VTC.L Regulatory News (VTC)

24 May 2006 14:30

The Vitec Group PLC24 May 2006 24 May 2006 The Vitec Group plc AGM Statement Michael Harper, Chairman of The Vitec Group plc ("Vitec"), the internationalsupplier of products, services and solutions to the Broadcast, Entertainment andMedia industries, will make the following statement at today's Annual GeneralMeeting: "Following on from a strong 2005, Vitec's performance for the first four monthsof the current financial year were ahead of the same period last year. "Trading in the period was slightly ahead of expectations, as we benefited fromrentals in support of the Winter Olympics in Turin. The introduction of HD(High Definition) cameras has also resulted in increased spend on Vitec'sbroadcast camera supports. Order intake remains encouraging and recent productlaunches have been well received, particularly new battery systems and roboticproducts. "Petrol, the Israeli bags business we acquired in January is trading well andBogen Imaging KK, our new Japanese photographic distribution business, willcommence trading on 1st June. These fit well with our strategy and we continueto seek acquisitions of a similar nature. "Foreign Exchange rates continue to influence the Group's results and the FXenvironment has recently worsened, with the US$ falling against the Euro andSterling. However, the Group has hedging cover at attractive rates into mid2007, which will mitigate the effect of any negative FX changes. If presentrates were maintained for the remainder of the current financial year theestimated adverse effect on the Group compared to 2005 will be about £0.4m. "Accordingly, the Board continues to expect further growth in 2006 in line withthe outlook given at the time of the Full Year Results in March 2006. "John Potter is standing down today from the board after 7 years valuableservice; I would like to thank him for his contribution, which has helped Vitecthrough a period of considerable change." Vitec will publish a trading update in mid July and will announce its half yearresults on 4 September 2006. Enquiries: The Vitec Group plc Gareth Rhys Williams/ Alastair Hewgill Telephone: 020 8939 4650 Financial Dynamics Richard Mountain / Susanne Walker Telephone: 020 7269 7121 This information is provided by RNS The company news service from the London Stock Exchange