The Vitec Group PLC Trading Statement (8991F)
18 November 2015 - 8:16PM
UK Regulatory
TIDMVTC
RNS Number : 8991F
The Vitec Group PLC
17 November 2015
17 November 2015
The Vitec Group plc
Trading Update
The Vitec Group plc ("Vitec" or the "Group"), the international
provider of products and services for the Broadcast and
Photographic markets, announces the following trading update for
the period from 1 July 2015 to 31 October 2015.
Overall, trading since the half year results has been
satisfactory. However, our markets remain challenging and, despite
some signs of stabilisation, we are yet to see the anticipated
recovery in our traditional markets. As a result, the Board now
expects a small reduction from its previous expectations for the
full year.
The Broadcast Division has continued to experience variable
market conditions. Our higher technology product businesses are
performing well, offsetting lower sales of large camera supports.
The streamlining of certain activities with lower growth prospects,
as outlined in our 2015 half year results announcement, is
progressing in line with our plans. Management of this division has
been reorganised with Matt Danilowicz (Chief Executive of the
Broadcast Division) having left the Group and senior management now
reporting directly to Stephen Bird, Group Chief Executive.
The Photographic Division continues to face challenging markets,
particularly in the US, but we continue to see some signs of
stabilisation after several years of decline. This is supported by
recent CIPA data for global shipments of interchangeable lens
cameras.
We are pleased to have appointed Caroline Thomson to the Board
of the Company as a Non-Executive Director and Chairman of the
Remuneration Committee. Caroline succeeds Carolyn Fairbairn, who
stood down from the Board on 31 October 2015.
The Group remains in a sound financial position and the Board
remains confident about the future growth prospects of the Group.
Although the challenging market conditions look likely to continue
into next year, in 2016 we will benefit from the Rio 2016 Olympics,
a small net foreign exchange benefit and the impact of previously
announced restructuring initiatives.
Vitec is scheduled to release its full year results announcement
on 23 February 2016.
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 1340
Notes:
1. Average foreign exchange rates in the period from January to
October 2015: GBP1 = $1.54, GBP1 = EUR1.38, EUR1 = $1.11, GBP1 =
Yen185
2. Average foreign exchange rates in 2014: GBP1 = $1.65, GBP1 =
EUR1.24, EUR1 = $1.33, GBP1 = Yen174
3. The current consensus for Profit Before Tax (before
restructuring costs and costs associated with acquired businesses)
is GBP33.25 million: Investec GBP33.0 million; Arden Partners
GBP33.5 million.
A Snapshot of The Vitec Group
Vitec is a global provider of premium branded products and
services to the Broadcast and Photographic markets. Vitec is listed
on the London Stock Exchange with 2014 revenue of GBP309.6
million.
The Group is organised in two Divisions:
The Broadcast Division designs, manufactures and distributes
premium branded products for broadcasting, film and video
production for broadcasters and independent content creators. It
also provides premium services including equipment rental and
technical solutions to TV production teams and film crews.
The Photographic Division designs, manufactures and distributes
premium branded equipment and provides dedicated solutions to
professional and non-professional image takers.
More information can be found at: www.vitecgroup.com.
This announcement contains forward-looking statements with
respect to the financial condition, performance, position,
strategy, results and plans of The Vitec Group plc based on
Management's current expectations or beliefs as well as assumptions
about future events. These forward-looking statements are not
guarantees of future performance. Undue reliance should not be
placed on forward-looking statements because, by their very nature,
they are subject to known and unknown risks and uncertainties and
can be affected by other factors that could cause actual results,
and the Group's plans and objectives, to differ materially from
those expressed or implied in the forward-looking statements. The
Group undertakes no obligation to publically revise or update any
forward-looking statements or adjust them for future events or
developments. Nothing in this announcement should be construed as a
profit forecast.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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