The video camera business in Scotland is struggling, but it is now confident that it will overcome the slump, as revenues have been boosted by almost 9 percent to 35 million UK Pounds, due to the increase in the software sales. Indigovision, a company based in Edinburg, manufactures various kinds of video security solutions for various kinds of wide range complex system installations as well like the axis explosion proof camera, up to a total of eight camera systems. The company’s technology can capture video as well as transmit it for storage and analysis too.
These systems can provide video evidence by using compression technology, which reduces storage costs and also the network’s bandwidth usage too as well. The gross margin for the company has been increased by almost 3.4 percent and the operating losses of the company have been reduced to 455,000 UK Pounds from a staggering 2.1 million UK Pounds, in the year 2017. Also, during the year, it was reported by the Bank of Scotland that it will be withdrawing its unused overdraft facility of 2.3 million UK Pounds, not used by the company. Therefore a new invoice finance facility will be provided for the supply of additional capital, in order to facilitate both acquisitive and organic growth.
This is why 2018 has shown positive results in a new strategic direction. There have been many important investments, that have been made in North America, in order to boost the sales in 2017, and thus the sales revenues have grown up by 20 percent. The company has also been working on their CyberVigilant technology, which is a software to identify any kind of anomalies, with the help of a customers CCTV network. The current cyber technology, which is the second generation, has now been embedded within the camera, for the best real-time protection, like the Samsung explosion proof camera.
The company have also reported that the China-US trade war will not have any impact on its business at all. The Chief Executive of the company, Pedro Simoes, has said that the company is very pleased with the progress the sales team has done. The customer base is growing day by day, and new distribution channels are also opening as well. With the launch of the new products, it has helped the company as a whole to make the business better and thus help in the growth as well. The software revenues of the company in 2018 have increased by a quarter YoY (Year on Year) and with the help of these results, the company is seeking for new partnerships with technology companies, that will bring value to the company’s customers, via the Control Center video management software developed by Indigovision.
Pedro Simoes also added that even after so much growth and improvement, there is a lot more to do as well, so that an acceptable level of profitability can be earned, and thus this will be the sole ambition for the Board and also the leadership team of the company as well. Currently, Max Thowless-Reeves is getting placed at the chairman seat of the company, replacing George Elliott. George Elliott will still remain in the company as a non-executive director. On the other hand, at the upcoming annual meeting, Martin Pengelley is about to retire from the Board of the company.