Vislink plc (“The Group”), the global technology business specialising in secure communications for the news & entertainment, law enforcement & public safety, marine & energy and the related services markets, has today announced its Interim results for the six months ended 30 June 2009.
- Underlying revenue** increased 11.6%, to £38.5m (2008: £34.5m)
- Order backlog at 30 June 2009 was £31.4m (31 December 2008: £34.1m)
- Adjusted operating profit was £2.8m (2008: £4.3m)
- Generated £4.6m of net operating cash; closed the period with £3.1m of net cash (31 December 2008: £1.2m)
Operational Highlights:
- Group successfully reorganised into four international business units in January
- Maintained investment in technology and expanded international sales presence
- Significant increase in the launch of new products
- Streamlining operations is well underway; significant reductions in the cost-base achieved in the period
**Underlying revenue is revenue at constant current period exchange rates and excluding revenue associated with 2GHz US spectrum relocation programme
Tim Trotter, Chairman of Vislink said:
“2009 is a year of transition for the Group as the new business units implement their forward strategies in an exceptional economic environment. Customers in our News & Entertainment market are suffering from lower revenues in the current economic climate and are reducing their expenditure on our traditional products, although our recent investments in new products will protect our customer base and open new markets. Nevertheless, ordering patterns are less predictable than in the past. In Law Enforcement & Public Safety, we have a strong pipeline for recently developed products but the timing of orders depends upon political decision-making. We have on the other hand, built strong order backlogs in our Marine & Energy and Services divisions which are encouraging for the rest of the year and so far are remaining resilient to the economic climate.
“The first half has seen significant progress in the implementation of our strategy and the trading results have met our expectations. As we have previously indicated, the outcome for the year continues to be dependent on trading in the second half of the financial year and in particular the conversion of the prospects in our News & Entertainment and Law Enforcement & Public Safety business units. The company will continue to invest in sales and product development, and in systems to reduce cost and improve service. The goal remains to leave 2009 with a reduced cost base and accelerating growth in our chosen sectors as we focus our resources more effectively. The Board is confident about the prospects for the Group."
To read the full announcement please click on the link below to the London Stock Exchange:
www.londonstockexchange.com
For further information on 26 August, 2009, please contact:
Duncan Lewis, Chief Executive - +44 (0)1488 685500
James Trumper, Group Finance Director - +44 (0)1488 685500
Andrew Hayes / Hugo Jenkins
Hudson Sandler - +44 (0)207 796 4133
About Vislink plc
Vislink plc is a global business with annual revenues of £100 million. The Group is strategically focussed on providing secure communication technologies to customers in its chosen markets. We specialise in wireless, video and IP technologies together with the supporting management systems. Our products include the design and manufacture of microwave radio, satellite transmission, wireless camera and marine CCTV systems; our manufacturing operations are in the UK, Norway and the USA. We have four international business units organised to serve its customers in News & Entertainment, Law Enforcement & Public Safety, Marine & Energy and the related Services markets. With offices in the UK, USA, Norway, Dubai, South Africa and Singapore we employ over 450 people worldwide and have net assets in excess of £50 million.