IndigoVision, the leading supplier of IP Security Management Systems, has announced another outstanding set of financial results, with significant growth of sales in the Americas (+51%) and EMEA (+45%) and a tripling of operating profits. The company, in its results for the year ended July 2008, has reported an increase in total product revenues of 37% to a record $34.0m and operating profits increasing to $3.8m.
IndigoVision has continued to invest heavily in both products and its global sales operation. The company recently launched a range of High-Definition (HD) IP cameras, using very low bandwidth at a highly competitive cost. In addition a wide range of modules has been developed for integration to access control systems. Oliver Vellacott, IndigoVision CEO, described the company's product suite as "a complete open system giving partners and end users the freedom to choose whatever best meets their needs in video, access control and alarms". Global sales reach has been expanded particularly in the USA, France, Germany, China, India and Mexico including opening of a new facility in Dubai.
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. City monitoring and traffic management is another strong sector for the company with projects in South Africa, Hong Kong and South America, where 17 cities are using IndigoVision systems.
IndigoVision was used in the Beijing Olympics continuing its relationship with the Olympic Games following Athens in 2004 and the Winter Games in Turin in 2006.
Commenting on the results Oliver Vellacott said "We are delighted to be able to report strong results for the year to 31 July 2008, with record sales, margins and profits. We are particularly pleased with the sales increases in the Americas of 51% and EMEA of 45% and 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. The strength of IndigoVision's products, technology, markets and customers together with the continuing move from analogue to digital systems have more than offset the dampening effect of economic weakness. We are confident that the current year will be one of further progress for IndigoVision."
Sales growth has continued in to the current year with the company recently announcing the award of a strategic contract from the CBSA to provide protection for US-Canadian border crossings from East to West coast using IndigoVision's new 10000 HD IP camera range, and further wins in the casino market including its first project on the Las Vegas 'Strip'.
The full results statement is available from http://www.indigovision.com/investors_financeinfo.php.Body.