30 Jan 2012 08:27
IndigoVision Group PLC (the 'Company' or 'IndigoVision')
Period end trading update for the half year to 31 January 2012
The board of IndigoVision is pleased to report a strong recovery in operating performance in the first half of the current financial year.
For the six months to 31 January 2012, sales are expected to be a little below the record levels achieved in the corresponding period last year, but around 5 per cent ahead of last year's second half. The sharp recovery in gross margins reported at the annual general meeting has been sustained throughout the period, and gross margins are expected to be approximately 60 per cent for the first half of the year. Operating overheads have continued to be well managed, and are expected to be lower than the corresponding period last year.
Operating profits for the half year to 31 January 2012 are expected to exceed £1.5m, before exceptional items, comfortably ahead of last year's first half and a very strong recovery from last year's second half. Exceptional charges of approximately £0.3m have been incurred during the period, of which £0.2m relates to board restructuring and £0.1m to advisory costs in connection with a requisitioned general meeting (subsequently withdrawn) and a possible third party offer (which did not proceed).
The interim results to 31 January 2012 are expected to be released on 14 March 2012.
Chairman, Hamish Grossart, commented:
"It is gratifying to be able to report a return to double digit operating margins and an improving sales picture. The restructured management team has got off to an excellent start and made a significant difference to performance in a short space of time."
Notes to Editors
About IndigoVision
IndigoVision is a leading manufacturer of end-to-end IP security management solutions. IndigoVision is widely chosen for applications in airports, cities, retail, ports, mining & petrochemicals, road & rail systems, education, finance, casinos, law enforcement, government and the military. These enterprise-class systems improve organizations' operational efficiency, enhance public safety and enable timely emergency response.
IndigoVision is headquartered in Edinburgh, UK, with its own local sales and support people in 24 countries across the world. IndigoVision partners with some 373 authorized system integrators and installers in 76 countries to provide local system design, installation and service to end users.
Enquiries to:
IndigoVision Group plc +44 (0)131 475 7200
Hamish Grossart (Chairman)
Marcus Kneen (CEO)
Brewin Dolphin +44 (0)131 529 0272
Sandy Fraser (NOMAD)
Cardew Group +44 (0)207 930 0777
Rob Ballantyne