The Vitec Group PLC
06 October 2006
6 October 2006
The Vitec Group plc
Acquisition of the Autoscript prompting business
The Vitec Group plc ('Vitec') announces that it has today signed an agreement to
acquire the issued share capital of ALC Broadcast Limited, which is the holding
company for the Autoscript prompting businesses ('Autoscript').
Autoscript is one of the leading providers of prompting hardware and software to
the broadcast industry, with subsidiaries in the UK and USA. Vitec acts as
distributor for Autoscript in Germany and Italy. Vitec and Autoscript recently
co-developed an innovative prompting system which gained one of a number of
industry awards recently received by Autoscript. More information may be found
at www.autoscript.tv.
Sales of Autoscript in the year ended 31 December 2005 were £3.5m. Gross assets
that are the subject of the acquisition are expected to be £2.1m, including
£0.7m of goodwill. The initial cash consideration, together with earnout
payments relating to 2007 and 2008 performance, will be funded from existing
resources. The acquisition is expected to be slightly earnings-enhancing in the
financial year ending 2007 (see note 1). Completion is expected to take place on
or around 31 October 2006.
Gareth Rhys Williams, Chief Executive of Vitec, said:
'I am delighted to announce this acquisition. Autoscript is a growing business
that we know well which, together with our existing brands, will enhance our
position as a leading supplier to the broadcast and video industry.'
- Ends -
Contacts:
The Vitec Group plc Tel: 020 8939 4650
Gareth Rhys Williams
Alastair Hewgill
Financial Dynamics Tel: 020 7269 7121
Richard Mountain/Susanne Walker
Notes to Editors
About The Vitec Group plc:
The Vitec Group plc supplies a wide range of equipment and services to the
broadcasting, entertainment and photographic industries. Its products are
distributed in nearly 100 countries, either through dealerships or direct to the
end user or corporate customer. The Vitec Group is a major force in its chosen
specialised fields. More information can be found at: http://www.vitecgroup.com.
Note 1:
This statement should not be taken to mean that earnings per share (pre
amortisation of intangibles) of The Vitec Group plc will necessarily exceed or
be lower than historic earnings per share (pre amortisation of intangibles) of
The Vitec Group plc and no forecast is intended or implied.
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.