IndigoVision Group PLC AGM Trading Update (1820Z)

TIDMIND

RNS Number : 1820Z

IndigoVision Group PLC

16 May 2019

16 May 2019

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

AGM Trading Update

At the Annual General Meeting to be held at 11am today, the Board will update shareholders on trading as follows:

"IndigoVision reports that, in the four months to 27 April 2019, trading was in line with market expectations.

As in previous years, sales are expected to be weighted towards the second half of the year and the nature of our business is such that the precise timing of our orders is difficult to predict. Nevertheless, the current indicators support the Board's target to return the Company to profitability in the current year.

Operational highlights during the period include:

The Company receiving two large customer orders, each of which was in excess of $1m. These orders, which relate to the open space and car parking facilities in a substantial commercial building and a mass transit rail line, both in Malaysia, will be delivered over a period of up to 18 months.

The Company completed the majority of the planned restructuring of its supply chain and recently launched its US National Defense Authorization Act 2019-compliant Ultra X camera series. This week saw the first production run of IndigoVision products from the Group's primary camera supplier's new facility in Mexico, which is intended to secure tariff-free access to the US market.

The Group has no debt and had cash on hand of $2.5m as at 27 April 2019. In order to provide balance sheet flexibility we have been pursuing a new debt financing facility; the Board is pleased to report that good progress has been made and anticipate announcing the conclusion of an invoice finance facility shortly."

Pedro Simoes, CEO, commented: "The year has started positively and we are confident that 2019 will be another year of progress for the Group."

For further information please contact:

 
                                   Max Thowless-Reeves 
 IndigoVision Group plc             (Chairman)            [phone] 
  Pedro Simoes (CEO) 
  Chris Lea (CFO) 
 
   N+1 Singer 
   Nominated Adviser and Broker      Sandy Fraser           [phone] 
 Charlotte Street Partners         Malcolm Robertson      [phone] 
 Media Enquiries 
 

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 24 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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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May 16, 2019 02:00 ET (06:00 GMT)