VISLINK, A manufacturer of surveillance video cameras and satellite-transmission systems, plans to reorganise its business units to share common technologies and reduce costs.
The company will be organised into four units: news and entertainment, law enforcement, energy and services.
Vislink, based in Hungerford, England, is listed on both the Irish and London stock exchanges, it said yesterday in a Regulatory News Service statement.
Chief executive Duncan Lewis, who took over in October, is restructuring Vislink to avoid duplication of investment in technology and to bring down costs. Last week, Vislink cut its US workforce by 10 per cent as part of its cost-cutting measure, the company said in a statement yesterday.
The reorganisation “seems a sensible change in our view, but we believe near-term forecast risk still exists due to the economic climate and impact from the internal changes”, Investec Securities wrote in a research note yesterday. Investec has a “hold” recommendation on the stock.
Vislink shares gained 1.4 per cent to close at 18p in London, giving the company a market value of £25 million ($36 million).
Revenue for 2008 was “ahead of expectations” at £100.9 million, from £98.6 million a year earlier, Vislink said.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)