20th Sep 2018 12:38
LONDON (Alliance News) - IndigoVision Group PLC on Thursday said its loss widened sharply in the first half of 2018 as it continues to invest in new product development.
The video surveillance systems producer said pretax loss widened to USD1.1 million in the six months to June 30 compared to USD701,000 reported for the same period in 2017, despite revenue rising to USD22.2 million from GBP20.3 million.
The company said the prior year it booked a USD330,000 gain on foreign exchange rates versus USD2,000 loss in the first half of 2018.
In addition to that, its research & development expenses grew to USD1.7 million from GBP1.3 million year-on-year, reflecting the greater investment in product development, with differentiated software-led products offering, such as Integra.
Administrative costs came in higher at USD3.2 million compared to USD2.4 million the year before, while selling & distribution expenses rose to USD9.0 million from USD7.8 million.
"We have added new functionality to our core technology and introduced a number of new products," said Chairman George Elliott.
"The sales team has been strengthened and is gaining traction, we have improved our operational capabilities and our marketing efforts have focused on our increasingly innovative technology," added Elliot.
All regions delivered sales increases, the company said, except Latin America, where sales were flat year-on-year. Asia Pacific and North America enjoyed growth, up 54% and 16%, respectively. Growth in Europe, the Middle East and Africa region was 7%, within which the UK saw 13% revenue growth.
Shares in IndigoVision were down 6.4% on Thursday at 109.00 pence each.
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