The Vitec Group plc ("Vitec" or the "Group"), the international provider of products and services for the broadcast, photographic, and MAG (military, aerospace and government) markets, announces the following Interim Management Statement for the period from 1 January to 7 May 2012.
Trading in the first four months of the year has been in line with our expectations. Although the macroeconomic environment remains uncertain and our order book visibility is limited, the Board's expectations for the full year remain unchanged.
The Broadcast and Video market has seen good demand. Our core broadcast business, which forms the majority of our Videocom Division, has performed well across the product range. The Services Division has made a good start to the year and is well placed to benefit from the London 2012 Olympics.
The Imaging & Staging Division mainly serves the photographic market. Independent research data indicates that our Manfrotto Powerbrand products are continuing to increase market share in the US and European consumer markets. Staging remains weak.
The MAG market is served through IMT and Haigh-Farr, both of which are part of the Videocom Division. Haigh-Farr was acquired in December 2011 and is performing in line with expectations. IMT is continuing to make progress and is awaiting news on US Government funded contracts.
As announced on 11 April 2012, Vitec acquired Camera Corps Ltd ("Camera Corps") which is a world leading provider of speciality remote camera systems used by broadcasters for capturing high quality images, particularly at major sporting events. The integration of Camera Corps within the Videocom Division is underway.
At 30 April 2012, Group net debt was £59.7 million, after the acquisition of Camera Corps for approximately £8.0 million, compared to net debt of £50.4 million at 31 December 2011.
The Vitec Group plc
Stephen Bird, Group Chief Executive
Paul Hayes, Group Finance Director
Telephone: 020 8332 4600
Nick Hasell / Susanne Yule
Telephone: 020 7269 7291
1. Average foreign exchange rates in the period January to April 2012: £1 = $1.58, £1 = €1.20, €1 = $1.32.
3. Our interim results announcement is scheduled for 22 August 2012.
A Snapshot of The Vitec Group
Vitec is an international Group principally serving customers in the broadcast, photographic and military, aerospace and government (MAG) markets. Listed on the London Stock Exchange with 2011 revenue of £351.0 million, Vitec is based on strong, well known, premium brands on which its customers worldwide rely. Vitec is organised in three Divisions: Videocom, Imaging & Staging, and Services.
Videocom designs and distributes systems and products used in broadcasting and live entertainment, film and video production and MAG.
Imaging & Staging designs, manufactures and distributes equipment and accessories for photography, video and events.
Services provides equipment rental, workflow design and technical support for camera, video, audio, fibre optic and wireless technology used by TV production teams and film crews.
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