IndigoVision, a supplier of complete IP video security solutions, announced its half year financial results. The company reported an increase in sales revenues of 16 percent to US$14.8 million for the 6-month period ending Jan. 31 2009, with operating profits of $1.66 million.
Commenting on the results, IndigoVision CEO Oliver Vellacott, said, "As we expected, growth has slowed as a result of weaker corporate spending, dislocation in credit markets and rapidly deteriorating economic conditions in most markets. Against that background, increasing sales in the first half is creditable. Profitability remains sound and the balance sheet healthy. We have had a good start to the second half."
IndigoVision has continued to drive forward its product development plans with the launch of the company's high-definition IP camera range. This is now starting to be deployed in the field, including the first phase of the coast to coast surveillance project for the Canadian-U.S. border crossings.
IndigoVision's market position in the demanding gaming sector has been strengthened by major wins including the M Resort casino on the Las Vegas strip and approval from the Nevada Gaming Commission of the Colorado Belle casino making IndigoVision the first manufacturer of IP-based surveillance to be approved. IndigoVision is now streaming video from more than 8,000 cameras in 27 casinos worldwide.