SHARES in Indigo Vision dived by more than 20 per cent yesterday after the security technology group widened interim operating losses to $700,000.
In an upbeat report, which also revealed a 6.4 per cent dip in revenue to $20.4m, the company highlighted progress it had made in the first half.
The loss, which led to the company withholding an interim dividend, was attributed to both sterling and the euro weakening against the US dollar, illustrated by an increase in volume sales in the period.
The period included major new contract wins across the casino industry in North America, a number of safe city projects in Latin America and major upgrades of airports across Europe, the Middle East and Africa.
Marcus Kneen, chief executive, said that in the first half of the year the group had focused on executing its strategic objectives to grow North American revenues and, through innovation, differentiate its product offering.
IndigoVision recently appointed technology specialist George Elliot as chairman, replacing Hamish Grossart, who stood down in July after more than 20 years with the group.
Mr Elliott said the group’s sales profile continued to be heavily weighted towards the second half, “this year somewhat more than last”.
He added: “However, the strength of the current sales pipeline means the board continues to anticipate an improved operating result in 2017, broadly in line with expectations. The investments made in strengthening the North American sales team along with the other strategic actions are expected to drive further improvements from 2018.”
Source : HeraldScotland