VTC.L Regulatory News (VTC)

11 Jan 2008 07:00

The Vitec Group PLC11 January 2008 11 January 2008 The Vitec Group plc 2007 Post-close Statement The Board of The Vitec Group plc ("Vitec") announces the following update ontrading for the year to 31 December 2007. Current trading 2007 has been another strong year for Vitec. The Board expects adjusted profitbefore tax (before significant items) for the year ended 31 December 2007 to bearound the upper end of current market forecasts (see Note 4). Group sales are expected to be around £270 million, some 21% ahead of 2006.Before acquisitions and adverse foreign exchange, group sales were up around10%. Revenue in Broadcast Systems was lifted by the trend to High Definition(HD) programme-making and from the acquisition in May of RF Systems, which isseeing rapid growth from the "BAS Relocation Project" in the USA. Imaging &Staging's revenue has benefited from the continuing growth in sales of digitalSLR cameras and from increased spending by professionals on lighting equipment.The Group has also seen a full year of sales from Tomcat Global and Autoscript(acquired in the last quarter of 2006). Bogen Imaging, the Group's distribution business, has announced the opening ofBogen Imaging UK, bringing the distribution of its Manfrotto products in-housefrom February 2008. Outlook for 2008 With the expected benefits of the Beijing Olympics and a full-year contributionfrom RF Systems, the Group looks forward to further progress in 2008. Vitec continues to pursue acquisitions that complement its existing businessesand add further value for shareholders. Ends Enquiries:The Vitec Group plcGareth Rhys Williams / Alastair Hewgill Telephone: 020 8939 4650 Financial DynamicsRichard Mountain / Susanne Yule / Sophie Kernon Telephone: 020 7269 7121 Notes 1. The company will host a telephone conference for analysts at 9.00am today. Please contact Elaine Ryman on 020 7269 7121 at Financial Dynamics for details. 2. The preliminary results will be released on 3 March 2008. 3. This statement is based on information sourced from management estimates. 4. The current range of market forecasts of adjusted PBT for 2007 is £28.6 to £29.6 million. 5. Whilst Vitec has significant production and sourcing in US dollars and has hedging arrangements in place, movements in the $/£ and, particularly, $/• rates can have a significant impact on reported results. After hedging, the Group expects to see an adverse effect of some £3.7 million on operating profit in 2007 compared to 2006 (compared to the guidance of £3.3 million adverse given at the Interims in September) and, if current exchange rates continue throughout 2008, an adverse impact of some £1.5 million on 2008 operating profit compared to 2007 (compared to the guidance of £1.8 million adverse given in September). 6. Current market exchange rates: £1 = $1.97 £1 = €1.34, €1 = $1.47 7. 2007 average market exchange rates: £1 = $2.00, £1 = €1.47, €1 = $1.37 8. Statements made in this announcement that look forward in time or that express management's beliefs, expectations or estimates regarding future occurrences are "forward-looking statements" within the meaning of the United States federal securities laws. These forward-looking statements reflect Vitec's current expectations concerning future events and actual results may differ materially from current expectations or historical results. 9. Vitec is an international Group, principally serving customers in the worldwide media sector with products and services for the broadcast, entertainment and photographic industries. Vitec is based on strong, well known, premium brands that professionals rely on. Vitec is organised in three divisions: Imaging & Staging, Broadcast Systems and Broadcast Services. More information can be found at: /www.vitecgroup.com. This information is provided by RNS The company news service from the London Stock Exchange