Losses increase at Indigovision

Indigovision, the Edinburghbased security video firm which earlier this year admitted it was under-achieving for shareholders, yesterday said losses had risen in the first half of the year.

However, the firm said it believed it was on track to at least break even this year and to deliver “acceptable levels” of profitability next year.

The company saw operating losses rise to $1.1 million (£840,000) in the six months to June, up from $700,000 in the same period last year.

Sales increased by 9.5 per cent to $22.2m with gains across nearly all of its markets and chairman George Elliott said that actions taken “continue to drive improvements throughout the business”.

“As in previous years, sales are expected to be weighted towards the second half of the year and the nature of our business is that the precise timing of our orders is difficult to predict,” he said.

“Nevertheless, the current indicators continue to support the board’s target to at least break even in the current year and for the business to deliver an increase in revenues and acceptable levels of profitability from 2019.”

The company said sales had benefitted from adding new functionality to its core technology and introducing a number of new products. “The sales team has been strengthened and is gaining traction, we have improved our operational capabilities and our marketing efforts have focused on our increasingly innovative technology,” it said.

Asiapacificandnorthamerica saw sales rises of 54 per cent and 16 per cent respectively with the UK seeing 13 per cent revenue growth.

Pedro Simoes, who was appointed chief executive in January to replace Marcus Kneen, said he was “enthused by the opportunities within our business”.

“I am particularly pleased with the pace of technology innovation across the group.”