Milestone releases 2012 financials, surpasses $55M
Editor / Provider: Milestone Systems | Updated: 5/7/2013 | Article type: Security 50
Milestone Systems has delivered solid financial results for 2012 and demonstrates continuous growth. A constant focus on product innovation, business strategy, employee leadership development through management training and partner program expansions have been key factors in the company's success.
Now in its 15th year, Milestone continues to accomplish strong growth both in their home market and internationally. Milestone has recorded revenue growth of 19.5 percent to US$55.62 million (DKK 318 Million) against $46.89 million in 2011. Operating income before depreciation (EBITDA) reached $9 million and net income reached $2.21 million. The number of employees grew by 13 percent, from 310 on average in 2011 to 351 employees globally in 2012.
"Demand for IP-based video surveillance is increasing globally. With the solid results in 2012, our compounded average growth rate has been 26 percent over the last five years. Milestone continues to grow because we go to market with the right products, and Milestone solutions are based on an open platform so they can meet the different needs of various segments. Our success is shared worldwide through strong relationships with our partners," says Lars Thinggaard, President and CEO of Milestone Systems.
A constant focus on the business strategy, including partner, employee and leadership training, helps to sustain this positive outcome.
"We have followed our strategy and are proud of the result in 2012. Milestone attained success especially in Europe, the Middle East and the US, and we achieved very impressive growth rates in Brazil and Russia. There are good opportunities for us in Russia, and in Brazil we won some significant customers, including the Mineirao football stadium whose new IP video surveillance solution will manage the safety of 65,000 guests when Brazil hosts the FIFA World Cup in 2014," says Lars Thinggaard.
Growing people fosters a growing business
In 2012 Milestone invested $9.67 million in R&D as well as additional millions in employee development and leadership training.
“One of our highest priorities in 2012 has been to continue investing in the training of our approximately 55 managers, who are now through the second wave of Milestone Leadership Academy - a development program that makes our leaders become even better at dealing with human, financial and technical issues to ensure that these support our common goals. We do it because we believe that growing people contribute to a growing business: it is essential for us to give our employees the opportunity to take leadership and influence the development of the company," says Thinggaard and continues:
"Moreover, world-class research and development has always been a key priority for Milestone, so we invest a substantial portion of our revenue in R&D every year. Milestone continues to grow because we consistently listen to market needs and act on the feedback. The investments support Milestone's aim to stay competitive in the world market."
Expectations for the future
Milestone Systems has high expectations for the future and will continue to invest in growth, and to service and support the company's ecosystem of partners and customers in more than 100 countries. About 60 percent of the physical security market is estimated to be using analog equipment, so there is considerable potential business that will be moving to IP networked solutions over the coming years. Therefore, Milestone has created three new business units to address a broader range of market opportunities, including Incubation and Ventures with an office in Silicon Valley, USA.