Chairman Max Thowless-Reeves has hailed the “significant turnaround” at IndigoVision after the Edinburgh-based security camera firm swung back into the black and reinstated its dividend. The turnaround followed a major restructuring that began in 2017 following the departure of former chief executive Marcus Keen.
The company swung to an operating profit of $2 million (£1.5 million) for the year to 31 December from a loss of $640,000 (£497,000) during the previous 12 months, allowing it to recommend a final dividend of 2p per share.
Thowless-Reeves said: “I am pleased to report the first set of annual results for many years that the board deems acceptable. These results demonstrate the significant turnaround that has been undertaken by IndigoVision. There were many excuses available for management teams in 2019 to deliver results below market expectations. Our executive team and staff have refused to be deflected from the mission and it is to their great credit that the most difficult part of the turnaround has been delivered despite this broadly unfavourable backdrop and that we can report results in line with market expectations.”
The chairman pointed to the success of senior appointments, improved cost control and the acquisition of Portuguese firm AgoraSys, which he said signalled the start of the company’s refreshed strategy. After a period of internal changes, Thowless-Reeves said the board had looked at the wider market and highlighted the “highly-fragmented” nature of the security systems industry. The company’s new strategy includes further acquisitions. It is also looking at partnerships with start-up technology companies to extend its range of products and services.