One of Scotland’s leading technology companies has reported strong operating profits in the half year up to this month.
The strong recent performance, expected to realise a profit in excess of £1.5m, comes despite Midlothian-based IndigoVision being hit by significant costs through the same period.
Over recent months, the surveillance technology company was subject to a failed takeover battle by investment fund Scottish Equity Partners, following talks with some board members.
The resultant costs, to cover an extensive boardroom restructure and associated consultancy fees, amounted to a total of £300,000.
The announcement by the firm reported that overall sales were actually down, but these were in respect of record sales in the preceding period. The statement released suggested that the strong management of operating overheads had contributed to the rise in profits.
It shows that with bold strategies being taken at boardroom level, companies are still able to thrive despite tough trading conditions. Indeed, many business leaders are seeking the help of Scottish factoring companies in similar bold moves, to free up financing which would otherwise not be available.
Giving a statement about the results, the confirmation of which will come in March, the company’s new appointed chairman Hamish Grosshart said he found the results “gratifying”.
Going on to say that the new team installed at board level had “got off to an excellent start”, Grosshart also commended them on the “significant difference to performance” they had made despite not being in there respective positions for long.