Shares of Edinburgh-based video security company IndigoVision rose 3% on Wednesday after it said its revenue increased 8.3% to $24.1 million in the six months to June 30 and it made a $345,000 pre-tax profit compared to a $1.1 million loss in the same period of 2018.
IndigoVision also said it secured a new three year debt facility of up to $10 million with FGI Worldwide LLC, a US based finance firm, and now plans a share buyback programme.
The firm said its chief operating officer Paul Theasby will leave the company at the end of September and his role is “not being directly replaced.”
Instead, IndigoVision said it is intended that “new roles will strengthen the leadership of the product management and R&D functions, and improve the overall customer experience.”
IndigoVision said it received two large customer orders during the period, each of which was in excess of $1 million.
“These orders, which relate to the open space and car parking facilities in a substantial commercial building and a mass transit rail line, both in Malaysia, will be delivered over a period of up to 18 months,” said the firm.
IndigoVision chairman Max Thowless-Reeves said: “Our objective has been to eliminate losses, achieve an acceptable level of profitability and to sustain and growprofits in the long term.
“The return to profit in H1, the first time this has been achieved since 2014, is both an important milestone in our progress towards this objective and validation of the new strategy and execution.
“Evidence of the turnaround has been palpable inside the business for some time and is now increasingly visible in the numbers.
“There remains considerable heavy-lifting to be undertaken but the direction of travel and momentum in the business reflects the considerable achievements of the board and staff to date; we remain ontrack”.