LONDON (Alliance News) - Video security system provider IndigoVision Group PLC Thursday raised its total dividend, even though comparable profit declined in its recently ended financial year.
IndigoVision proposed a final dividend of 5.0 pence, taking its total dividend up 55% to 17.0 pence from 11.0 pence in the previous year.
The company has shifted its financial year end from July to December, meaning its full-year accounts incorporate the seventeen months to end-December 2014 compared to the year to end-July 2013. Additionally, the company is presenting its results in dollars, with comparative figures also restated in dollars, for the first time.
For the 17 months IndigoVision posted a pretax profit of USD4.3 million, up from USD3.3 million in the 12-month previous financial year, as revenue rose to USD82.5 million compared to USD50.1 million, although this was offset by higher operating costs.
On a proforma basis, compared to an adjusted seventeen month period, the company posted an operating profit of USD4.3 million, down from USD4.9 million, due to higher costs.
The company said its costs had grown faster than its gross profit, and costs have since been reduced with the aim of restoring its net operating margin.
In the start of its current year it has continued to see a mixed regional performance, and overall revenues and order intake "somewhat subdued".
Shares in IndigoVision are trading down 6.2% at 340.00 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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