5th Mar 2020 11:43
(Alliance News) - Shares rose in IndigoVision PLC on Thursday as it reinstated its annual dividend following a swing to profit on a major business turnaround.
Shares in video surveillance systems firm were 19% higher at 230.00 pence on Thursday in London.
For 2019, IndigoVision reported pretax profit of USD1.3 million, compared to a loss of USD639,000, on revenue that grew by 9.2% to USD50.2 million from USD46.0 million.
Revenue growth was mainly driven by three of the group's four sales regions achieving growth, the strongest performer being North America, where revenue rose by 21% year-on-year to USD15.9 million, and Asia-Pacific increasing by 37% to USD10.8 million.
IndigoVision declared a final dividend of 2.0 pence per share, from none the prior year.
Looking ahead, IndigoVision said it is encouraged by the operational and margin improvements made within, that have brought the group back on a stable footing in 2020, fostering confidence of another year of growing momentum.
"In 2019 we built on the momentum of 2018 and demonstrated further significant progress by delivering 9% revenue growth and returning the business to profitability. We are now strongly positioned, having strengthened our leadership team in the key areas of engineering, product management, marketing and customer care & operations. This investment is ensuring we deliver an improved focus on the customer experience across the whole business," said Chief Executive Officer Pedro Simoes.
By Dayo Laniyan; [email protected]
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