Edinburgh-based video security company IndigoVision said on Thursday its 2018 revenue rose 9% to $46 million and its operating loss narrowed to $0.6 million from $2.8 million in 2017.

Gross margin increased by 3.4% to 57.4%, driven by increased software sales. The firm enjoyed 20% growth in its key US market.

The firm also said non-executive director Max Thowless-Reeves will replace George Elliott as chairman with immediate effect, with Elliott remaining as a non-executive.

“Unfortunately, my other business commitments do not allow me to devote the necessary time to undertake this role …” said Elliott.

IndigoVisio CEO Pedro Simoes said: “I am pleased with the progress we have made to date, in strengthening our sales team, growing our customer base and opening up a new value added distribution channel.

“The launch of a number of new products has helped reposition the business and facilitate growth.

“In 2018, our software revenues grew by approximately one quarter year-on-year and we continue to seek out new technology partnerships to bring value to our customers through IndigoVision’s Control Center video management software.”