6th Mar 2014 09:33
LONDON (Alliance News) - IndigoVision Group PLC Thursday raised its interim dividend after profits and revenues jumped in the first half of the year, driven by sales of new cameras it has launched in the last two years, and it said the second half had also got off to a good start.
The company, which makes networked video security systems for government, critical infrastructure, transport, city monitoring and casinos reported a pretax profit of GBP1.3 million for the six months to end-January, up from GBP952,000 a year earlier, as revenues rose to GBP18.4 million, from GBP16.1 million.
It said it will pay an initial interim dividend of 6.0 pence, up 9% on the same dividend last year.
"The positive progress in these results reflects the extensive changes made over the past two years to IndigoVision's product range. EMEA and the US achieved their highest rates of growth for many years, and growth continued in Asia Pacific and Latin America. Sales of our camera range were very encouraging and resulted in a strong financial performance," Chief Executive Marcus Kneen said in a statement.
The CEO said that the second half of the financial year is also off to a good start, with the rate of order intake still well ahead of last year.
Sales of cameras rose 28% in the first half of the year, and now account for 54% of the company's total revenue. Its storage and other income rose 24% and now accounts for 25% of revenue and, as it expected, encoder sales continued to decline, amounting to 21% of revenue.
Regionally, sales rose 32% in Europe, Middle East and Africa, 23% in Asia Pacific and 13% in Latin America. Sales were up 23% in the US, but overall North American sales were flat as Canadian sales declined from a very strong first half of fiscal 2013.
IndigoVision shares were up 17.5% at 420.00 pence Thursday morning, one of the biggest gains on AIM.
By Steve McGrath; [email protected]; @stevemcgrath1
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