IndigoVision Group PLC Trading update and Board changes (4136X)
November 24 2017 - 2:00AM
UK Regulatory
TIDMIND
RNS Number : 4136X
IndigoVision Group PLC
24 November 2017
IndigoVision Group plc ("IndigoVision", the "Group")
Trading update and Board changes
There are several important trading weeks before the end of the
Group's financial year on 31 December, but it is now clear that
management's expectations will not be achieved and that a full year
operating loss will be reported. The management and sales team
changes in the US are showing continued signs of delivery, with
further growth in the sales pipeline, but the Middle East has
experienced more difficult trading conditions, with unforeseen
delays in securing a number of large contracts.
Current expectations are that revenue for the year will be in
the region of $41m to $43m. Gross margins for the year are likely
to be a little ahead of those achieved last year and total
overheads are expected to be around 5% higher than last year, due
principally to the investment in the US described within the
Interim Results statement. The financial position of the Group
remains strong, with current cash balances of $2.5m and bank
facilities of $4.0m which remain undrawn.
Marcus Kneen has resigned from the Board and has ceased to be
Chief Executive Officer with immediate effect. The Board would like
to thank Marcus for his contribution to IndigoVision over the last
14 years.
Pedro Simoes, who was appointed as Senior Vice President -
Global Sales on 2 October 2017, has been appointed as Interim Chief
Executive Officer and will join the Board as an executive director
as soon as practicable, subject to the completion, by N+1 Singer,
of the necessary regulatory due diligence. A further announcement
confirming Pedro Simoes' appointment to the Board, including the
necessary regulatory disclosures, will be made as and when
appropriate.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
For further information please contact:
IndigoVision Group plc
George Elliott, Chairman
Chris Lea, CFO +44 131 475 7200
N+1 Singer, Nominated Adviser
Sandy Fraser +44 207 496 3000
Media Enquiries:
Charlotte Street Partners
Malcolm Robertson +44 7788 567680
About Indigovision
IndigoVision is a leader in the design and supply of high
performance, highly-intelligent video security systems for security
installations of differing sizes and complexity. From video capture
and transmission to analysis and storage, IndigoVision's networked
video security systems provide the best quality and most secure
video evidence, using market leading compression technology to
minimise bandwidth and reduce storage costs.
IndigoVision's technology is ideally suited for use in mission
critical facilities such as government, oil and gas, transport,
cities, industry, education, police, prisons and casinos to improve
public safety, protect assets, develop organisations' operational
efficiency and support law enforcement.
IndigoVision has sales and support teams in 23 countries and
operates through 18 regional centres, in Edinburgh, London, Paris,
Amsterdam, Dusseldorf, Johannesburg, Dubai, Mumbai, Singapore,
Macau, Shanghai, Sydney, Mexico City, Toronto, Bogotá, New Jersey,
Buenos Aires and Sao Paulo.
IndigoVision partners with a network of some 1,000 trained and
authorised IndigoVision resellers to provide local system design,
installation and servicing to IndigoVision's system users.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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