Tech firm's profits reach £12.7m

Profits at Dublin and Londonlisted satellite TV and communications equipment developer Vislink approached €19 million in 2006, the company reported yesterday.

The company said yesterday that pretax profits almost doubled to £12.68 million (€18.7 million) from £6.35 million a year earlier.

Revenues grew 18 per cent during the same period to £100.5 million from £85 million. Operating profits were £13 million, an 85 per cent increase on the £7 million reported in 2005.

Basic earnings per share (EPS) were 5.65 pence, more than double the 2.66 pence earned in 2005.

The board is recommending a a dividend of a penny a share, twice what it paid to shareholders following the publication of its 2005 results last year.

A Vislink statement said that the company had a strong cashflow, and ended last year with £3.9 million in funds. The group's performance led to it being promoted to London's all-share index in December.

Vislink designs and supplies equipment used for satellite, wireless and closed circuit TV systems.

Through its four key brands, Advent, Link, MRC and Hernis, its supplies hardware used in broadcasting, defence, marine communications, security and emergency services. Its clients include most major US broadcasters, the BBC and Sky News.

A statement yesterday said that all four products continued to perform well in the early months of 2007.

"Prospects for 2007 are encouraging. The group has started the year with a forward order book for £34.7 million," the statement said.

Commenting on the results, chairman Bob Morton said that Vislink had another strong year in 2006. "With record profits, a clear strategy, good order books and a positive cashflow, the group is well placed for future growth," he added.