22nd Mar 2016 09:54
LONDON (Alliance News) - Video technology company Vislink PLC on Tuesday said it swung to a marginal loss in 2015 due to lower revenue from a key contract.
Vislink, which makes technology for live video collection for broadcast, surveillance and public safety markets, said it made a GBP994,000 pretax loss for the year to the end of December, compared to a GBP5.4 million profit the year before.
Revenue declined to GBP57.8 million from GBP61.9 million, with the fall in profit driven by lower surveillance order intake in the year due to a large contract with the UK Home Office finishing in the first half.
The group said it continued to shift to a software and services business model in the year, helped by a strong performance from its Pebble Beach Systems broadcast arm. Its Communication Systems division cut costs heavily in the year, cutting around a quarter of its workforce but winning market share in the broadcast market.
Vislink will pay a dividend of 1.5 pence per share for the year, flat on 2014.
"We continue to transition to a software and services business represented by the evolving profit mix within the business. Pebble Beach Systems has had a strong financial performance in 2015 as it continues to expand its sales activities through its key partnerships and increasing geographic presence," said Executive Chairman John Hawkins.
"The group is confident of its strategy, with the development of its IP based solutions and the growth of software and services, which will benefit the group as a whole in 2016 and beyond," Hawkins added.
Shares in Vislink were down 1.8% to 26.62p Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
VLK.L