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IndigoVision beats expectations

IndigoVision has announced ist financial results, with significant growth of sales in the Americas +103%, Asia Pacific +50% and EMEA +10% and a 59% increase in operating profits. The company, in its results for the year ended July 2009, has reported an increase in total product revenues of 43% to a record £26,4m ($43,7m) and operating profits increasing to £3,26m ($5,4m).

IndigoVision continues to invest heavily in product development with a substantial increase in spend last year. The company recently launched a range of high-definition (HD) IP cameras, which were chosen by the Canada Border Services Agency (CBSA) for monitoring US-Canada border crossings, in what is believed to be the largest ever high-definition (HD) IP video surveillance system. IndigoVision has also been chosen by several hotels and leisure projects including the prestigious London Marriott Hotel in Kensington and the new Mövenpick Tower & Suites Hotel in Doha, Qatar. The 500 mile long Sakhalin-2 gas pipeline project in Eastern Russia continues to expand using IndigoVision’s IP video technology, creating one of the largest wide-area surveillance projects in the world.

Casinos continue to be a strong performing sector for the company with 18 installations in North America, 11 of which were completed in the last year. Airport wins were achieved in North America, Europe and significantly in China and India, where strategic projects are underway in Shanghai and Delhi. Rail success was achieved in all major regions with the latest being the Santiago Metro in Chile.

Commenting on the results Oliver Vellacott said “These are great results achieved in a difficult economic climate. I am especially pleased to be announcing our first ever dividend to shareholders.

In the current year we will be stepping up spend on research and product development to prepare IndigoVision for the next phase of growth. We expect the short term economic background to continue to be difficult, but believe that IndigoVision can meet this challenge.”

The full results statement is available from http://www.indigovision.com/investors_financeinfo.php

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