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New team in place

IndigoVision chairman blasts firm’s performance

George ElliottPerformance at video security camera company IndigoVision was criticised by its own chairman today as he outlined plans to reshape the Edinburgh-based business.

Announcing an operating loss of $2.8m (£2m) against a 2016 profit of $0.1m, chairman George Elliott (pictured) said a new leadership team had been installed “committed to improving standards”.

The company parted company with CEO Marcus Kneen in November last year and in January appointed senior vice president Pedro Simoes.

In his statement accompanying year-end figures, Mr Elliott said: “The group’s financial performance in 2017 and indeed, prior years, has not been acceptable and IndigoVision is not achieving its full potential.

“This has resulted in significant changes in the board and senior management.  The leadership team are committed to improving standards and performance at all levels in the group, and under this new leadership, the group’s strategic direction has been set to better serve our shareholders, customers, employees, partners and other stakeholders.

“It is expected that considerable progress in delivering the group’s strategy will be made in 2018 but this will not be reflected fully in it’s operating results until 2019, consequently management is targeting to at least break even in the current year.” 

Mr Simoes said: “Since joining the group in late 2017, I have been excited to meet my new colleagues and explore the potential within our product development teams.

“I recently met with the group’s leadership team to outline my vision for growth, making sure we have the right products and approach to address all parts of the market.

“While our markets remain competitive, I am confident that after a period of stabilisation, during which new people and new systems bed in, IndigoVision is well positioned for growth.”

The company said it will not pay a final dividend to shareholders.

Financial Highlights

·      Revenues of $42.3m (2016: $45.9m)

·      Operating loss $2.8m (2016 profit: $0.1m)

·      Underlying operating loss $2.4m (2016 Operating profit: $0.4m)

·      North American expansion costs of $2.0m

·      Net cash balance of $2.6m (2016:  $6.2m)

·      Basic and diluted loss per share 34.9 cents (2016: 37.3 cents)

·      Adjusted loss per share 29.6 cents (2016 adjusted earnings per share: 9.0 cents) before deferred tax

·      No final dividend proposed (2016: 3.0 pence per share)

See also:

IndigoVision installs Simoes as CEO

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