The Vitec Group PLC
18 May 2005
18 May 2005
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:
'Trading for the first four months of the current financial year has been in
line with the Board's overall expectations. The Group continues to invest in
product development and, as last year, Vitec won several awards for product
innovation at NAB, the major US broadcast trade show, in April 2005.
'Looking forward, the Group's performance remains linked to the future growth
rates in advertising demand, where trends are presently unclear, and to the
uptake of digital SLR cameras, which remains strong. Foreign Exchange rates
will also continue to influence the Group's results. Towards the end of 2004,
the US dollar fell significantly against both the £ and €, though since January
2005 it has remained much more stable.
'Last week we announced the acquisition of Kata, a leading supplier of camera
bags, and we expect this transaction to complete by the end of May 2005 and
contribute to earnings this year.
'Overall, the Board reiterates its comments at the time of the Full Year Results
in March 2005 and continues to view the outlook with cautious optimism.'
Tomorrow, Thursday 19 May 2005, the Group will publish its unaudited results
under International Financial Reporting Standards (IFRS) for the year ended 31
December 2004 and will host a conference call for analysts at 9.30am on that
day.
- Ends -
Enquiries:
Gareth Rhys Williams Telephone: 020 8939 4650
The Vitec Group plc
Rob Gurner Telephone: 020 7269 7291
Financial Dynamics
Notes to Editors:
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 sector, and it has manufacturing facilities in four
countries. The Vitec Group is a major force in its chosen specialised fields.
More information can be found at: http://www.vitecgroup.com.
This information is provided by RNS
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