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SerVision sees strong first half pick-up

Published: 06:10 30 Jun 2014 EDT

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SerVision (LON:SEV), the developer and manufacturer of digital security systems, saw trading pick up in the second half of 2013.

Better still, the company reported that revenue in the first half of the current year was sharply higher on a year-on-year basis, while it is seeing a steady rise in sales of its mobile digital video recorder (DVR) products.

Revenue in 2013 was US$3.5mln, down from US$4.0mln in 2012, with the numbers depressed by a disappointing first half performance.

Performance in the first half of this year has been a lot more encouraging with the company having signed a new distribution agreement in the USA valued at US$4mln over a 24-month period, while a new Chinese distribution agreement with Beijing SIVI Technologies is in the works that should be worth US$2.5mln over a 24-month period.

The operating loss for 2013 deepened to US2.73mln from a loss of US$1.48mln the year before, largely as a result of provisions against old debts totalling US$1.82mln.

The loss before tax was US$2.80mln, versus a loss of US$1.55mln in 2012.

The company is planning to raise funds through the issue of shares to be placed at 5.2p per share. The actual placing price has yet to be determined, and no shares have been issued as of yet, but the company said it has already received indications from private investors that they are willing to invest US$625,000 in the company.

“Despite the fact that our results for 2013 were below management expectations, I remain cautiously optimistic that the company has indeed rebounded from this slump and I am confident that we will continue on an upward trend going forward,” said Gidon Tahan, chairman and chief executive officer of SerVision.

“Our new product line which will support IP [internet protocol] cameras and HD [high definition] recording, coupled with our optimised codec for live streaming at low bit rates, will open up a range of new market opportunities for SerVision, and I fully believe it will help us achieve and sustain our anticipated growth prospects going forward,” Tahan added.

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