The Vitec Group PLC
24 May 2006
24 May 2006
The Vitec Group plc
AGM Statement
Michael Harper, Chairman of The Vitec Group plc ('Vitec'), the international
supplier of products, services and solutions to the Broadcast, Entertainment and
Media industries, will make the following statement at today's Annual General
Meeting:
'Following on from a strong 2005, Vitec's performance for the first four months
of the current financial year were ahead of the same period last year.
'Trading in the period was slightly ahead of expectations, as we benefited from
rentals in support of the Winter Olympics in Turin. The introduction of HD
(High Definition) cameras has also resulted in increased spend on Vitec's
broadcast camera supports. Order intake remains encouraging and recent product
launches have been well received, particularly new battery systems and robotic
products.
'Petrol, the Israeli bags business we acquired in January is trading well and
Bogen Imaging KK, our new Japanese photographic distribution business, will
commence trading on 1st June. These fit well with our strategy and we continue
to seek acquisitions of a similar nature.
'Foreign Exchange rates continue to influence the Group's results and the FX
environment has recently worsened, with the US$ falling against the Euro and
Sterling. However, the Group has hedging cover at attractive rates into mid
2007, which will mitigate the effect of any negative FX changes. If present
rates were maintained for the remainder of the current financial year the
estimated adverse effect on the Group compared to 2005 will be about £0.4m.
'Accordingly, the Board continues to expect further growth in 2006 in line with
the outlook given at the time of the Full Year Results in March 2006.
'John Potter is standing down today from the board after 7 years valuable
service; I would like to thank him for his contribution, which has helped Vitec
through a period of considerable change.'
Vitec will publish a trading update in mid July and will announce its half year
results on 4 September 2006.
Enquiries:
The Vitec Group plc
Gareth Rhys Williams/ Alastair Hewgill Telephone: 020 8939 4650
Financial Dynamics
Richard Mountain / Susanne Walker Telephone: 020 7269 7121
This information is provided by RNS
The company news service from the London Stock Exchange
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