8 May 2014 07:00
8 May 2014
The Vitec Group plc
Interim Management Statement
The Vitec Group plc ("Vitec" or the "Group"), the international provider of products and services for the Broadcast & Video, Photographic, and MAG (Military, Aerospace and Government) markets, announces the following Interim Management Statement for the period from 1 January to 7 May 2014.
We have made solid progress in the first four months of the year, including benefits from the 2013 restructuring and a contribution from Teradek which was acquired in August 2013. Our underlying markets remained challenging with little sign of recovery. Although our order visibility is limited, the Board's expectations for the full year remain unchanged.
The Videocom Division has performed broadly in line with last year including a good performance by Teradek. In March, we expanded our speciality remote cameras business through acquiring c.£1.8 million of assets of the Special Cameras Division of SIS Outside Broadcasts Limited. We have also reached agreement to acquire, subject to competition clearances, Autocue for £6 million. Autocue is a leading provider of teleprompters.
The Imaging Division continues to face challenging markets, particularly in the US. It is launching a number of new tripods and bags for professional users.
The Services Division has traded in line with our expectations, including the benefit from providing support to the Sochi Winter Olympics.
As at 30 April 2014, Group net debt was £74.1 million, after £4.2 million of cash out-flows relating to acquisitions. This compares to net debt of £61.5 million at 31 December 2013.
Vitec is scheduled to release its half year results announcement on 14 August 2014.
Enquiries:
The Vitec Group plc
Stephen Bird, Group Chief Executive
Paul Hayes, Group Finance Director
Telephone: 020 8332 4600
FTI Consulting
Nick Hasell / Susanne Yule
Telephone: 020 3727 1234
Notes:
1. Average foreign exchange rates in the period from January to April 2014: £1 = $1.66, £1 = €1.21, €1 = $1.38, £1 = Yen170
2. Average foreign exchange rates in 2013: £1 = $1.56, £1 = €1.17, €1 = $1.33, £1 = Yen152
A Snapshot of The Vitec Group
Vitec is an international Group principally serving customers in the Broadcast & Video, Photographic and MAG (Military, Aerospace and Government) markets. Listed on the London Stock Exchange with 2013 revenue of £315.4 million, Vitec is based on strong, well known, premium brands on which its customers worldwide rely. Vitec is organised in three Divisions: Videocom, Imaging and Services.
Videocom designs and distributes systems and products used in broadcasting and live entertainment, film and video production and MAG.
Imaging designs, manufactures and distributes equipment and accessories for photography and video.
Services provides equipment rental, workflow design and technical support to TV production teams and film crews.
More information can be found at: www.vitecgroup.com.
This announcement contains forward-looking statements that are based on management's current expectations or beliefs as well as assumptions about future events. These are subject to risk factors associated with, amongst other things, the economic and business circumstances occurring from time to time in the countries and sectors in which the Group operates. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a wide range of variables which could cause actual results, and Vitec's plans and objectives, to differ materially from those currently anticipated or implied in the forward-looking statements. Investors should not place undue reliance on any such statements. Nothing in this announcement should be construed as a profit forecast.