SHARES in IndigoVision surged by nearly 10 per cent after the video security specialist declared it was on course to report a first-half operating profit for the first time since 2014.
The Penicuik-based company, which sells its surveillance systems to airports, casinos and police services around the world, cheered investors by reporting sales of $22.2 million (£17.7m) for the six months ended June 30, up eight per cent on the same period last year.
It told the City that the trend of revenue growth it saw throughout 2018 had carried on into this year, putting it on track to make a first-half operating profit for the first time in five years. The company made an operating loss of $1.1m for the first half of 2018.
READ MORE: IndigoVision forecasts return to the black after highlighting Malaysian orders
Yesterday’s update underlines the progress which has been made by the company since November 2017, when its then chief executive Marcus Kneen stepped down as the firm ran into headwinds in the Middle East, sparked by “unforeseen delays” in winning large contracts.
Mr Kneen, whose departure followed the exit of long-standing chairman Hamish Grossart, was replaced by Pedro Simoes in January 2018.
In May this year the company said it narrowed operating losses to $0.6 million in 2018 after a $2.8m reverse in 2017.
Updating the city in its AGM statement in May, the company targeted a return to profitability this year as it cited the boost brought by two major orders in South-east Asia in the four months to April 27.
The company noted yesterday that it had $2.7m of cash in hand at June 30, compared with $2m on December 31. It will report its interim results on August 14.
Shares closed up 9.94%, or 15.5p, at 171.5p.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules here