VIDEO security specialist IndigoVision has achieved a strong increase in sales putting the firm on track to post its first annual profit since 2016.
The Edinburgh-based company said its sales rose by nine per cent, to $50.1 million (£39m), in the year to December 31, from around $46m last time.
Aim market-listed IndigoVision noted it had maintained margins and kept a strong control on costs. The company said it expects to report a full year operating profit and earnings before interest, tax, depreciation and amortisation in line with market expectations.
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The company last achieved a full year operating profit, of 0.1m, in 2016.
IndigoVision shares rose 5% in morning trading but closed down 0.5p at 178p.
In August the company revealed it had made a first-half profit for the first time since 2014.
Directors said then that actions taken in 2018 to refocus the firm’s strategy continued to drive improvements throughout the business.
The company moved to become more sales and marketing focused while broadening its product range to attract more customers after industry veteran Pedro Simoes became chief executive in January 2018.
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Marcus Kneen stepped down as chief executive in November 2017 as the firm faced headwinds in the Middle East.It had $2m cash at the year end.
In November the firm bought a Portuguese firm, business Agorasys, for up to €3m (£2.6m) as it looked to expand its offering. Agorasys has developed software that allows users to integrate security systems provided by multiple vendors. IndigoVision said it was looking outwards after completing the internally-focused first stage of its turnaround plan
The company achieved an operating profit of $0.4m for the six months ending June 30 following a $1.1m loss at the same stage last year.
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