Canada-based surveillance solutions manufacturer Avigilon saw a substantial growth in its revenues during the first half of 2012.
According to a statement, the company’s revenues for the first six months of 2012 totaled CA$42.1 million, a 61 percent increase from the CA$26 million in revenues Avigilon generated during the same time period last year. The company also saw a 63 percent increase in net income over the previous year, earning CA$2 million in the first half of 2012 compared to CA$1.2 million in 2011.
In addition, company’s earnings before interest, taxes, depreciation and amortization or EBITDA, which many use as an indication of a company’s true financial performance, also rose by 23 percent during the first half of the year to CA$3.3 million compared to CA$2.7 million a year earlier. Avigilon’s revenues, gross margin, EBITDA and net income were also significantly higher for the second quarter of 2012 when compared to the previous year.
Alexander Fernandes, the company’s president and CEO, attributes the increases with the execution of their growth strategy. "We have been expanding our global sales team, building awareness of our brand, and investing in product innovation. I expect all these activities to continue to drive strong growth," he said in the statement.
Avigilon went public late last year on the Toronto Stock Exchange and raised $20 million.