Vitec Maintains Full Year Expectations On Solid First Four Months

LONDON (Alliance News) - The Vitec Group PLC Thursday maintained its expectations for the full-year, as it made "solid" progress during the first four months of the year to Wednesday.

Vitec supplies products and services for the broadcast and video, photographic, military, aerospace and government markets.

In an update for the four months to May 7, the company said that its underlying markets remained challenging, and there was little sign of recovery. However, it said it made good progress and saw benefits from its restructuring in 2013, as well as a contribution from Teradek LLC which it acquired in August.

Its Videocom Division performed in line with the previous year, boosted by Teradek. The company expanded its speciality remote cameras business by acquiring GBP1.8 million of assets from SIS Outside Broadcasts Ltd. It has also agreed to acquire teleprompter company Autocue QTV for GBP6 million.

Its Imaging Division continued to face challenging markets, particularly in the US. The Services division traded in line with expectations, benefiting from the Sochi Winter Olympics.

Vitec will release its half-year results August 14.

Shares in Vitec were trading down 0.2% at 609.00 pence Thursday afternoon.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

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