Internet video security firm IndigoVision is awash with cash after a strong start to the new financial year and so has announced a special dividend of 70p per share.

Revenue for the year to the end of July rose 5% to £30.27m from £28.89m the year before, with the second half seeing a 14% year-on-year improvement in the top-line.

The rise was driven by strong growth in Latin America and a modest improvement in North America, offset by a small drop in Asia Pacific and by a decline in Europe, Middle East and Africa.

Profit before tax and exceptional items more than doubled to £2.69m from £.121m in the previous year. Diluted earnings per share rose to 21.9p from 8.2p the year before.

Cash balances at the end of July totalled £6.00m, up from £5.07m a year earlier.

A final dividend of 5p per share has been declared, making 10p for the year, up 33%. On top of that, shareholders can expect a one-off special dividend of 70p.

"A good start has been made in the current year," revealed Hamish Grossart, Chairman of IndigoVision.

"Double digit sales growth has continued into the first seven weeks of the current year, and the rate of order intake is equally encouraging. Over the next 18 months, management is clearly focused on achieving growth rates at least equal to those of the markets in which IndigoVision operates. Whilst forward visibility of future sales remains relatively short, at this early stage there is every reason to believe that the current year will be a good one," Grossart added.

The shares rose 60p to 412.5p on the results which, given the 70p special dividend payment, might be regarded as a net share price decline.

JH

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