Good morning!

Yesterday was a SCVR marathon day for me, with the usual daily report, plus in the evening I wrote another report from Monday (my sick day). So please click here to read Monday's delayed report, which covers: Waterman (LON:WTM) , DX (Group) (LON:DX.) , RTC (LON:RTC) , and Quartix Holdings (LON:QTX) . As always, your comments below the article are very much welcomed, particularly if you have picked up on something I missed.

Indigovision (LON:IND)

Share price: 167.5p (down 1.2% today)
No. shares: 7.6m
Market cap: £12.7m

(I have held a long position in this share since the beginning of time)

Background - checking back through my articles last year, this Scottish-headquartered digital CCTV company issued a profit warning here on 28 Apr 2015, then reported an upturn in H2 business here on 17 Sep 2015, but then warned on profits again here on 29 Dec 2015.

To be fair, the last update on 29 Dec 2015 still indicated an improvement in H2 vs H1 trading, but just not as great as originally hoped, due to a large M.Eastern project being delayed into H1 of 2016.

The cost base is largely variable, and the company has a history of quickly responding to trading downturns, and restoring profitability, which is what has happened again in 2015.

So overall, another disappointing year for IND shareholders, and the share price has reflected that, halving over the last 12 months.

Results y/e 31 Dec 2015 - note that IND reports in $US now.

Key points;

Revenue $47.1m (down 23% on a LFL basis - pro forma figures for y/e 31 Dec 2014 are the only valid comparison, since the prior period was actually 17 months)

Operating loss $0.74m - a poor result, compared with $4.13m comparator figure for 2014), however this is in line with guidance given on 29 Dec 2015 (H2 profit "to exceed $0.5m" - actual H2 profit is $0.52m)

Improving trend within the year - H1 loss of $1.26m, H2 profit of $0.52m

Final divi of 2.5p - well down on last year, but at least the company is paying something, since it passed the interim divi

Outlook - reasonably encouraging, although as…

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