14th Aug 2019 09:55
(Alliance News) - IndigoVision Group PLC said Wednesday it delivered its first profit in five years as momentum builds in the turnaround at the video security systems firm.
For the six months ended June, IndigoVision swung to a USD345,000 pretax profit from a USD1.1 million loss the year prior. This was after revenue rose 8.6% to USD24.1 million from USD22.2 million the year before.
"Our objective has been to eliminate losses, achieve an acceptable level of profitability and to sustain and grow profits in the long term," IndigoVision Chair Max Thowless-Reeves said. "The return to profit in the first half, the first time this has been achieved since 2014, is both an important milestone in our progress towards this objective and validation of the new strategy and execution."
IndigoVision did not propose an interim dividend, in line with the year prior.
"Evidence of the turnaround has been palpable inside the business for some time and is now increasingly visible in the numbers," Thowless-Reeves added. "There remains considerable heavy-lifting to be undertaken, but the direction of travel and momentum in the business reflects the considerable achievements of the board and staff to date; we remain on track."
Shares in IndigoVision were 3.1% higher at 183.00 pence in London on Wednesday.
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