IndigoVision narrows loss despite falling revenue

15th Sep 2016 14:25

(ShareCast News) - IndigoVision Group posted its interim results for the six months to 30 June on Thursday, with overall revenue dropping slightly to $21.8m, from $22.6m.The AIM-traded firm reported camera volumes were 20% ahead, and its gross margin was maintained despite downward pricing pressure.Overheads were reduced by 8% to $11.9m, and the company's operating loss dropped to $0.3m from $1.3m a year earlier.Net cash as at 30 June was $4.6m, compared to net debt $0.5m in the prior period, which the board said reflected a "strong focus" on working capital."The results for the first half of 2016 are a strong improvement on 2015, notwithstanding falling camera prices across the market as a whole," said chief executive Marcus Kneen."The tiered camera offering introduced last year has been well received and this concept will be extended to software later this year, enabling IndigoVision's products to be competitive in all sectors of the market." At 1438 BST, shares in IndigoVision were down 6.54% at 150p.