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15 May 2013 07:00
15 May 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, photographic, and MAG (military, aerospace and government) markets, announces the following Interim Management Statement for the period from 1 January to 14 May 2013.
Overall, trading in the first four months of the year has been in line with our expectations. The macroeconomic environment remains challenging and we continue to control our costs accordingly. The streamlining of certain of our operations, outlined in our 2012 full year results announcement, is progressing in line with our plans. Although our order book visibility is limited, the Board's expectations for the full year remain unchanged.
Within the Videocom Division, the Broadcast and Video business performed satisfactorily in what continues to be a challenging market. The Division's MAG results have benefited from the downsizing actions completed in the period and from orders received.
The Imaging Division made good progress in what also continues to be a challenging market, with our Manfrotto products continuing to gain market share.
The Services Division traded in line with our expectations.
At 30 April 2013, Group net debt was £66.0 million, compared to net debt of £63.7 million at 31 December 2012.
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 April 2013: £1 = $1.54, £1 = €1.17, €1 = $1.32.
2. 2012 average foreign exchange rates: £1 = $1.58, £1 = €1.23, €1 = $1.29.
3. Our interim results announcement is scheduled for 22 August 2013.
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 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.
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