LONDON (Alliance News) - Digital Barriers PLC Tuesday said it expects its full-year results to be in line with expectations after a contract it won in the US in May produced higher revenues than expected, offsetting problems in its West Africa business as a result of the Ebola outbreak.
The surveillance technology provider also said it has appointed a new chief executive.
Digital Barriers said a contract it won in May, to provide a video surveillance product to an unnamed US federal agency, was delivered on schedule and has produced more revenue than expected, at more than USD1.5 million. It is the largest single TVI hardware sale ever by the company, and it expects follow-on sales in the coming year.
Along with a rise in revenues in the first half of the year to September 30, the company said it expects its full-year results to be in line with expectations. This includes international growth for the business despite a delay in revenue from West Africa as a result of the outbreak of the Ebola virus.
The group said it expects losses for first half to be narrower year-on-year and expects these to continue to narrow over the full year on the back of revenue growth and cost cuts.
The company said it has appointed Zak Doffman as its new chief executive officer. It said Tom Black will continue to serve as the company's chairman in a non-executive capacity.
It also said Colin Evans, currently executive director for its engineering and operations, will become chief operating officer.
"It has taken some time for us to develop the relationships we need internationally to achieve the success we aspire to, but that incubation period is now over and our strong sales pipeline gives me and the board great confidence that continued revenue growth will bring us to break-even in the near future," said Digital Barriers Chairman Tom Black.
Digital Barriers shares were up 0.8% to 66.00 pence on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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