30th Sep 2013 16:37
LONDON (Alliance News) - SerVision PLC Monday reported a drop in revenues and a widened loss in the first half of the year, blaming difficult market conditions and a slow start to the year.
The company which is engaged in the development and sale of video-surveillance equipment said that, based on trading in the third quarter, it is confident of an improved performance in the second half of the year, with a steady upturn in sales within its transportation security sector.
It reported sales revenues of USD1.3 million in the six months need June 30, compared with USD2.2 million a year earlier.
SerVision said that its pretax loss widened to USD1.0 million, from USD600,000 for the same period in 2012.
The company said that it entered into three significant partnership agreements in the first half of the year. These included an exclusive distribution agreement with Indian security firm APS, a new original-equipment-manufacturing agreement CDsMedia in Angola, and a distribution agreement with Russia's Transport Online LLC.
SerVision shares closed Monday down 14% at 2.38 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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