London-listed CCTV provider IndigoVision (AIM:IND)  hailed its “significant turnaround” after the business demonstrated growing momentum for the year ended 31 December 2019.

The Edinburgh-based security camera firm posted turnaround earnings from the previous 12 months, resulting in the company reinstating its dividend. 

Operating profit before exceptional items was recorded $2.0m (£1.5m) having swung from a loss of $640,000 (£497,000) during the 2018 period.

As a result, the company has recommended a proposed final dividend of 2.0p per share.

The turnaround follows a major restructuring that kick-started in 2017 with the re-engineering of the Board and executive team.

"In 2019 we built on the momentum of 2018 and demonstrated further significant progress by delivering 9% revenue growth and returning the business to profitability,” said Chief Executive, Pedro Simoes.

Shares in IndigoVision were trading 18.04% higher at 229p during Thursday trading.

Revenues for the period increased 9% to $50.2m (£38.8m) compared to $46m (£35.5m) in the previous year.

The company chose to target new senior executive appointments in order to strengthen its leadership team across key areas of the business including the appointment of Vikki Macleod to the Board in March 2019.

Simoes believes this investment will ensure an improved focus on the customer experience across the whole business.

Meanwhile, the group’s first ever acquisition of AgoraSys SA in 2019 for €3m has enhanced its software product offering and formed a ‘refreshed’ business strategy, this morning's statement outlined.

IndigoVision has since reported ‘very encouraging’ customer responses to the Agora platform which integrates security systems from multiple vendors.

The company said that it expects to see ‘quantifiable benefits’ as a result of the acquisition later this year.

“The Group is now on a sound strategic, operational and financial footing.  We have growing momentum within the business,” added Max Thowless-Reeves, Chairman of the group.

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