6 May 2021 07:00
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6 May 2021
The Vitec Group plc
AGM Update
The Vitec Group plc ("Vitec" or "the Group"), the international provider of premium branded hardware products and software solutions to the growing content creation market, issues the following announcement ahead of its Annual General Meeting taking place later today.
Current trading and outlook
The Group's trading performance has improved faster than previously anticipated and, as a result, the Board now expects the Group's adjusted PBT for 2021 to be materially above current market expectations¹, even though some of our markets (particularly production sets in the US) are not fully open and we are expecting some electronic component shortages and capacity constraints.
On 12 April 2021, the Group announced the acquisition of Lightstream (develops cloud-based live production software to enable content creators, particularly gamers, to enrich their live video streams) and also Quasar (designs and develops a range of market-leading innovative linear LED lighting solutions for cine-style applications). The acquisitions are an excellent strategic and technological fit, have great prospects and have increased our underlying revenue CAGR.
Half Year Results
Vitec is scheduled to release its Half Year results announcement on Thursday 12 August 2021.
AGM
As previously announced, today's AGM is a closed meeting due to COVID-19 and will be held at the Company's registered office at 11.00am (UK time). Shareholders should not attend in person. The outcome of the AGM resolutions will be announced to the market following the AGM.
For further information please contact:
The Vitec Group plc |
Telephone: 020 8332 4602 |
Stephen Bird, Group Chief Executive | |
Martin Green, Group Finance Director Jennifer Shaw, Group Communications Director | |
Notes:
1. Current company compiled consensus for FY 2021: Adjusted PBT £30.7m
2. This statement is based on information sourced from management estimates
3. This announcement contains inside information. The person responsible for arranging the release of this announcement on behalf of The Vitec Group plc is Jon Bolton, Group Company Secretary.
Notes to Editors
Vitec is a leading global provider of premium branded hardware products and software solutions to the growing content creation market.
Vitec's customers include broadcasters, film studios, production and rental companies, photographers, independent content creators and enterprises. Our product portfolio includes camera supports, video transmission systems and monitors, live streaming solutions, smartphone accessories, robotic camera systems, prompters, LED lighting, mobile power, bags and motion control, audio capture and noise reduction equipment.
We employ around 1,700 people across the world in 11 different countries and are organised in three Divisions: Imaging Solutions, Production Solutions and Creative Solutions.
The Vitec Group plc is listed on the London Stock Exchange. More information can be found at: www.vitecgroup.com
LEI number: 2138007H5DQ4X8YOCF1