Revenues slide but Coe expects second half to deliver
ADVANCED video surveillance systems company Coe today said it expected to see its revenues grow over the second half of its financial year as its order book is delivered.
Leeds-based Coe today reported a 37% slide in revenues over the six months to December 31, from £1.85m over the same period in 2008, to £1.17m.
The firm made an operating loss of £426,000 over the period, as a result of the second half weighting of shipments.
Operating expenses increased by 17% to £1.15m from £981,000 last time, while overheads for the full year are expected to be in line with the previous 12 months.
Chief executive Ian Jefferson said: “These interim results are a reflection on the timing of shipments which this year, as previously reported, are weighted heavily towards the second half.
“Our business development activity continues to progress well particularly in Asia where we are bidding on an increasing number of larger opportunities.
“Therefore, despite the short term economic uncertainty we remain confident that our strategy will deliver future growth.”
Coe, whose work is secretive, has continued to develop its product range with the launch of its I-Command video management software and X-Stream multi-channel codec.
The firm, which supplies CCTV to monitor traffic on the streets of London, saw strong pipeline growth in Asia in particular in the transport sector.
It is on course to roll out its Seoul Metro contract, which has revenue value of more than £1m and is also on a recruitment drive to support the company’s expansion into India and the Middle East.
The company has more than 10,000 devices installed worldwide across three main sectors: traffic and transport, heavy industrial and urban surveillance.
