LONDON (Alliance News) - Digital Barriers PLC Friday said it expects revenues for the financial year just ended to be lower than the previous year, hit by revenue declines in its non-core areas, but it gave a confident outlook for the year ahead, as it benefits from recent contract awards and sales.
The company, which provides advanced surveillance technologies to the security and defence sectors, said it expects revenue in the region of GBP19 million for the year ended March 31, compared with GBP23.3 million the prior year, due to a drop in revenue within its non-core areas.
The group said that during the year, international product sales grew by over 40%, and its newly launched product lines achieved a number of significant sales late in the year.
It said that it has also recently won a number of contracts, which will boost revenues in the coming year, and is confident of moving closer towards break-even in the current financial year.
"We are seeing increasing sales traction. The board remains optimistic about the company's longer-term prospects and reiterates its aspiration to move towards break-even in the current financial year," said Executive Chairman Tom Black in a statement.
Digital Barriers said that is has recently won two important contracts by overseas customers, together valuing more than GBP3.8 million.
It said the one of the contracts, worth around GBP1.8 million, is for its enterprise-wide smartphone software with a major US federal agency and existing customer, including the first enterprise sale of its TVI video surveillance technology, for use on multiple thousands of mobile smartphone devices.
Digital Barriers said the the second contract is for its personnel screening solution for the stand-off detection of weapons, explosives and contraband, called ThruVision.
It said the contract is via one of its partners selling into government and law enforcement agencies within a major country in the Middle East and is expected to reach a value of over GBP2.0 million over the next 12 months.
Digital Barriers shares were trading 2.7% higher at 88.80 pence per share Friday morning.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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