Indigovision making progress

Indigovision, the Edinburghbased digital CCTV developer, has insisted it is “well positioned for growth” despite sinking to a full-year loss.

The firm, whose networkbased video security systems are used in airports, transport hubs and casinos, reported an underlying operating loss of $2.4 million (£1.8m) for 2017 compared with an operating profit of $400,000 a year earlier.

Revenues fell to $42.3m from $45.9m while the firm will not be paying a final dividend. The results also showed that the group’s net cash balance had fallen to $2.6m from $6.2m.

Chairman George Elliott conceded that the financial performance in recent years “has not been acceptable” with the firm failing to achieve its full potential.

The group recently appointed Pedro Simoes as its new chief executive. The move came in the wake of Marcus Kneen’s resignation last November when the capital company issued a profit warning.

Elliott said: “The leadership team are committed to improving standards and performance at all levels in the group, and under this new leadership, the group’s strategic direction has been set to better serve our shareholders, customers, employees, partners and other stakeholders.

“It is expected that considerable progress in delivering the group’s strategy will be made in 2018 but this will not be reflected fully in its operating results until 2019, consequently management is targeting to at least break even in the current year.”

Simoes added: “While our markets remain competitive, I am confident that after a period of stabilisation, during which new people and new systems bed in, Indigovision is well positioned for growth.”