(Alliance News) - IndigoVision Group PLC said Monday its sales in 2019 were about 9% higher than the year before.
The security camera developer said it generated USD50.1 million of sales in 2019, 8.9% higher than the USD46.0 million recorded in 2018.
"Gross margins were maintained in line with prior year, and with strong cost control, the company expects to report operating profit and Ebitda in line with market expectations," IndigoVision added.
In 2018, IndigoVision recorded a gross margin of 57.4%, with an operating loss of GBP600,000.
Following the drawdown of USD2.7 million of a new bank facility to fund the cash consideration for the acquisition of AgoraSys SA, completed in November 2019, net cash in hand at the end of December was USD2.0 million.
IndigoVision is scheduled to release its 2019 results on March 5.
Shares in IndigoVision were down 0.3% in London on Monday at 178.00 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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