IndigoVision Grows Sales and Product Development

IndigoVision, the leading manufacturer of complete IP Video security solutions, has announced an increase in worldwide revenues at the same time increasing engineering spend by a third over the same period. The company, in its results for the year ending July 2010, reported an increase in total product revenues of 6% to a record £28.0m ($44.5m) and operating profits down by 6% to £3.1m ($4.9m). 

The increasing spend on R&D has resulted in a number of significant product launches in the last year. Two new High Definition (HD) models have been added to the company’s increasingly popular range of IP cameras. The 11000 HD PTZ dome and HD fixed camera are now being deployed around the world, delivering excellent video quality and extremely low bandwidth compared to traditional megapixel cameras. Another major product release was the next generation of ‘Green’ Network Video Recorders (NVRs), which deliver increased performance and resilience, with reduced energy consumption. The company has also developed further integration modules, which allow interfacing to third party systems across an IP network.

As part of its continued commitment to open standards IndigoVision demonstrated at a number of trade shows a technology preview of ‘Control Center’, its Security Management Software, displaying live video from ONVIF-compliant IP cameras. The company is very active in the ONVIF development and currently sits on two of the working groups.

IndigoVision has continued to be strong with transport infrastructure projects. Major airport projects were completed in Shanghai and rail projects delivered in UK, Brazil, Canada and Finland. Other strong sectors for the company’s IP Video solution have been law enforcement, government and banks.

Commenting on the results Oliver Vellacott said “As anticipated, the year under review proved to be particularly challenging given the economic backdrop. Whilst the Company saw a mixed performance across the regions in which it operates, operating margins held up well and cash generation remained positive. The increase in spend on research and product development, up by nearly a third against the previous year, was largely absorbed by reductions in other operating costs.

We have had an encouraging start to the current year, with sales comfortably ahead of last year, although performance across the regions remains mixed. We are therefore cautiously optimistic in relation to the current year. Reflecting that, the board is recommending an increased dividend to shareholders.”

We are again delighted to be able to report strong results for the year, with record sales, margins, and profits. We are particularly pleased to have tripled profits against a more difficult economic backdrop. Growth is continuing in the current year, with sales and new orders won for the first seven weeks well ahead of the corresponding period last year. With the strength of IndigoVision’s technology, markets and customers together with the continuing move from analogue to digital systems, we are confident that the current year will be one of further progress for IndigoVision

These results reflect a number of important wins for IndigoVision and significant g to provide protection for the US-Canadian border crossings from the East to West coast IndigoVision has been very successful in the last year with projects in the retail and law enforcement sectors. A number of IKEA stores around the world have adopted IndigoVision’s IP-CCTV, as well as John Lewis Partnership, one of the UK’s best known department store groups, together with shopping malls in the US and UK. IndigoVision has also been increasingly successful in the demanding law enforcement sector, with projects worldwide protecting, police stations, prisons, courts and other law enforcement agencies.

IndigoVision continued its relationship with the Olympic Games. Following on from Athens in 2004 and the Winter Games in Turin in 2006, the company also provided IP-CCTV for elements of the recent Beijing Olympics. The casino market continues to be a strong growth area for the company, with a number of recent wins in the USA and Greece. Around the world 25 casinos, consisting of over 8000 cameras, have now chosen IndigoVision’s IP Video solution. Cities centre monitoring and traffic management is another strong sector for the company with projects in South Africa, Hong Kong and South America, where 17 city centres are being monitored by IndigoVision systems. The full results statement is available from http://www.indigovision.com/investors_financeinfo.php