TIDMVTC
RNS Number : 0320O
Vitec Group PLC (The)
15 May 2018
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IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD
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JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
15 May 2018
The Vitec Group plc
AGM Update
Trading in line with expectations
The Vitec Group plc ("Vitec" or "the Group"), the international
provider of products and solutions for the broadcast and
photographic markets, issues the following announcement ahead of
its Annual General Meeting taking place later today.
Current trading and outlook
Vitec has continued to build on the momentum from 2017 and the
Group's trading for the four months ended 30 April 2018 was in line
with expectations. By division:
-- Imaging Solutions ("IS"). The integration of the JOBY and
Lowepro brands continues to plan. The CIPA data on shipments of
interchangeable lens cameras is stabilising and we expect an
improved second half from IS.
-- Production Solutions. A promising start to the year in the US
and, as anticipated, we benefitted from the 2018 Winter
Olympics.
-- Creative Solutions. Our higher technology division continued
to grow. SmallHD performed well, although a fire on 27 April 2018
at an adjacent office has temporarily disrupted its site
operations; our insurance cover is expected to mitigate any
potential losses.
The Board's expectations for the Group's full year performance
remain unchanged.
Balance sheet
Our financial position remains strong. As highlighted at the
Full Year, cash performance for 2018 will be strongly weighted
towards the second half, due to good cash collection at the end of
2017, seasonality in line with historic performance and further
planned H1 investment in the integration of the JOBY and Lowepro
brands.
We have acquired our former distribution partner in Australia,
Adeal Pty Ltd, for a total investment of A$5.0 million (GBP2.8
million). This acquisition is in line with Vitec's strategy to
expand in APAC and get closer to our customers by owning more of
our own distribution channel.
Board
A number of board changes were announced at the Full Year, which
took effect on 2 April 2018. Richard Tyson, Chief Executive Officer
of TT Electronics plc, joined the Board as an independent
Non-Executive Director, Mark Rollins stood down from the Board as
an independent Non-Executive Director and Senior Independent
Director, and Christopher Humphrey succeeded him as Senior
Independent Director.
Half Year results
Vitec is scheduled to release its half year results announcement
on Friday 10 August 2018.
Stephen Bird, Group Chief Executive, commented:
"2017 was a transformational year for Vitec, repositioning the
Group for further progress. We remain on track to deliver on our
strategic priorities, benefitting from a streamlined portfolio of
businesses and a new, focused structure."
For further information please contact:
The Vitec Group plc
Telephone: 020 8332 4600
Stephen Bird, Group Chief Executive
Kath Kearney-Croft, Group Finance Director
MHP Communications
Telephone: 020 3128 8100
Tim Rowntree / Ollie Hoare
A snapshot of The Vitec Group plc
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, camera mounted
electronic accessories, robotic camera systems, prompters, LED
lights, mobile power, monitors and bags.
We employ around 1,700 people across the world in eleven
different countries and are organised in three Divisions: Imaging
Solutions, Production Solutions and Creative Solutions.
The Vitec Group plc is listed on the London Stock Exchange with
2017 adjusted revenue* of GBP378.1 million.
More information can be found at: www.vitecgroup.com
Notes:
* Revenue from continuing and discontinued operations
1. Estimated foreign exchange rate at completion of Adeal
acquisition: GBP1 = A$1.78
LEI number: 2138007H5DQ4X8YOCF14
This information is provided by RNS
The company news service from the London Stock Exchange
END
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