IndigoVision Group PLC Trading Update for the Year to 31 December 2016 (7630Q)

TIDMIND

RNS Number : 7630Q

IndigoVision Group PLC

02 December 2016

2 December 2016

IndigoVision Group plc ("IndigoVision" or the "Group")

Trading update for the year ending 31 December 2016

Following the Interim Results announcement on 15 September 2016, IndigoVision provides a trading update for the year ending 31 December 2016.

The Group successfully launched its tiered Control Center video management software as planned on 1 November 2016. This expansion of the software range is expected to widen the available market opportunities for the Group and reduce, over time, the volatility arising from larger, project-related sales.

As anticipated, the second half of the year to date has seen higher revenue than in the first half and second half revenues are running ahead of the corresponding period in 2015, with camera volumes up 20% year on year largely offset by lower selling prices. Price competition has had limited impact on IndigoVision's gross margin as a result of the change in hardware strategy made at the start of 2016. Overheads remain well controlled and materially below last year. As a result of these factors IndigoVision is trading profitably in the second half, after losses in the first half, and expects to report a profitable outcome for the year to 31 December 2016 as a whole. This would represent a substantial improvement over the 2015 full year operating loss of $0.7m.

The working capital improvements previously reported have been maintained and the Group expects to finish the year with an improved net cash balance year-on-year (2015: net cash of $2.8m).

For further information please contact:

 
 IndigoVision Group plc 
 Marcus Kneen (CEO)        [phone] 
 Chris Lea (CFO) 
 
 N+1 Singer - Nominated 
  Advisor 
 Sandy Fraser              [phone] 
 

Notes to Editors

About IndigoVision

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's technology is ideally suited for use in mission critical facilities such as government, oil and gas, transport, cities, industry, education, police, prisons and casinos to improve public safety, protect assets, develop organisations' operational efficiency and support law enforcement.

IndigoVision has sales and support teams in 23 countries and operates through 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.

IndigoVision partners with a network of some 1,000 trained and authorised IndigoVision resellers to provide local system design, installation and servicing to IndigoVision's system users.

This information is provided by RNS

The company news service from the London Stock Exchange

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December 02, 2016 02:01 ET (07:01 GMT)