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IndigoVision Posts Record Results Ahead of Expectations

IndigoVision, the leading supplier of IP Security Management Systems, has announced another outstanding set of financial results, with significant growth of sales in the Americas +103%, Asia Pacific +50% and EMEA +10% and a 59% increase in operating profits.

The company, in its results for the year ended July 2009, has reported an increase in total product revenues of 43% to a record £26.4m ($43.7m) and operating profits increasing to £3.26m ($5.4m).  

IndigoVision continues to invest heavily in product development with a substantial increase in spend last year. The company recently launched a range of High-Definition (HD) IP cameras, which were chosen by the Canada Border Services Agency (CBSA) for monitoring US-Canada border crossings, in what is believed to be the largest ever High-Definition (HD) IP Video surveillance system.

IndigoVision has also been chosen by several hotels and leisure projects including the prestigious London Marriott Hotel in Kensington and the new Mövenpick Tower & Suites Hotel in Doha, Qatar. The 500 mile long Sakhalin-2 gas pipeline project in Eastern Russia continues to expand using IndigoVision’s IP Video technology, creating one of the largest wide-area surveillance projects in the world.

Casinos continue to be a strong performing sector for the company with 18 installations in North America, 11 of which were completed in the last year. Airport wins were achieved in North America, Europe and significantly in China and India, where strategic projects are underway in Shanghai and Delhi. Rail success was achieved in all major regions with the latest being the Santiago Metro in Chile.

Commenting on the results Oliver Vellacott said “These are great results achieved in a difficult economic climate. I am especially pleased to be announcing our first ever dividend to shareholders.

The financial results achieved are a direct result of the strength of our product range and its powerful supporting technology, the talented group of people which we have worldwide, and the strong market position which we have built based on the needs of customers.

The long term market potential for IndigoVision’s offering continues to be attractive, the sales force is well developed, distribution and service centres are working well and finances are sound. Although the security market is moving from older analogue systems to IP, 90% of this transition has still to take place, giving IndigoVision a clear opportunity.

In the current year we will be stepping up spend on research and product development to prepare IndigoVision for the next phase of growth. We expect the short term economic background to continue to be difficult, but believe that IndigoVision can meet this challenge.”

The full results statement is available from http://www.indigovision.com/investors_financeinfo.php

About IndigoVision:
IndigoVision is a leading manufacturer of complete end-to-end IP video security solutions. IndigoVision is widely chosen for applications in airports, city centres, retail, ports, mining & petrochem, road & rail systems, education, finance, casinos, law enforcement, government and the military. These enterprise-class systems improve organisations' operational efficiency, enhance public safety and enable timely emergency response. IndigoVision has extensive reference sites including 7 rail networks, 2 of the world's top 5 banks, 28 airports, 27 casinos and two Olympic Games. IndigoVision is headquartered in Edinburgh UK, with its own local sales and support people in 21 countries across the world. IndigoVision partners with some 290 authorised system integrators and installers in 64 countries to provide local system design, installation and service to end users.