The Vitec Group PLC
18 December 2002
18 December 2002
The Vitec Group plc
Pre-Close Trading Update
The Vitec Group plc ('Vitec'), the international supplier of products, services
and solutions to the Broadcast, Entertainment and Media industries, issues the
following trading update relating to the second half of the financial year
ending 31 December 2002.
As envisaged at our Half Year Results announcement on 2 September 2002, the
second half of this year has been somewhat behind the first half due to a lack
of any major sporting events since June. However, Vitec's photographic business
continues to perform well and the company continues to generate strong cash
flows and presently expects to meet the current consensus of analysts' earnings
estimates for the year ending 31 December 2002. The Board, in the absence of
unforeseen circumstances, would expect to maintain the dividend pay-out at last
year's level.
Commenting on the announcement, Gareth Rhys Williams, Chief Executive said:
'Despite some signs that advertising may pick up in the U.S. next year,
broadcasters still remain cautious about their capital expenditure plans. As
there are no major sporting events in 2003, we expect this year's challenging
environment to continue and we remain cautious about near-term prospects in our
markets.
'We remain committed to maintaining our strong market positions and developing
exciting new products, whilst at the same time continuing to reduce
manufacturing costs.'
-Ends-
Contacts:
Gareth Rhys Williams Telephone: 020 8939 4651
The Vitec Group plc
Rob Gurner Telephone: 020 7831 3113
Financial Dynamics
Notes to Editors
The Vitec Group plc supplies a wide range of equipment and services to the
broadcasting, entertainment, photographic and retail display 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 five countries. Vitec, with brands such as Sachtler, Vinten, Manfrotto and
Clear-Com, is a major force in its chosen specialised fields.
This information is provided by RNS
The company news service from the London Stock Exchange
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