The Vitec Group PLC
29 May 2007
29 May 2007
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 an excellent 2006, Vitec's performance for the first four months of
the current financial year has been ahead of our expectations. New products
launched at the recent NAB trade show won several awards and order intake in the
year to date has been good. We have continued to see sales growth in both
Broadcast Systems and Imaging & Staging. Broadcast Services is performing well
but without the benefit of the revenues derived from last year's Winter
Olympics. The two businesses acquired at the end of 2006, Autoscript and Tomcat
Global, continue to trade in line with plan.
'Sterling has strengthened against the US$ and this will impact the group's
results; however, the effect will be mitigated by the Group's hedging cover in
place for 2007. If present exchange rates remain constant for the rest of 2007,
the estimated adverse effect on the Group compared to 2006 would be about £2.8
million.
'Overall, the Board's view on the outlook for 2007 is now slightly more positive
than that stated at the time of the Full Year Results released in March 2007.
'We continue to look for acquisitions that would fit well with our existing
activities and add value for shareholders, focusing principally on companies
that would extend our distribution reach or that offer related products bought
by our existing customers.
'Sir David Bell is standing down from the Board today after 10 years valuable
service; I would like to thank him for his excellent contribution and wise
counsel which has helped Vitec through a period of considerable change.'
Vitec intends to publish a trading update in mid-July and announce its half year
results on 3 September 2007.
Enquiries:
The Vitec Group plc
Gareth Rhys Williams/ Alastair Hewgill
Telephone: 020 8939 4650
Financial Dynamics
Richard Mountain / Susanne Walker
Telephone: 020 7269 7121
Notes to Editors:
The Vitec Group plc
The Vitec Group 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. Vitec is based on strong, well known, premium
brands that professionals rely on. Vitec is organised in three divisions:
Imaging & Staging (formerly Photographic), Broadcast Systems and Broadcast
Services. More information can be found at: www.vitecgroup.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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