Vislink plc, which owns the Advent, Gigawave, Link and MRC brands, reported that its revenue for the full year 2011 was £50.3m and increase of 17% versus 2010.
On an organic basis (excluding the £4.5m contribution from Gigawave, which was acquired in June 2011) revenue was £44.7m, up 4% versus 2010.
Broadcast revenue was £42.3m (84% of total revenue), an increase of 16% versus the previous year. Excluding the contribution from Gigawave, 2011 broadcast sales were up 3% versus 2010.
On a geographic basis, broadcast revenue dropped 14% in both Western Europe and North America, the company’s two largest markets. These declines were offset by strong growth in the Latin America and MEA regions, where sales in 2011 were up 63% and 61% respectively compared to the same period a year ago. APAC revenue was down 1%.
Vislink reaffirmed its strategic goal of achieving profitable growth to revenue of £80m within 3 years with an adjusted operating profit margin of 10%. The company said it expects to meet this goal through a combination of organic growth at 10 -15% per year and “bolt on” acquisitions that strengthen its software and services capabilities, and exploit the growth of cloud based IP transport technologies and content tagging.
“2011 was a year of transition for the Group.” said company chairman John Hawkins. “We achieved the objective of returning the business to profit in the second half of the year; we have growth in underlying revenue and orders received and we have increased our order book. We have improved our margins, substantially reduced the underlying cost base and simplified the management structure. We have a good strategy based primarily on organic growth coupled with seeking out acquisitions in cellular and IP-driven technology. The successful execution of the strategy will provide long term growth and generate an increase in shareholder value. ”
Press release: Vislink plc, Results for the year ended 31 December 2011
Vislink Interim Management Statement for 1H 2011
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