IndigoVision’s shareholders were told today how the company is moving back to profitability after winning several contracts, including two deals in Malaysia each worth over $1 million.
At the annual general meeting being held in Penicuik, outside Edinburgh, the board was to update shareholders by saying trading in four months to 27 April 2019, was in line with market expectations.
“Sales are expected to be weighted towards the second half of the year and the nature of our business is such that the precise timing of our orders is difficult to predict. Nevertheless, the current indicators support the board’s target to return the Company to profitability in the current year,’’ the chairman Max Thowless-Reeves was due to tell shareholders.
The company has two large customer orders, 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.
The company completed the majority of the planned restructuring of its supply chain and recently launched its US National Defense Authorisation Act 2019-compliant Ultra X camera series. This week saw the first production run of IndigoVision products from the group’s primary camera supplier’s new facility in Mexico, which is intended to secure tariff-free access to the US market.
The group has no debt and had cash on hand of £2 million ($2.5 million ) as at 27 April 2019.
“In order to provide balance sheet flexibility we have been pursuing a new debt financing facility; the board is pleased to report that good progress has been made and anticipate announcing the conclusion of an invoice finance facility shortly.”