Last checked at 20 Dec 2016 07:00
Vislink plc (the "Company" or the "Group")
Trading update
Vislink plc, a leading global software and technology business specialising in solutions for the live collection, delivery and playout automation of high quality video 'from scene to screen' for the broadcast and surveillance and public safety markets, today announces a trading update.
The Company continues to trade in line with the Board's expectations for the full year, with Q4 expected to mirror the usual trading seasonality uplift.
The adjusted* financial performance of the Company is shown below for the 9 month period to 30 September 2016.
Vislink Communication Systems | Pebble Beach Systems | TOTAL | ||||||||||||||||||||||
| 9 months to 30 September 2016 £000 | 9 months to 30 September 2015 £000 | 9 months to 30 September 2016 £000 | 9 months to 30 September 2015 £000 | 9 months to 30 September 2016 £000 | 9 months to 30 September 2015 £000 | ||||||||||||||||||
Revenue | 23,542 | 29,510 | 8,277 | 7,140 | 31,819 | 36,650 | ||||||||||||||||||
Operating (loss)/profit: |
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Adjusted operating (loss)/profit | (3,875 | ) | 1,302 | 1,880 | 1,784 | (1,995 | ) | 3,086 | ||||||||||||||||
Central costs | (2,236 | ) | (1,878 | ) | ||||||||||||||||||||
Group adjusted operating profit |
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| (4,231 | ) | 1,208 | |||||||||||||||||
*Adjustments include the amortisation of acquired intangibles and non-recurring costs.
Following the exceptional write-down of assets at the half year, and in light of the level of the anticipated sale consideration of VCS, as announced on 16 December 2016, there was a further exceptional balance sheet write-off of £5.3m recorded in the period. This brought the overall carrying value of the Vislink Communication Systems division down to a supportable level at that time.
The disposal of VCS remains conditional on approval by shareholders of the Company under Rule 15 of the AIM Rules. A circular containing a notice of general meeting will be posted to shareholders in due course.
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For further information please contact:
John Hawkins, Executive Chairman | +44 (0) 14 88 68 55 00 |
Charlie Jack / Bertie Berger Hudson Sandler | +44 (0) 20 77 96 41 33 |
Shaun Dobson / James White N+1 Singer | +44 (0) 20 74 96 30 00 |