Digital Barriers spies further acquisition opportunities

SECURITY firm Digital Barriers, which bought Yorkshire video surveillance company COE last year, said it has a “good pipeline of potential acquisitions” as it continues to make progress since its IPO.

For the 13 months to March 31, the company reported a pre-tax loss of £4.6m and an adjusted loss before tax of £2.7m while revenue was £6.6m.

Digital Barriers said the results reflect the phased acquisitions by the group during the period and ongoing corporate overheads.

The company bought Leeds-based COE, now part of the group’s product division, in a deal valuing the company at around £3.3m, one of four acquisitions made last year.

It said COE brought with it both its existing infrastructure and customer base in Singapore, upon which it has continued to build.

Digital Barriers raised a total of £55m before expenses through executive director contribution, the IPO in March 2010 and a share placing in December 2010.

Executive chairman Dr Tom Black said: “With our strategy now validated, and with strong sales interest across each of our target regions, we continue to see the opportunity for Digital Barriers as very compelling over the medium to long term.

“We also have a good pipeline of potential acquisitions which gives us additional confidence in the future of the group.”

The company said it was continuing to develop an international presence, with offices in London, Singapore and Washington DC.

Its presence in the Middle East is expected to be in place later this year.