Vislink plc ("The Group"), the global technology business specialising in solutions for the collection and delivery of high quality video and associated data for the broadcast and surveillance markets, today publishes a trading update and Interim Management Statement in respect of the financial period from 1 January to 25 April 2012, being the date of this announcement.
The Group traded profitably and in line with management expectations for the quarter ended 31 March 2012.
Group revenue for the quarter was £13.7 million (2011: £8.5 million). Underlying revenue, being revenue excluding revenue from Gigawave, was up 37 per cent at £11.7 million. Orders received in the period were £13.4 million (2011: £9.4 million). Underlying orders received were 16 per cent up on 2011 at £10.9 million. We have seen growth in underlying orders in both our broadcast and surveillance markets.
The Group held net cash of £8.7 million at 31 March 2012 (31 December 2011: net cash of £10.1 million). Since 31 December 2011 the Group has paid deferred consideration that accounted for £0.5 million of cash outflow and has completed the integration of Gigawave into its UK business.
There have been no significant changes in the financial position of the Group since the announcement of the full year results for the year ended 31 December 2011 save for the information contained within this Interim Management Statement.
Capital Markets Event.
Vislink is today hosting a Capital Markets Event in London. Presentations and demonstrations will be given by Vislink's senior management team led by Executive Chairman John Hawkins. The event will set out how the Group aims to achieve its financial goal of profitable growth to £80 million of annualised revenues within 3 years (2011: £50.3 million) with a 10% operating profit through:
· Its strategy of exploiting the growth of video content distribution in both broadcast and surveillance markets; and
· Its strategy to build recurring revenues through the creation of software and services offerings.
John Varney, a non-executive director of Vislink and former BBC Global Chief Technology Officer and Director of Technology and Chief Technology Officer for Granada, will also be in attendance and will present an overview of the broadcast market and his views on the future growth opportunities for Vislink.
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For further information on 25 April 2012, please contact:
John Hawkins, Executive Chairman
+44 (0) 14 88 68 55 00
James Trumper, Group Finance Director
+44 (0) 14 88 68 55 00
Andrew Hayes / Charlie Jack
+44 (0) 20 77 96 41 33
Singer Capital Markets
+44 (0) 20 32 05 75 00
About Vislink plc
The Vislink Group is a global technology business specialising in the collection and delivery of high quality video and associated data from the field to the point of usage. Vislink provides solutions to the broadcast market for the collection of live news, sport and entertainment events and to the surveillance market including law enforcement and public safety customers. With offices in the UK, USA, Australia, China, UAE and Singapore we employ over 250 people worldwide and have revenues in excess of £50 million. Our solutions include the design and manufacture of microwave radio, satellite transmission and wireless camera systems; our manufacturing operations are in the UK and the USA.
The Company is fully listed on the London Stock Exchange (LSE:VLK). For further information, visit www.vislink.com.
Forward looking statements
Certain statements in this announcement are forward-looking. Although the Group believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. Because these statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by these forward-looking statements. The Group undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise. Nothing in this announcement should be construed as a profit forecast.
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