CLOSED-circuit television specialist IndigoVision has reported the narrowing of its losses on the back of a rise in revenues.
The Edinburgh-based firm’s full-year results showed revenue up nine per cent to $46 million from $42.1m last year, signalling continued recovery as it reported key US market sales growth of 20 per cent.
It has reduced its operating loss to $0.6m compared to $2.8m in 2017, accounts for the year ended December 31 showed.
It also announced boardroom changes.
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Non-executive director Max Thowless-Reeves replaces George Elliott, who has been chairman for around a year, with Mr Elliott remaining as a non-executive director.
Martin Pengelley is also to retire from the board at the company’s annual general meeting, it said.
Pedro Simoes, chief executive, said: “I am pleased with the progress we have made to date, in strengthening our sales team, growing our customer base and opening up a new value added distribution channel.
“The launch of a number of new products has helped reposition the business and facilitate growth.”
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Links with software developers also strengthened.
“In 2018, our software revenues grew by approximately one quarter year-on-year and we continue to seek out new technology partnerships to bring value to our customers through IndigoVision’s Control Center video management software,” he said.
Shares rose 5.5%.
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