SerVision sees fall in profits

Digital security system developer SerVision reported a fall in profits as a result of an exceptional sale made last year. Turnover for the period fell 21% from $2.7m to $2.1m for the same period the previous year, which was reflected in a reduced operating profit of £0.58m (2010 H1: $0.77m). The group blamed the decrease this year versus last on the additional income from the sale of manufacturing rights in China during the first half of 2010. Chairman and chief executive officer Gidon Tahan said: "SerVision continues to supply its market leading security video systems into new markets and sectors. "We have launched our Android OS client app which, along with our existing iPhone application, penetrates over 80% of the smartphone market, allowing customers to view their sites and vehicles away from the office."We have also launched our fleet management SVContol Centre, which enables the monitoring of a substantial number of vehicles and locations at one time."The group is more optimistic about the second half of the year and has a significant pipeline for the remainer of the year. Results for the year are expected to be in line with market expectations, providing a purchase order from one of its distribution partners is received as expected. Earnings per share fell from 1.74c to 1.13c on a like-for-like basis.The share price fell 9.52% to 4.75p at 16:02.NR