18 May 2017 07:00
18 May 2017
IndigoVision Group plc ("IndigoVision" or the "Group")
AGM Trading Update
At the Annual General Meeting to be held at 11am today, the Board of IndigoVision will update shareholders on trading as follows:
"The Group indicated at the time of the annual results in March that the start of 2017 had been quiet, but that sales and orders had strengthened markedly in February. IndigoVision is pleased to report that, in the four months to April 2017, software licence and camera volumes have again shown strong year on year growth, of 28% and 10% respectively. After declining throughout 2016, average camera prices have now stabilised. Pricing pressure on software, combined with the lower priced software tiers launched in November 2016, has meant that these additional volumes have yielded modest growth in overall revenue.
In the first four months of 2017, revenue growth in excess of 10% has been achieved in Latin America, and in Europe, Middle East and Africa. Asia Pacific sales are in line with last year. North American sales have been well below potential and, as intimated in March, management action has been taken to improve sales performance. A recent restructuring of the US sales organisation into three teams has created a more regionalised focus, under the leadership of experienced sales directors, two of whom have recently been recruited from leading competitors. IndigoVision now has a fully-distributed US sales team capable of driving revenue growth in this important market and expects to see the benefits of this showing through in results in the second half. After a one year absence, the Group had a strong presence at the influential ISC West trade show in Las Vegas in April, at which it launched "CyberVigilant", a new, patent-protected cyber security solution.
May started well. In the first 19 weeks of 2017, overall revenues were ahead of the corresponding period last year. The immediate outlook is more positive than it has been for some time, and the medium term prospects are promising. The Board continues to expect that 2017 as a whole will see improvements over last year, with both sales and profits, as in recent years, second-half weighted, and the latter part of the year also benefitting from higher revenues in North America.
Further to the Group's announcement of 18 April 2017 regarding the retirement of Hamish Grossart as Chairman, the Board is pleased to advise that the process to appoint a new chairman is well advanced and a further announcement is expected to be made shortly".
For further information please contact:
IndigoVision Group plc | |
Marcus Kneen (CEO) | +44 (0)131 475 7200 |
Chris Lea (CFO) | |
N+1 Singer - Nominated Advisor | |
Sandy Fraser | +44 (0)207 496 3000 |
Notes to Editors
About IndigoVision
IndigoVision is a leader in the design and supply of high performance, highly-intelligent video security systems for security installations of differing sizes and complexity. From video capture and transmission to analysis and storage, IndigoVision's networked video security systems provide the best quality and most secure video evidence, using market leading compression technology to minimise bandwidth and reduce storage costs.
IndigoVision's technology is ideally suited for use in mission critical facilities such as government, oil and gas, transport, cities, industry, education, police, prisons and casinos to improve public safety, protect assets, develop organisations' operational efficiency and support law enforcement.
IndigoVision has sales and support teams in 23 countries and operates through 18 regional centres, in Edinburgh, London, Paris, Amsterdam, Dusseldorf, Johannesburg, Dubai, Mumbai, Singapore, Macau, Shanghai, Sydney, Mexico City, Toronto, Bogotá, New Jersey, Buenos Aires and Sao Paulo.
IndigoVision partners with a network of some 1,000 trained and authorised IndigoVision resellers to provide local system design, installation and servicing to IndigoVision's system users.