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19 Nov 2012 07:00
19 November 2012
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, photographic, and MAG (military, aerospace and government) markets, announces the following Interim Management Statement covering the period from 1 July to 18 November 2012.
Overall, trading since the Half Year results has been in line with our expectations. The macroeconomic environment has become more challenging and we are controlling our costs accordingly. We are continuing to monitor our markets closely. Although our order book visibility is limited, the Board's view for the full year remains unchanged.
Within the Broadcast and Video market our core broadcast business has performed in line with our expectations. Camera Corps, acquired in April 2012, and the Services Division both benefitted from supporting the London 2012 Olympics.
The Imaging Division mainly serves the Photographic market. Independent research indicates that our Manfrotto products continue to gain market share in the US and European consumer markets. As announced on 14 August 2012, the Group has exited its Staging business.
The MAG market is served through Haigh-Farr and IMT, both of which are part of the Videocom Division. Haigh-Farr was acquired in December 2011 and is performing well. IMT continues to operate in a challenging market.
At 31 October 2012, Group net debt was £70.7 million, after the payment of the interim dividend of £3.7 million and a cash outflow of £2.1 million relating to the exit from the Staging business. This compares to net debt of £70.0 million at 30 June 2012.
Vitec will release its full year results announcement on 28 February 2013.
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 7269 7291
Notes:
1. Average foreign exchange rates in the period January to October 2012: £1 = $1.58, £1 = €1.23, €1 = $1.28
A Snapshot of The Vitec Group
Vitec is an international Group principally serving customers in the broadcast, photographic and military, aerospace and government (MAG) markets. Listed on the London Stock Exchange with 2011 revenue of £351.0 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 for camera, video, audio, fibre optic and wireless technology used by TV production teams and film crews.
More information can be found at: www.vitecgroup.com.
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