Cuts benefiting company
IndigoVision sales fall but losses eradicated
In an update, the Edinburgh company said revenue was down 3% in the first six months compared with the same period last year. Camera volumes increased “markedly” but this gain was offset by lower camera product margins arising from continued competitive market conditions.
Notwithstanding the market challenges, gross margin remained broadly in line with 2015 as a whole and within the group’s normal trading range.
The company, led by CEO Marcus Kneen (pictured), said the impact of cuts in overheads last year continued to flow through in the period.
As a result, the group expects to report that last year’s first half operating loss of $1.26million has been largely eradicated.
Working capital management remains strong, with net cash of $4.6million at the period end.
The interim results for the six months ended 30 June 2016 are expected to be announced on 15 September.