IndigoVision Revenues Double for Third Year

INTERNET video and alarm management firm IndigoVision has seen revenues generated by its products nearly double for a third successive year.

The Edinburgh-based firm, which supplies closed-circuit TV systems to the security industry via internet protocol (IP), saw product revenues rocket by 92 per cent to GBP 13.3 million in the year to July 31.

A number of lucrative contracts in casinos, airports and railways around the world helped achieve the product revenue growth, which also increased by 95 per cent last year and 92 per cent in 2004.

But heavy investment in new senior management positions and skilled staff meant its pre-tax profits remained comparably low, at GBP 670,000. However, the figure is still double the amount it was for the same period last year.

Strengthening of its management team saw it employ a director of marketing, human resources director and a sales director.

It also held a global recruitment campaign that saw technical staff come to Edinburgh from the United States, India, Pakistan, China and across Europe.

The firm, which also launched distribution hubs in Singapore and New Jersey, now employs 99 people, a third more than at this stage last year.

Marcus Kneen, the company's chief financial officer, said: "This is not just one good year of results, it is a sequence of very strong performances where we have nearly doubled product sales for three consecutive years. We had to invest heavily in our infrastructure so we could ensure the wheels do not come off that.

"We are a very focused company and it is a very particular marketplace we concentrate on and quite relentlessly pursue.."

Mr Kneen said as part of the focus the group has turned down a number of offers to merge into similar industries, including video conferencing.

The company, which launched in 1994, still has the vast majority of its business in international markets.

Its products have been employed in thousands of installations globally, including two Olympic Games, the 2006 football World Cup, seven major rail networks, 28 airports and five casinos.

In the last year, it won valuable contracts to install 1300 cameras in Vancouver rail networks, 1100 cameras at two casinos in Arizona, 600 cameras at Doha International Airport, 340 cameras at Macau police station in China and 200 cameras at Berlin's suburban rail network.

Oliver Vellacott, the firm's chief executive, said: "The task ahead is to transform [the] investment into sustainability higher levels of profitability and build on IndigoVision's excellent positioning as an enterprise IP video provider.

"We have had a strong start to the current year with sales and order intake well ahead of last year.

"The board is therefore confident that this year will see further growth and rapid progress towards these goals."