Video surveillance firm Coe optimistic despite revenue hit

The Leeds-based group said revenue fell 37 per cent in the six months to December 31 because of the timing of shipments but it expected a stronger second half.

Operating expenses rose 17 per cent to 1.15m for similar reasons and it recorded an operating loss of 426,000.

Ian Jefferson, chief executive, 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 has a global customer base across three main sectors – city-centre surveillance, traffic and transport and industrial complexes. The company has installed its systems in the London Congestion Charge network as well as in underground lines, high speed rail systems and road systems all over the world.

It said highlights over the last year included the addition of I-Command video management software and X-Stream multi-channel codec to its product range.

Coe has also seen strong pipeline growth in Asia, particularly in the transport sector, where it is bidding "a number of sizeable opportunities" as it looks to replicate the Seoul Metro contract win across the region

The Seoul Metro contract has a value of more than 1m. Recruitment to support Coe's expansion into India and the Middle East has also featured over the last six months.