Published on 19 March, 2009
|IndigoVision announced its half year financial results and reported an increase in sales revenue|
, the leading supplier of complete IP Video security solutions, has announced its half year financial results. The company reported an increase in sales revenues of 16% to £10.7m ($14.8m) for the 6-month period ending 31 January 2009, with operating profits of £1.2M ($1.66m).
Commenting on the results Oliver Vellacott, IndigoVision's CEO said: "As we expected, growth has slowed as a result of weaker corporate spending, dislocation in credit markets and rapidly deteriorating economic conditions in most markets. Against that background, increasing sales in the first half is creditable. Profitability remains sound and the balance sheet healthy. We have had a good start to the second half."
IndigoVision has continued to drive forward its product development plans with the recent launch of the company's High-Definition (HD) IP camera range. This is now starting to be deployed in the field, including the first phase of the coast-to-coast surveillance project for the Canadian-US border crossings.
IndigoVision's market-leading position in the demanding gaming sector has been strengthened by major wins including the M Resort casino on the Las Vegas strip and approval from the Nevada Gaming Commission of the Colorado Belle casino making IndigoVision the first manufacturer of IP-based CCTV to be approved. IndigoVision is now streaming video from over 8000 cameras in 27 casinos worldwide.
IndigoVision solutions are employed across 20 different market sectors, with strong presence in casinos, rail, government and city security. IndigoVision's route to market is through its local partners - systems integrators and installers - who receive comprehensive training from IndigoVision and who provide local system design, installation and support. IndigoVision continues to widen its channel to market with over 290 partners now authorized in over 64 countries. The company completely develops its technology in-house, including a rich suite of hardware products and 'Control Center' its flagship Security Management Software.
Full results statement is available