Coe goes from strength to strength
REVENUE may be down but orders are up for Coe – the AIM quoted developer and supplier of advanced video surveillance systems.
The Leeds-based firm, which supplies CCTV to monitor traffic on the streets of London, said that orders for the six months ended December 31 were up 10% on the previous year.
Like-for-like operating profit increased to £61,000 compared to a loss of £573,000. Operating expenses also dropped significantly from £1.6m in the first half to £981,000.
The group has also raised £1.2m in equity through a share placing and loan to help strengthen its balance sheet and provide working capital for larger projects
Key new projects include upgrade of equipment for Singapore rail network, a second major port win in Asia, and an extension for a North Asia rail system network.
A strong of new products were also launched in the period including CCTV control keyboard for IP networks, that allows video system control over digital networks.
However, revenue dipped 10% to £1.8m due to the delivery timeline of the order book.
Dr Alison Fielding, Coe’s chairman, said: “During the six month period, the group has reorganised to reduce costs, increased order intake, returned to profitability (before exceptional re-organisation costs) and raised new funds to restructure the balance sheet.
“The new funds have both strengthened the balance sheet and provided the resources to accelerate both product and market development. In the current period the group has continued to expand its channel partner base, further increasing the number of market opportunities available to it, and the board looks forward to the future with confidence.”
Coe supplies surveillance equipment for the Martignano Tunnel in Italy and rail systems in Holland, Hong Kong and Taiwan.
The group has high-profile contracts with Transport for London for bus lane and congestion charge enforcement in the capital as well as supplying CCTV systems to 35 towns and cities in the UK including Leeds and Bradford.
