LONDON (Alliance News) - Video security systems provider IndigoVision Group PLC on Tuesday said its performance has improved in the second half of 2015, in line with its expectations, though its sales are still set to fall heavily year-on-year.
IndigoVision swung to a loss for the first half of the year amid declining revenue in Asia Pacific and Latin America and, in particular, from the Brazilian oil and gas industry.
The company said it returned to profit in the second half and expects to make an operating profit of around USD500,000 for the six months to the end of December, compared to the USD1.3 million operating loss it made in the first half.
The 29% decline in sales in the first half slowed in the second, with the group saying sales in the second half are set to fall around 18% year-on-year. The rate of sales decline slowed in the second half, despite those sales being lower than anticipated primarily due to a delay to a project in the Middle East.
The return to profitability, therefore, was driven by the cost-cutting actions that IndigoVision took in the first half.
IndigoVision expects to post its results for the year to December 31 on March 3.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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