24th Mar 2015 09:54
LONDON (Alliance News) - Vislink expressed confidence for 2015, although it warned its markets continue to be challenging, as lower costs and its acquisition of Pebble Beach Systems Ltd helped it to post a rise in pretax profit for 2014.
Vislink provides communications services for the broadcast, surveillance and defense industries.
The company posted a pretax profit of GBP5.4 million in 2014, up from GBP3.1 million in 2013, as revenue rose to GBP61.9 million from GBP59.9 million, and lower operating costs helped offset GBP2.6 million in amortisation and impairment charges.
Vislink acquired Pebble Beach Systems in March, and it contributed GBP8.3 million in revenue for 2014, helping to offset a decline in its Vislink Communications Systems division.
The decline in Vislink Communication Systems was as a result of a weaker performance in the Americas and the Middle East, which offset significant growth in the UK after it won a big contract in the public-safety space.
The company signed an original equipment manufacturer deal with Harmonic Inc last June to sell packages integrated with Pebble Beach Systems' software. Harmonic placed an initial order for software licenses valued at GBP2.0 million during the year.
Following the year end, Vislink signed a deal with GoPro Inc to develop a prototype GoPro HERO4 portable camera with a live, high-definition wireless connection.
Vislink proposed a final and total dividend of 1.50 pence, up from 1.25 pence a year before, which it said was in line with its progressive dividend policy.
"As our software group grows we will further enhance earnings, margins and cash generation and remain completely aligned to our shareholders' objectives of delivering short term and long term profitable growth," the company said in a statement.
Shares in Vislink are trading down 5.9% at 48.48 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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