the Group currently anticipates a satisfactory operating result for the year as a whole.
HAMISH GROSSART
Chairman
Consolidated statement of comprehensive income
For the 6 months ended 30 June 2016
Note 6 months 6 months 12 months
ended 30 ended ended 31
June 2016 30 June December
2015 2015
$000 $000 $000
Revenue 21,789 22,577 47,093
Cost of sales (10,428) (10,666) (22,881)
----------- --------- -----------------------------------
Gross profit 11,361 11,911 24,212
Research and development
expenditure (1,901) (2,295) (4,399)
Selling & distribution
expenses (7,827) (8,448) (15,834)
Redundancy costs (102) - -
Other administrative
expenses (2,046) (2,196) (4,786)
Foreign exchange gain/(loss) 240 (228) 64
----------- --------- -----------------------------------
Operating loss (275) (1,256) (743)
Financial income/(expense) 6 (2) (10)
Loss before taxation (269) (1,258) (753)
Income tax (expense)/credit (36) 338 269
----------- --------- -----------------------------------
Loss for the period
attributable to equity
holders of the parent (305) (920) (484)
=========== ========= ===================================
Other comprehensive
income
Foreign exchange translation
differences on foreign
operations (237) (6) (509)
Total comprehensive
loss for the year attributable
to equity holders of
the parent (542) (926) (993)
----------- --------- -----------------------------------
Earnings per ordinary
share
Basic loss per share
(cents) 2 (4.1) (12.3) (6.5)
=========== ========= ===================================
Diluted loss per share
(cents) 2 (4.1) (12.3) (6.5)
=========== ========= ===================================
Revenue and loss for the current and comparative periods relate wholly to continuing activities.
Consolidated balance sheet
As at 30 June 2016
6 months 6 months 12 months
ended ended ended 31
30 June 30 June December
2016 2015 2015
$000 $000 $000
Non-current assets
Property, plant & equipment 1,186 1,662 1,443
Intangible assets 56 90 72
Deferred tax 4,851 5,419 4,852
-------------------- --------------------- -------------------
Total non-current assets 6,093 7,171 6,367
Current assets
Inventories 7,986 12,829 9,494
Trade & other receivables 12,661 14,326 12,575
Cash & cash equivalents 4,637 312 2,763
-------------------- --------------------- -------------------
Total current assets 25,284 27,467 24,832
Total assets 31,377 34,638 31,199
Current liabilities
Bank overdraft - 776 -
Trade and other payables 8,676 10,296 7,671
Provisions 138 137 137
-------------------- --------------------- -------------------
Total current liabilities 8,814 11,209 7,808
Non-current liabilities
Provisions 45 45 45
-------------------- --------------------- -------------------
Total non-current liabilities 45 45 45
Total liabilities 8,859 11,254 7,853
Net assets 22,518 23,384 23,346
==================== ===================== ===================
Equity
Called up share capital 120 120 120
Share premium account 2,684 2,684 2,684
Other reserve 8,080 8,081 8,080
Translation reserve (68) 672 169
Profit and loss account 11,702 11,827 12,293
-------------------- --------------------- -------------------
Total equity attributable
to equity holders of
the parent 22,518 23,384 23,346
==================== ===================== ===================
Consolidated statement of changes in equity
$000 Share Share Other Translation Retained Total
capital premium reserve reserve earnings equity
Balance at 1 January
2016 120 2,684 8,080 169 12,293 23,346
Loss for the period - - - - (305) (305)
Difference on translation - - - (237) - (237)
Share options exercised
by employees - - - - - -
Equity-settled
transactions, including
deferred tax effect - - - - - -
Dividends paid
to equity holders - - - - (286) (286)
Balance at 30 June
2016 120 2,684 8,080 (68) 11,702 22,518
========= ========= ========= ============ ========== ========
$000 Share Share Other Translation Retained Total
capital premium reserve reserve earnings equity
Balance at 1 January
2015
119 2,666 8,080 678 13,371 24,914
Profit for the
period - - - - (920) (920)
Difference on translation - - 1 (6) - (5)
Share options exercised
by employees 1 18 - - - 19
Equity-settled
transactions, including
deferred tax effect - - - - (50) (50)
Dividends paid
to equity holders - - - - (574) (574)
Balance at 30 June
2015 120 2,684 8,081 672 11,827 23,384
========= ========= ========= ============ ========== ========
$000 Share Share Other Translation Retained Total
capital premium reserve reserve earnings equity
Balance at 1 January
2015
119 2,666 8,080 678 13,371 24,914
Profit for the
period - - - - (484) (484)
Difference on translation - - - (509) - (509)
Share options exercised
by employees 1 18 - - - 19
Equity-settled
transactions, including
deferred tax effect - - - - (21) (21)
Dividends paid
to equity holders - - - - (573) (573)
Balance at 31 December
2015 120 2,684 8,080 169 12,293 23,346
========= ========= ========= ============ ========== ========
Consolidated statement of cash flows
For the 6 months ended 30 June 2016
6 months 6 months 12 months
ended 30 ended 30 ended 31
June 2016 June 2015 December
2015
$000 $000 $000
Cash flows from operating
activities
Loss for the year (305) (920) (484)
Adjusted for:
Depreciation and amortisation 489 566 1,124
Financial expense (6) 2 10
Share based payment (credit)/expense - (50) 9
Foreign exchange (gain)/
loss (220) 248 267
Gain on disposal of property,
plant and equipment (12) - (25)
Income tax charge/(credit) 35 (338) (269)
Decrease/(increase) in
inventories 1,508 (2,433) 902
(Increase)/decrease in
trade and other receivables (332) 3,354 5,105
Increase/(decrease) in
trade and other payables 1,005 (2,385) (5,010)
Increase/(decrease) in 1 - -
provisions
----------- ----------- ----------
Cash generated from/(absorbed
by) operations 2,163 (1,956) 1,629
Income taxes received/(paid) 246 (1) (15)
----------- ----------- ----------
Net cash inflow/(outflow)
from operating activities 2,409 (1,957) 1,614
----------- ----------- ----------
Cash flows from investing
activities
Interest paid 6 (2) (10)
Acquisition of property,
plant and equipment (254) (498) (819)
Acquisition of intangibles (3) (14) (15)
----------- ----------- ----------
Net cash outflow from
investing activities (251) (514) (844)
----------- ----------- ----------
Cash flows from financing
activities
Proceeds from the issue
of share capital - 19 19
Dividends paid (286) (574) (573)
----------- ----------- ----------
Net cash outflow from
financing activities (286) (555) (554)
----------- ----------- ----------
Net increase/(decrease)
in cash and cash equivalents 1,872 (3,026) 216
Cash and cash equivalents
at start of period 2,763 2,559 2,559
Effect of exchange rate
fluctuations on cash
held 2 3 (12)
----------- ----------- ----------
Cash and cash equivalents
at period end 4,637 (464) 2,763
=========== =========== ==========
Notes to the accounts:
1. Basis of preparation and accounting policies
IndigoVision Group plc ("the Company") is domiciled in Scotland. The consolidated interim financial statements ("the interim report") of the Company for the six months ended 30 June 2016 comprise the Company and its subsidiaries together referred to as "the Group". The interim report was approved by the board of directors on 14 September 2016.
The financial information is prepared on a historical cost basis and is presented in US Dollars, rounded to the nearest thousand.
These financial statements have been prepared applying the accounting policies and presentation that were applied in the preparation of the Group's published financial statements for the period ended 31 December 2015.
The financial information set out in these interim statements does not constitute the Company's statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the period ended 31 December 2015, which were prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the EU, are available on the Company's website at www.indigovision.com and have been delivered to the Registrar of Companies. The auditors have reported on those accounts; their report was (i) unqualified, (ii) did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report and (iii) did not contain statements under section 498 (2) or (3) of the Companies Act 2006. The interim financial information for the 6 month period ended 30 June 2016 is unaudited.
2. Earnings per share
Six months Six months 12 months
ended 30 ended 30 ended 31
June 2016 June 2015 December
2015
$000 $000 $000
Loss for the period
attributable to equity
shareholders (basic
and diluted) (305) (920) (484)
Cents Cents Cents
Basic loss per share (4.1) (12.3) (6.5)
Diluted loss per share (4.1) (12.3) (6.5)
The weighted average number of ordinary shares
used in the calculation of basic and diluted earnings
per share for each period were calculated as follows:
No of shares No of shares No of shares
Issued ordinary shares
at start of year 7,610,756 7,604,756 7,604,756
Effect of weighted
average of shares
issued during the
period from exercise
of employee share
options - 2,867 4,451
Effect of purchase
of own shares (134,238) (134,238) (134,238)
------------- ------------- -------------
Weighted average number
of ordinary shares
for the period - for
basic earnings per
share 7,476,518 7,473,385 7,474,969
Effect of share options
in issue - 4,141 -
------------- ------------- -------------
Weighted average number
of ordinary share
for the period - for
diluted earnings per
share 7,476,518 7,477,526 7,474,969
============= ============= =============
3. Taxation
The tax charge in the current period represents foreign taxes paid.
Other receivables at 30 June 2016 include a corporation tax refund due of $0.5m (2015: $0.3m)
No provision for corporation tax is required due to the substantial tax losses available for offset against future taxable profits. At 30 June 2016 such losses amounted to $24.2m, at a corporate tax rate of 20%, this is equivalent to a deferred tax asset in relation to these trading losses of $4.9m, which has been fully recognised in the financial statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFLDASISLIR
(END) Dow Jones Newswires
September 15, 2016 02:00 ET (06:00 GMT)
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