The company was reorganised to build on our recognised strengths. We are now one business selling “secure communications” to the News & Entertainment, Law Enforcement & Public Safety, Marine & Energy and Services markets around the globe. Our products and services are developed by world class research and development units in North America and Europe, and supplied through efficient, flexible manufacturing plants around the world. This change enables us to build on our market positions through a focus on controlled growth, reduced costs, and an extended product portfolio. |
In September, we acquired Pacific Microwave Research on the west coast of the USA to deepen our capabilities in Law Enforcement & Public Safety. Ian Scott-Gall retired after nine years as Chief Executive, and Duncan Lewis succeeded him on October 1st. |
Group operating profit reached £14.2 million on sales of £98.6 million. The acquisition of Western Technical Services in July 2007 establishes a US Services business. The Group continues to benefit from the US broadcast spectrum change and Hernis reports another year of growth. |
In December, the Group enters the FTSE Small Cap index, with a market capitalisation of over £130 million. For the half year to June, sales are up by 42% and profits by 146%. The Group delivers pioneering live HD coverage of two global events – the Turin Winter Olympics and the German World Cup finals. Group businesses win seven major broadcast awards, as well as new contracts from major defence contractors and continuing growth from the US broadcast spectrum reorganisation. |
Wireless HD provider Link Research is acquired for £10.75 million in January, bringing ownership of the core IPR used in its broadcast products into the group. MRC’s strong growth continues, with over $65m of purchase orders as part of the US broadcast spectrum upgrade. Hernis benefits from the investment in Oil and Gas exploration and transportation. Overall, Group orders rise by 92% to nearly £100m, with profits of £8.35m. |
With the new focus on broadcast and marine CCTV, the Group’s UK businesses are consolidated into one operational site. A $59m contract to upgrade the infrastructure of Venezuelan state broadcaster VTV begins. In the US, non-core businesses are disposed of and MRC delivers back-to-back record years. |
In the US the analogue to digital switchover begins. MRC with its significant US broadcast market share benefits from this growth opportunity. The Group’s marine CCTV business Hernis starts its period of consistent growth. |
The Group acquires Advent Communications (£13.3m) and Microwave Radio Communications (£12.5m) in the first half of the year. Vislink plc is re-listed on London Stock Exchange and joins the TechMark index, maintaining a secondary Irish Stock Exchange listing. |
CEO Ian Scott-Gall is appointed in March by the Irish listed Silvermines Group to re-organise the business. Three non-core divisions and several other businesses are disposed, raising £28.1m to repay debt and to create an acquisitions fund. The Group is renamed Vislink Plc. |