UK-based Vislink plc, which owns the Advent, Link, MRC and Gigawave brands, reported in an interim management statement that its trading for the third quarter of 2012 was in line with management expectations.
Revenue for the third quarter of 2012 was £13.8m, down 7% versus the same period a year ago. The company attributed the lower revenue to the delay in shipment of an £800,000 of its new Mantis MSAT data terminal, which was pushed back to the fourth quarter of 2012.
Revenue for the first nine months of 2012 was £41.3m, up 18% versus the same period last year. This includes an un-quantified contribution from Gigawave, which was acquired by Vislink in June 2011. Through the first six months of 2012, Gigawave contributed £4.2m in revenue.
Bookings through the third quarter were £40.4m, up 2.3% versus the same period last year. The company did not disclose its order book at the end of the quarter.
Adjusted profit for the year to date was £2m.
The company ended the third quarter with no debt and a cash balance of £6.3m.
The company said it is on track to achieve its previously stated goal of achieving £80m revenues and a 10% operating margin by the end of 2014.
Vislink says it has revisited the three year growth it published last year, and is on track to fulfill its strategic and financial goals by doing the following:
- Exploit the strengths of its established brands – Advent, Gigawave, Link, MRC and PMR
- Maintain investment in its core product development program, particularly in IT based technologies such as IP transport over 3G/4G and WiFi infrastructures
- Exploit the continuing growth of video content contribution both in its traditional broadcast markets and also in other vertical markets, providing the technologies for surveillance applications, which will be achieved through partnerships
- Maintain market leadership in the provision of wireless video delivery and miniaturization, while extending the use of its technologies, principally through partnerships, into the semi-professional and prosumer market
- Leverage technologies into the surveillance markets beyond existing defence, law enforcement and public safety customers
- Create a software and services culture that will enable recurring revenues into the company’s our business model
- Seek “bolt on” acquisitions to strengthen software and services capabilities, and exploit the growth of cloud based IP transport technologies and content tagging
Press Release: Vislink Interim Management Statement – Q3 2012
Previous Quarter: Revenue and Profits Jumps at Vislink in 1H 2012
© Devoncroft Partners. All Rights Reserved.