IndigoVision boosted

June 14, 2001 Posted: 0840 GMT

LONDON (CNN) -- UK digital video technology company IndigoVision said nine-month revenue more than doubled and losses were in line with forecasts.

IndigoVision, regarded as one of the UK's hottest tech stocks when first listed, said losses in the nine months to April 30 widened to £4 million from £1.8 million, or a loss per share of 5.80 pence compared with 4.05 pence.

The company supplies technology to major chipmakers and electronics companies. Its VideoBridge product enables video from different sources such as television, Webcams or closed-circuit TV, to be stored on one platform for playback on handheld devices.

IndigoVision said revenue during the nine months doubled to £1.1 million, as did spending on research and development, which increased during the period to £1.4 million. Cash in hand stood at £34 million, the company said.

"With less than three months until the financial year-end, we are confident of continuing the trend of consistent progress" said Chairman Hamish Grossart. "Looking into next year, we should start to see a more meaningful return on the substantial investment."

Edinburgh, Scotland-based IndigoVision has offices in Tokyo, San Jose, California and Boston, Massachusetts and said it expects to boost its business in North America and Japan over the next few months.

Shares in IndigoVision (IND), which was listed in London last August, rose 2.3 percent to 222 pence in Thursday trading, having risen as high as 415 pence earlier this year and fallen as low as 146.25 pence.

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