Vitec Group PLC (The) Trading Statement (6325W)
16 November 2017 - 6:00PM
UK Regulatory
TIDMVTC
RNS Number : 6325W
Vitec Group PLC (The)
16 November 2017
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
16 November 2017
The Vitec Group plc
Trading outlook unchanged and new reporting structure
The Vitec Group plc ("Vitec" or "the Group"), the international
provider of products and solutions for the broadcast and
photographic markets, announces that recent trading has been in
line with its expectations. It also announces that it is
transitioning its structure from reporting under two to three
Divisions from 1 January 2018.
Trading outlook
-- Trading for the four months ended 31 October 2017 was in line with our expectations.
-- The Photographic Division performed well and the market
continues to show signs of recovery.
-- In the Broadcast Division, our traditional business
benefitted from sales of new products, including the Flowtech
tripod, and, as expected, our US studio business has had a stronger
second half to date, despite challenging market conditions. Our
higher technology business continued to grow and the integration of
RTMotion is going well.
-- The Board's expectations for the year ending 31 December 2017 remain unchanged.
Portfolio refinement
The JOBY and Lowepro brands were acquired from the DayMen Group
in September. The business is performing to plan and is being
successfully integrated into the Photographic Division.
Recent changes in the portfolio, including the acquisitions of
JOBY, Lowepro and RTMotion, and the disposals of Haigh-Farr and
Vitec Broadcast Services ("Bexel"), position the Group well to
deliver increased margins.
Net debt
Net debt at 31 October 2017 was GBP48.3 million (30 June 2017:
GBP52.6 million) and reflects strong year-to-date cash generation
and net proceeds from the disposal of Bexel in August. This was
offset by GBP13.0 million of investment in acquisitions, and
working capital related to the JOBY and Lowepro acquisition.
New three divisional reporting structure
For results from 1 January 2018, Vitec will report as three
distinct Divisions - Imaging Solutions, Production Solutions and
Creative Solutions - to reflect a changing customer base, and to
give greater focus to the fast-growing Independent Content Creator
Market. 2016 comparator information will be disclosed prior to the
2017 full year results announcement.
Full year results
Vitec is scheduled to release its full year results announcement
on 22 February 2018.
-Ends
Enquiries:
The Vitec Group plc
Stephen Bird, Group Chief Executive
Kath Kearney-Croft, Group Finance Director
Telephone: 020 8332 4600
MHP Communications
Tim Rowntree
Ollie Hoare
Telephone: 020 3128 8771
Notes:
1. Average foreign exchange rates in the period from January to
October 2017: GBP1 = $1.28, GBP1 = EUR1.15, EUR1 = $1.12, GBP1 =
Yen 144
2. Average foreign exchange rates in 2016: GBP1 = $1.35, GBP1 =
EUR1.22, EUR1 = $1.10, GBP1 = Yen 147
3. Nothing in this announcement should be construed as a profit forecast
A Snapshot of The Vitec Group
Vitec is a leading global provider of premium branded products
and solutions to the fast changing and growing "image capture and
sharing" market.
Vitec's customers include broadcasters, independent content
creators, photographers and enterprises, and our activities
comprise: design, manufacture and distribution of high performance
products and solutions including camera supports, wireless systems,
robotic camera systems, prompters, LED lights, mobile power,
monitors and bags.
We employ around 1,700 people across the world in ten different
countries and are organised in two Divisions: Broadcast and
Photographic.
The Vitec Group plc is listed on the London Stock Exchange with
2016 revenue of GBP376.2 million.
More information can be found at: www.vitecgroup.com
LEI number: 2138007H5DQ4X8YOCF14
This information is provided by RNS
The company news service from the London Stock Exchange
END
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