The Vitec Group said in an interim management statement that its trading results for the first four months of 2013 have been in-line with its expectations.
However, the company said that the “macroeconomic environment remains challenging and we continue to control our costs accordingly. The streamlining of certain of our operations, outlined in our 2012 full year results announcement, is progressing in line with our plans. Although our order book visibility is limited, the Board’s expectations for the full year remain unchanged.”
Vitec said that its broadcast-focused Videocom division “performed satisfactorily in what continues to be a challenging market.”
Vitec’s broadcast-focused Videocomm division is made up of more than dozen brands that serve various parts of the broadcast industry: Anton/Bauer, Autoscript, Camera Corps, The Camera Store, Haigh-Farr, Litepanels, Microwave Service Company, Nucomm, OConnor, Petrol Bags, RF Central, Sachtler, Vinten and Vinten Radamec.
Broadcast equipment rental and services provider Bexel is also part of Vitec’s Videocom division.
The Vitec Group’s revenue for the full year 2012 was £345.3m, down 1.6% versus last year. The company’s 2012 profit before tax and acquisition-related costs was £36.2m., up 10% versus 2011.
Full year 2012 revenue for Vitec’s division was £146.2m, up 7.3% versus 2011. Videocom operating profit for the year was £15.8m, up 24.4% versus last year. Videocom operating margin was 10.8%, up 1.5 percentage points versus 2011.
The company said that demand for Videocom products was driven by greater use of video capture, investments by broadcasters and technology drivers, as well as by the 2012 Olympics and the US elections. However, it cautioned that Videocom order visibility is limited.
As of April 30, 2013, the Vitec Group had net debt of £66m, compared to net debt of £63.7m on December 31, 2012.
Press Release: Vitec Group – Interim Management Statement
Previous Interim Statement: Vitec Group Says Trading In-line with Expectations Despite Challenging Macroeconomic Environment
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