Avigilon Corporation (TSX:AVO), the Vancouver maker of high-definition surveillance cameras, posted year-end financials that show why it is the darling of B.C.'s publicly traded high-tech companies.
Avigilon broke the $100 million barrier in revenue last year, according to its 2012 fourth-quarter report.
The company reported earnings of $100.3 million – an increase of 67% from $60 million in 2011 – and net income of $7.2 million, an 87% increase over 2011's $3.8 million.
Avigilon's stock has been on a similar trajectory. On March 2, 2012, the company's stock was trading at $4.19 per share. It closed Friday at $12.15 per share.
Avigilon has been on a steady growth curve since going public on November 8, 2011. The company raised $25 with its IPO, and now has a market cap of $464 million.
In a How I Did It profile last year, Avigilon founder and CEO Alexander Fernandes told Business in Vancouver that the global market for high-def surveillance cameras and software is $16 billion.
"Surveillance is a 'must have for businesses and large organizations, not a discretionary spend," Fernandes told BIV. "As such, worldwide demand for video surveillance is growing.
"Superimposed on this large and growing market is an accelerating shift from analog toward high-definition surveillance technology, where we have the leading product portfolio."
In November 2012, the company's remarkable growth earned Fernandes the Leadership award by Deloitte's Technology Fast 50 awards.
