Vislink swings to interim loss on restructuring costs

16th Sep 2015 09:50

(ShareCast News) - Vislink said swung to a loss in the first half on the back of restructuring costs.For the six months ended 30 June, the company made a pre-tax loss of £881,000 compared with a profit of £2m in the first half of last year. It attributed the loss to non-recurring restructuring costs of £1.7m in the hardware division.Revenue fell to £26.6m from £27.1m due to a disappointing performance from Vislink Communications Systems, although this was partially offset by Pebble Beach Systems.However, the company said a significant restructuring of its hardware division, coupled with investment in new products and an increasing order pipeline, provides an encouraging platform for improved results from Vislink Communication Systems.Vislink is a technology business specialising in solutions for the capture, management and delivery of high-quality video for the broadcast and surveillance markets.Executive chairman John Hawkins said: "We continue to transition to a software and services business represented by the evolving profit mix and strengthened margins within the business. Pebble Beach Systems has had a strong financial performance in this half year with better operating margins, and it continues to expand its sales activities through its key partnerships."At 1000 BST, Vislink shares were down 16.7% at 45p.