14 Nov 2013 07:00
14 November 2013
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 July to 13 November 2013. The comments on trading relate to the period from 1 July 2013 to 31 October 2013.
Overall, trading since the Half Year results has been in line with our expectations in what remain challenging markets. We have continued to deliver significant cost reductions and the streamlining of our operations is progressing well. The streamlining actions are anticipated to deliver at least the previously announced savings and our estimate of one-off costs is broadly unchanged.
Although our order book visibility is limited, we remain on track to meet the Board's expectations for the full year.
The Videocom Division performed well in a challenging market. We are making good progress with the integration of the Teradek wireless device business that was acquired in August.
The Imaging Division delivered as expected while it continues to face a challenging photographic market. We have recently launched a number of new products and the initial response from our customers has been good.
The Services Division traded in line with our expectations.
At 31 October 2013, Group net debt was £70.1 million, after payment of the interim dividend of £3.9 million and a cash outflow of £7.4 million relating to the Teradek acquisition. This compares to net debt of £67.5 million at 30 June 2013. We have continued to put in place rolling hedging arrangements to counter foreign exchange fluctuations particularly with the US dollar and Japanese Yen.
We are very pleased to have announced the appointments of Christopher Humphrey, Lorraine Rienecker and Mark Rollins to our Board.
Our full year results announcement is scheduled for 26 February 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 7269 7291
Notes:
1. Current market exchange rates: £1 = $1.59, £1 = €1.19, €1 = $1.34, £1 = 159 JPY
2. Average foreign exchange rates in the period January to October 2013: £1 = $1.55, £1 = €1.17, €1 = $1.32, £1 = 149 JPY
3. 2012 average foreign exchange rates: £1 = $1.58, £1 = €1.23, €1 = $1.29, £1 = 127 JPY
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 2012 revenue of £345.3 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, and that 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 press release should be construed as a profit forecast.