Edinburgh-based technology firm IndigoVision enjoyed a 9% jump in sales last year as it continued to turn around its performance.
In a trading update the CCTV specialist said it achieved $50.1 million (c. £38 million) in sales in the financial year ending 31 December and that margins were maintained in line with the previous year.
IndigoVision said that with strong cost control it expects to report profits in line with market expectations. Following the drawdown of $2.7 million of a new bank facility to fund the acquisition of Portuguese security software firm Agorasys in November, net cash at the end of the year stood at $2 million.
Agorasys, a spin-out from the University of Lisbon, has developed a "command and control" software platform that integrates different security systems from different suppliers including IndigoVision.
IndigoVision, led by chief executive Pedro Simoes, said the acquisition represents an “important building block” in turning the group into one of the leading players in the video security solution market.
Agorasys's software provides business processes, procedures and auditing tools to allow users to audit and analyse security operations from any location with an internet connection. IndigoVision intends to invest £430,000 in further developing the Agorasys software for the benefit of its customers.
In August IndigoVision IndigoVision hailed continued evidence of its turnaround after posting an operating profit for the first half of the year for the first time since 2014. The profit milestone came after sales rose by 8.3% to $24.1 million, driven by strong performances in Asia Pacific – up 31% - and North America which grew 15%.
IndigoVision implemented a series of actions to improve its performance after admitting in 2018 that it was not achieving satisfactory results for shareholders. The company’s preliminary results for the year ended 31 December 2019 will be published on 5 March.
