IndigoVision is growing, how 'bout you?

 - 
10/02/2009
Apropos of the discussion on Johnson Controls' numbers in security integration, IndigoVision just released their numbers for the year ended July 31 (why it took until Sept. 30 to get them together, I'm not sure, but much of the financial world is a mystery to me, frankly). And they look pretty good.
* Revenues up 43% to a record £26.4m * Operating profit up 59% to a record £3.26m * Adjusted basic earnings per share up 59% to 34.1p * Net cash more than doubled to £3.5m at 31 July 2009 * Maiden dividend of 5.0p per share
It gives some proof to the much-heard adage out there that video is growing faster than the rest of the market. I don't care how small or big you are, growing 43% organically is pretty solid. You can see the full numbers report here (pdf warning). In the full report, however, the numbers are slightly less rosy. Yes, revenues are up 43%, but net profit is actually down to 2,485,000 pounds from last year's 6,538,000 pounds. It may be because of a tax quirk, but it's reality. Also, cost of sales rose 76 percent while revenue grew 43 percent, so the company had to work harder to make its money this year (which makes sense). Regardless, if you start the year with 1,371,000 pounds and wind up with 3,551,000 in the bank, you've had a good year, especially in this economic climate. It's a good sign for IP video in general, too. Not only is the sector growing, but it's just starting to tap potential. Check this quote from IndigoVision CEO Oliver Vellacot:
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.
There are only a few industries out there right now that can express such optimism.