12th Nov 2013 11:15
LONDON (Alliance News) - Video surveillance systems company IndigoVision Group PLC Tuesday said revenues and operating profits rose in the first quarter of its new financial year as investments it is making in bolstering its sales team started paying off immediately.
In a statement to the company's annual general meeting, Chairman Hamish Grossart will say that revenues were up 14% in the first three months of the financial year and operating profits were "comfortably" ahead of last year, despite the extra spending on bolstering its sales team and support staff.
Gross margins are holding steady as the mix of sales continues to move to intelligent cameras from encoders.
"The board indicated at the time of the annual results that the benefit from last year's increase in sales resource was expected to be weighted towards the latter part of 2014 and that remains the case," Grossart said
"However, the increased rate of sales growth in the first quarter is an encouraging start to the new financial year and gives the board confidence in delivering the progress we expect for the full reporting period," he added.
The sales increase has been driven by strong growth in Asia Pacific and Latin America, where it has won deals for city surveillance in Malaysia, Sao Paulo International Airport, and the overlay system for the FIFA 2014 World Cup.
IndigoVision shares were up 2.3% at 311.9 pence Tuesday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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