26th Mar 2014 12:17
LONDON (Alliance News) - Video technology company Vislink PLC expressed confidence for 2014 Wednesday, as it saw pretax profit rise, driven by a strong performance from the company's UK business.
The company posted a pretax profit of GBP3.1 million, up from GBP2.2 million in the previous year, as revenue rose to GBP59.9 million from GBP57.2 million and gross margin improved to 40.7% from 39.4% in 2012.
Revenues in the company's UK business rose 11.7% in the year, Vislink said, supported by large growth in the Middle East region and strong inter segmental sales, including strong demand for satellite products in South America.
US revenues, however, declined 2.9%. Vislink said that it generally sees a reduction in spend from its customers in the US following a presidential election year. However, it expressed confidence that new products launched in the second-half would provide a strong portfolio for customers in this segment.
Vislink said it had continued to deliver on its plan, set out in 2011, to achieve revenues of GBP80 million and adjusted operating profit of GBP8 million.
Vislink maintained its full-year dividend at 1.25 pence per share.
The company moved to the AIM market from the main market in January in order to reduce and simplify the financial burden of making acquisitions; part of its strategy for transformation. The company said it would continue to seek growth opportunities, both organically and through acquisitions.
It said that it entered the new year with "renewed confidence buoyed by the introduction of new products and the added momentum which has come from the synergistic 'bolt on' acquisitions."
Shares in Vislink were trading up 2.8% at 49.08 pence Wednesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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