Last checked at 16 May 2008 07:00
Vislink plc
Interim Management Statement
Vislink plc ("The Group"), a leading supplier of microwave radio and satellite transmission products for the broadcast and security markets and of CCTV systems for the marine safety market, today publishes its first Interim Management Statement for the trading period from 1 January 2008 to 15 May 2008 as required by the UK Listing Authorities Disclosure and Transparency Rules.
Current trading
Group orders received for the first quarter ending 31 March 2008 were up 4.0% on last year at constant exchange rates. Orders from the BAS 2GHz relocation programme in the US have reduced in line with expectation during the period but the underlying growth across the RF businesses and Hernis have more than compensated for this.
Underlying revenues, being revenues at constant exchange rates and excluding revenue associated with the completed legacy Venezuelan contract, were up 1.0% in the first quarter. The order backlog at the end of the quarter had increased by 14.7% to £34.3 million from the position at 31 December 2007.
Hernis is continuing to benefit from the capital expenditure in the oil and gas market and has shown growth in all its key metrics in the quarter. We are currently investing in increasing the capacity of the facility in Norway to meet the increasing demand.
Financial position
There have been no significant changes in the financial position of the Group since the announcement of the preliminary results for the year ended 31 December 2007 save for the information contained within this Interim Management Statement.
The Group balance sheet remains strong. On 25 March 2008 the Group repaid loan notes amounting to £2.5 million in respect of the final element of deferred consideration in respect of Link Research Limited. At the end of the first quarter the Group held net cash of £5.8 million (31 December 2007 - £3.5 million).
Outlook
In summary the Board expects the results for the current year to be more second half weighted and is satisfied that the Group is trading in line with the Board's expectations.
AGM
The Group will hold its Annual General Meeting at 12.00 noon on Wednesday 21 May 2008 at 2 Gresham Street, London, EC2V 7QP
Ian Scott-Gall
Chief Executive
16 May 2008
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For further information, please contact:
Ian Scott-Gall, Chief Executive: 01488 685500
James Trumper, Group Finance Director: 01488 685500
Andrew Hayes / James White, Hudson Sandler: 0207 796 4133