Sales decline slowing
IndigoVision returns to profit in second half
IndigoVision returned to profit for the second half of the year. Operating profits for the six months to 31 December are expected to exceed $0.5m after a first half operating loss of $1.3m.
The Edinburgh based company said in a trading update that the year on year sales decline of 29% reported for the first half has slowed, and is expected to be about 18% in the second half.
Sales in the second half were lower than anticipated, principally due to a delay to a project in the Middle East.
The action taken in the first half in relation to operating costs meant that operating profitability was restored in the second half, notwithstanding lower sales.
Focused working capital management is expected to result in net cash balances exceeding $2m at 31 December 2015, a material improvement over the net debt of $0.5m reported at the half year end.