Posts Tagged ‘Vitec’

Vitec Group Updates Segment Reporting for Broadcast Division

Annual Results, broadcast technology market research, Broadcast technology vendor financials | Posted by Josh Stinehour
Feb 05 2018

The Vitec Group, which owns more than a dozen brands in the broadcast industry, released an update of its financial performance through the first half 2017 based on its new segment reporting. 

The change followed the Company’s divestiture of its services business Bexel to NEP.  The new structure offers visibility into the two product groups Vitec sells in the broadcast industry.

As of November 2017, The Vitec Group reports across the following three Divisions:

  • Imaging Solutions contains the assets formerly reported in the Photographic division, which is focused on the professional and consumer photographers.
  • Production Solutions groups Vitec’s more traditional broadcast products, including camera supports, robotic camera systems, prompters, mobile power, lighting, along with the remaining service activities of Camera Corps and The Camera Store.
  • Creative Solutions comprises The Vitec Group’s video transmission systems (Paralinx, Teradek), monitors (smallHD), and camera accessories (Wooden Camera, Offhollywood).

One of the stated goals of the reporting modification is to give greater focus to the fast-growing independent content creator market where the Creative Solutions division has a larger presence.

It is interesting to note nearly all of the assets in Creative Solutions were acquired over the past five years.

Broadcast Operating Segment Results

The restated 2016 and 1H 2017 results illustrate the relative revenue contribution and profitability profiles of the Production Solutions and Creative Solutions divisions.

For full year 2016, Production Solutions represented 72.5% of Broadcast sales or £121.6 million.  Creative Solutions had sales of £45.9 million or 27.5% of Broadcast revenue.

When including an allocation for corporative overhead the operating margin profile for Production Solutions was 10.9% during 2016 and 16.8% for Creative Solutions.

During the first half of 2017 (ending June 30) Production Solutions had sales of £55.7 million (64.3% of Broadcast) and Creative Solutions contributed £30.8 million of revenue (35.7% of Broadcast).

Operating margins (with corporate allocation) for 1H 2017 were 9.5% for Production Solutions and 17.2% for Creative Solutions.

Vitec Group did not provide comparable year-over-year period presentations of the Divisions.  However, even using a straight line estimate, it is reasonable to view the Production Solutions as an approximately flat business (year-over-year) in the first half of 2017, as the second half is usually the stronger portion of the year.  Creative Solutions, in contrast, is experiencing strong growth.  The magnitude of growth is difficult to estimate given the inorganic additions to the division with the closing of the acquisitions of Offhollywood and Wooden Camera.  As a reference point, the 2016 restatement lists £20.4 million of investing activities attributable to the Creative Solutions division.

While growing faster, the Creative Solutions division is also meaningfully more profitable with operating margins in the high teens.  Thus, consistent with The Vitec Group’s stated intentions, this reporting approach provides greater visibility into the higher growth, higher margin Creative Solutions division.

In addition, the restatement of 2016 financial results further highlights the merits of the divestiture of Bexel.  This is not a commentary on the quality of Bexel, but rather an observation about the fundamentally different characteristics of Bexel’s asset and capital intensive business, which contrasts with the remaining product businesses.  Consider that during 2016 – the fourth year in the four year industry cycle – Bexel had revenue of £47.7 million, an adjusted (before impairments and restructuring costs) operating loss of £1.4 million, and capital expenditures of £7.1 million.  (It is appropriate to point out Bexel generated operating cash when adjusting for non-cash items and including rental asset disposals).

Full year 2017 results are scheduled for release on February 22, 2018.

Impact of US Tax Change

In the same release, Vitec offered guidance on the impact of the new Tax Cuts and Jobs Act legislation passed in the United States.  The immediate impact to Vitec is a revaluation lower of its US deferred tax balance by £7.0 million.  This is because the lower US tax rate of 21% (versus 34%) means tax losses have less value in the future.

 

 

Related Content:

Vitec Announces Segment Reporting, US Tax and Adjusted Performance Measures

 

 

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Vitec Group 1H 2013 Results: Videocom Revenue Down 5.1 Percent, Bexel Flat

Broadcast technology vendor financials, Quarterly Results | Posted by Joe Zaller
Sep 04 2013

The Vitec Group said that its total revenue for the first six months of 2013 was £157.6m, a decrease of 10.7% versus the first six months of 2012.

Vitec said that on an organic basis at constant currency, its revenue was down 9% versus the first half of 2012, and that after adjusting for the London Olympics and the disposal of the Staging business the underlying sales run rate was similar to the second half of 2012.

Despite the lower revenue, on an overall basis the company posted an increase in operating profit and profit before tax of 4.8% and 0.6% respectively.

 

Vitec Videocom Division

The company said broadcast-focused Videocomm division performed well in a challenging Broadcast & Video 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.

For the first six months of 2013 revenue from the Videocom division was £70.2m, down 5.1% versus the first six months of 2012, and down 3% versus the previous six month period (July to December 2012).

Videocomm order intake was only modestly behind prior year with sales reflecting the timing of shipments.

Videocom operating profit for the first half of 2013 was £8.7m, an increase of 3.6% versus last year.  The operating margin for the period was 12.4%, up from 11.4% last year.

The company attributed the increased operating margin to cost control measures and the initial benefit of restructuring activities, which it said was progressing well. Restructuring within the Videocom division includes the relocation of certain manufacturing activities to Costa Rica and the streamlining of broadcast and MAG operations in the United States.

The company highlighted the performance of several its brands, saying:

  • Our camera supports brands (Vinten, Sachtler and O’Connor) continued to trade well. We have grown our sales of robotic products following increased project activity in EMEA and Asia and our Sachtler range of supports continues to show good growth.

 

  • Our Litepanels LED lighting products benefited from growth in the Asian market. We are in the process of broadening the product range to enable us to maintain our leading position in the market.

 

  • Our Anton/Bauer mobile power products experienced a challenging video market but continued to make progress in supplying batteries and chargers to power medical carts in hospitals.

 

  • Camera Corps, acquired in April 2012, is trading in line with expectations although the lack of significant sporting events this year means that we expect a lower level of sales activity. This is in comparison to 2012 where the business benefited from the UEFA Euro 2012 football championships in the first half and the London Olympics in the second half of the year.

 

  • Our MAG sales grew during the first half benefiting from a $5.8 million US Department of Justice award for transmitters and receivers. We continue to bid for significant opportunities, whilst recognizing that the timing of major awards from US Government agencies is difficult to predict.

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Vitec Services Division (Bexel)

For the first half of 2012, revenue from Vitec’s Services Division, which primarily comes from Bexel, was £13.8m, essentially flat with the first six months of 2012.  On an organic and constant currency basis, Bexel revenue declined 3.5% versus the first six months of 2012.

The company said that these results were in line with expectations and that Bexel had made good progress on its strategy of working closely with key customers and supporting projects where the business can add most value.  As the result of this focus, as well as a rationalization of the business structure, the operating profit at Bexel doubled to £200,000 for the first six months of 2012. Bexel’s operating and margins were up by 70 bps to 1.4%.

 

“Vitec CEO Stephen Bird said that the company’s Videocom Division had” performed well in a challenging market and the Division’s MAG results benefited from a $5.8 million contract with the U.S. Department of Justice. The Imaging Division made good progress despite the continuation of the more challenging market that started to impact us in the second half of last year. The Imaging Division continues to grow its market share and this will be supported by new product launches planned for later this year.”

Bird said that Vitec is on target to deliver the significant cost reductions outlined in its 2012 full year results announcement, and that the company will supplement these savings with specific rationalization actions within our Imaging and Services Divisions I order to deliver further attractive returns.

“Our longer-term growth prospects continue to be positive and we are well positioned to benefit from any upturn in our markets,” said Bird. “Our order visibility remains limited but our first half year performance was consistent with our normal phasing and we are on track to meet our full year expectations.”

 

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Related Content:

Press Release: The Vitec Group plc Half Year Results to 30 June 2013

Vitec Group 1H 2013 Earnings Presentation

Broadcast Vendor M&A: Vitec Buys Teradeck for $15 Million

Vitec Group Says 2013 Trading In-line with Expectations, Videocom Markets Remain Challenging

Vitec Group 2012 Annual Report (published March 2013)

Previous Year: Vitec Group 1H 2012 Results: Videocom Revenue Up 12.3 Percent, Bexel Down 2.1 Percent

Vitec 2012 Results: Videocom Revenue Up 7.3 Percent, Bexel Doubles Operating Profit as Revenue Increases 4.4 Percent

Previous Interim Statement: Vitec Group Says Trading In-line with Expectations Despite Challenging Macroeconomic Environment

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Broadcast Vendor M&A: Vitec Buys Teradeck for $15 Million

Broadcast technology vendor financials, Broadcast Vendor M&A | Posted by Joe Zaller
Aug 29 2013

Vitec announced that it has agreed to acquire bonded cellular technology provider Teradek for an initial payment of $15m, and up to an additional $15m based on Teradek’s future profitability.

Teradek is being acquired from its current management who will remain with the business, and will operate the company as an autonomous business unit within Vitec’s Videocom division.

Teradek had 2012 sales of sales of $10.4m and generated an unaudited adjusted profit before tax of $1.6m. Vitec says Teradeck experienced strong growth during 2013 year to date that further profitable growth is anticipated.

Under the terms of the deal, Vitec initially will pay $14.9m, comprised of $11.5m in cash, $2m worth of Vitec ordinary shares to be held in escrow for two years post-completion, and $1.4m that will be paid to certain key employees in cash over a two-year period after completion.

Vitec will pay up to a further $15.5m dependent on the future profitability of Teradek. This will reflect performance against annual EBIT targets over the three-year period to 31 December 2015. The maximum payment would be achieved if Teradek delivers these targets including an EBIT of $9 in 2015. Of the deferred consideration, 10% will be payable to certain key employees in cash. The remaining 90% will be payable to the sellers. Up to a third of any deferred consideration paid to the sellers may be satisfied by issuing new Vitec ordinary shares, depending on the level of performance, with the remainder paid in cash. The recipients of these shares are required to hold them for a certain period under the terms of this acquisition.

There is a growing demand for the supply of wirelessly transmitted images and Teradek is a world leader in the provision of this technology,” said Vitec CEO Stephen Bird. “We believe that we can continue to grow this business and generate a good return on this investment.”

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Vitec Group Says 2013 Trading In-line with Expectations, Videocom Markets Remain Challenging

Broadcast technology vendor financials, Quarterly Results | Posted by Joe Zaller
May 21 2013

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.

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Related Content:

Press Release: Vitec Group – Interim Management Statement

Vitec Group 2012 Annual Report (published March 2013)

Vitec 2012 Results: Videocom Revenue Up 7.3 Percent, Bexel Doubles Operating Profit as Revenue Increases 4.4 Percent

Previous Interim Statement: Vitec Group Says Trading In-line with Expectations Despite Challenging Macroeconomic Environment

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Vitec 2012 Results: Videocom Revenue Up 7.3 Percent, Bexel Doubles Operating Profit as Revenue Increases 4.4 Percent

Broadcast technology vendor financials | Posted by Joe Zaller
Mar 05 2013

Vitec 2012 Results: Videocom Revenue Up 7.3 Percent, Bexel Doubles Operating Profit as Revenue Increases 4.4 Percent

UK-based Vitec Plc, which owns a dozen companies in the broadcast industry, announced that its revenue for the full year 2012 was £345.3m, down 1.6% versus last year. However the company’s profit before tax and acquisition-related costs rose 10% versus 2011 to £36.2m.

As shown below in a slide from the company’s investor presentation, Vitec operates in several markets, including broadcast, photographic and government / military.  This post looks only at those that relate to the broadcast industry – the company’s “Videocom” and “Services” divisions, which sell primarily to broadcast industry customers.  The Services Division is comprised entirely of equipment rental specialist Bexel.

 

Vitec at a AGlance 2013

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Videocom Revenue up 7.3 Percent for the Year

Videocom revenue for 2012 was £146.2m, up 7.3% versus 2011.  Organic revenue at constant currency decreased by 3.1%, due to the non-recurrence of a £4.9m sale related to FCC wireless auctions. 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.

Vitec Broadcast Products

Vitec Broadcast Products

Vitec said that its acquisition of Haigh-Farr in December 2011 and Camera Corps in April 2012 made “notable contributions to 2012 revenue”

The company said that Camera Corps Camera Corps which provides small systems that are predominantly used at major sporting events, benefitted from the UEFA Euro 2012 football championships and more significantly the London 2012 Olympics, and delivered “a better than expected post-acquisition performance.”

Camera Corps contributed £7m of revenue in 2012 (5% of total Videocom revenue), and an operating profit of £2.3m (15% of total Videocom operating profit). Vitec said that Camera Corps full year 2012 revenue and operating profit were £7.6m and £2.3m respectively.

The company said that its Haigh-Farr antenna business also performed ahead of pre-acquisition expectations, and that it paid out £1.2m of contingent earn-out payments to the division’s former owners.

Vitec said there it experienced growth in sales of outside broadcast and video camera supports as well as our range of bags for this market. However, demand for premium studio and robotic camera supports in the key US broadcast market was affected by budget constraints at the major studios and there was no repeat of the sizeable 2011 contracts to supply television studios in Asia.

Litepanels benefitted from the launch of new products that broadened its product ranges and enabled it to maintain our leading position in the market.

Anton/Bauer consistently overall and made good progress in supplying batteries and chargers to power medical carts in hospitals.

The IMT microwave transmitter and receiver business, had what the company called “a challenging year,” and Vitec said there is limited order visibility in this market due to a low level of investment by US Government customers.

Vitec said that it had taken a one-off, non-cash, £8.8m impairment charge to fully impair its investment in IMT.

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Bexel 2012 Revenue Up 4.4 Percent, Operating Profit Doubles

2012 revenue from Bexel, Vitec’s Services Division, was £33m, up 4.4% versus 2011. The company attributed the y-y gain to the 2012 Olympics and the US elections, and highlighted the fact that Bexl plays an “important role in driving sales of other divisions’ products.”

Compared to last year, Bexel’s 2012 operating doubled to £1.2m, and its operating margin increased by 1.7 percentage points to 3.6%.

Vitec announced last year that it would re-organize Bexel to help it focus on larger events, where higher levels of service are most needed, and to secure multi-year contracts for these events. The company now says it is focus the Bexel business on increasing margins and cost control.

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Related Content:

Press Release: The Vitec Group PLC – 2012 Full Year Results

Vitec Group 2012 Full Year Results Investor Presentation

Vitec Group Says Trading In-line with Expectations Despite Challenging Macroeconomic Environment

Half-Year Results: Vitec Group 1H 2012 Results: Videocom Revenue Up 12.3 Percent, Bexel Down 2.1 Percent

More Broadcast Vendor M&A: Vitec Plc Disposes of Loss-Making Staging Businesses

Previous Year: Vitec 2011 Results: Videocom Up 12 Percent, Bexel Down 7.9 Percent Versus 2010

More Broadcast Vendor M&A: Vitec Group Acquires Camera Corps for £8 Million

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Vitec Group Says Trading In-line with Expectations Despite Challenging Macroeconomic Environment

Broadcast technology vendor financials | Posted by Joe Zaller
Nov 19 2012

The Vitec Group said in an interim management statement that its trading since the release of its results for the first six months of 2012 has been in line with expectations.

However, the company said that the “macroeconomic environment has become more challenging” and that it was therefore “controlling [its] costs accordingly.”

“We are continuing to monitor our markets closely. Although our order book visibility is limited, the Board’s view for the full year remains unchanged,” the company said in the interim statement.

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.

The company said that “within the broadcast and video market our core broadcast business has performed in line with our expectations. Camera Corps, acquired in April 2012, and the Services Division both benefitted from supporting the London 2012 Olympics.”

In August 2012, Vitec said that although the macroeconomic environment remains uncertain and its order book visibility is limited, the company’s expectations for the full year remain unchanged.

For the first six months of 2012, the company’s was £176.5m, an increase of 2.7% versus the first six months of 2011, and up 0.7% on an organic basis.

For the full year 2011, Vitec posted  a pre-tax profit of £33m on revenue of £351m.  At that time the company said it expected progress in 2012, but did not offer a more detailed outlook.

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Related Content:

The Vitec Group plc Interim Management Statement for the period 1 July 2012 to 18 November 2012

Vitec Group 1H 2012 Results: Videocom Revenue Up 12.3 Percent, Bexel Down 2.1 Percent

Vitec Group 2012 Annual General Meeting Presentation

More Broadcast Vendor M&A: Vitec Plc Disposes of Loss-Making Staging Businesses

Vitec Group Says 2012 Trading In Line with Expectations

More Broadcast Vendor M&A: Vitec Group Acquires Camera Corps for £8 Million

Vitec 2011 Results: Videocom Up 12 Percent, Bexel Down 7.9 Percent Versus 2010

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Vitec Group 1H 2012 Results: Videocom Revenue Up 12.3 Percent, Bexel Down 2.1 Percent

Broadcast technology vendor financials, Quarterly Results | Posted by Joe Zaller
Aug 22 2012

The Vitec Group said that its total revenue for the first six months of 2102 was £176.5m, an increase of 2.7% versus the first six months of 2011, and up 0.7% on an organic basis.

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.

For the first six months of 2012 revenue from the Videocom division was £74m, up 12.3% versus the first six months of 2011, and up 5% versus the previous six month period (July to December 2011). These results include a contribution from Haigh-Farr, which was acquired in December 2011, as well as a contribution from Camera Corps, which was acquired in April 2012. On an organic and constant currency basis (excluding Haigh-Farr and Camera Corps), Videocom revenue was up 2.9% versus the first six months of 2011.

Videocom operating profit for the first half of 2012 was £8.4m, an increase of 40% versus last year.  The operating margin for the period was 11.4%, up from 9.1% last year.

The company said that it experienced strong demand in the first half of 2012, particularly in Asia, and it continues to benefit from the increasing number of cameras being sold as a result of the more diverse use of video capture, investments by broadcasters and technological drivers including HD, LED lighting and robotics.

The company highlighted the performance of several it brands, saying:

  • Camera support (Vinten, Sachtler and OConnor) had good growth in both the studio and on-location production segments, particularly in Asia where there was an increase in project-based spending

 

  • Litepanels made further progress in the LED light market as customers continue move to energy efficient and environmentally friendly LED lights, especially in the US.

 

  • Anton/Bauer continued to perform well in its traditional Broadcast and Film markets. It made good progress in the medical carts market where it grew sales of batteries and chargers

 

  • IMT increased its sales of wireless products into the broadcast market in the first half of the year

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Bexel 

For the first half of 2012, revenue from Bexel was £13.9m, down 2.1% versus the first six months of 2011.  On an organic and constant currency basis, Bexel revenue declined 4.1% versus the first six months of 2011.

Bexel’s operating profit was £100,000, up from zero last year.  Bexels’ operating margin was 0.7%

The company attributed the decline in Bexel’s top line to its new focus on larger projects,  and the rationalization of its business structure.  The company said that Bexel will benefit in the second half of the year from its involvement in the 2012 Olympics.

 

Guidance

Vitec said that although the macroeconomic environment remains uncertain and its order book visibility is limited, the company’s expectations for the full year remain unchanged. For the full year 2011, Vitec posted  a pre-tax profit of £33m on revenue of £351m.  At that time the company said it expected progress in 2012, but did not offer a more detailed outlook.

 

“Vitec CEO Stephen Bird said that the company performed well in the first half of the year with an increase in profitability and improvement in margins across all of divisions.  “Our core Broadcast business achieved an encouraging sales performance across the product range.” he said.

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Related Content:

Press Release: The Vitec Group PLC – Half Yearly Report http://dcft.co/Oxsf2S

Vitec Group 2012 Annual General Meeting Presentation  http://dcft.co/TVLK7v

More Broadcast Vendor M&A: Vitec Plc Disposes of Loss-Making Staging Businesses

Vitec Group Says 2012 Trading In Line with Expectations http://dcft.co/JtB6Px

More Broadcast Vendor M&A: Vitec Group Acquires Camera Corps for £8 Million

Vitec 2011 Results: Videocom Up 12 Percent, Bexel Down 7.9 Percent Versus 2010

Previous Year: Vitec Says Videocom Increases 8.7 Percent, Bexel Declines 22.8 Percent During First Six Months of 2011

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More Broadcast Vendor M&A: Vitec Plc Disposes of Loss-Making Staging Businesses

Broadcast Vendor M&A | Posted by Joe Zaller
Aug 14 2012

UK-based Vitec Plc, which owns a dozen companies in the broadcast industry, announced that it has sold its collection of loss-making staging business via two separate transactions.

Vitec said that the staging business, which supply standard aluminum trusses and custom stage sets, were a non-core assets. 

In 2011 these businesses incurred an operating loss before significant items of £700,000 on revenue of £17.7m.  At the end of 2011 the gross assets of the staging businesses was £9.1m.

Vitec appears to have received no money for these businesses, and in fact said that as part of the deal it will record an estimated net cash outflow of £2.1m after transaction costs.

Under the terms of the two deals:

  • MILOS S.R.O., based in the Czech Republic, has purchased the majority of the staging business that consists of: Tomcat USA Inc, Tomcat Global Corp., Tomcat de Mexico SA de CV, Staging Systems Europe SpA and Staging SK S.R.O. These companies are based in the US, Mexico, Italy, and Slovakia.

 

  • Prolyte Products UK Limited purchased the remaining Staging business, Brilliant Stages Limited, which is based in the UK.

 

 “We are pleased to have secured the sale of our Staging business to two leading staging and truss manufacturers,” said Vitec CEO Stephen Bird. “The disposal will enable us to focus on our core markets and our strategic objective of providing products and services that support the capture of exceptional images.”

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Related Content:

Press Release: The Vitec Group plc – Sale of Staging Businesses

Vitec Group Says 2012 Trading In Line with Expectations

More Broadcast Vendor M&A: Vitec Group Acquires Camera Corps for £8 Million

Vitec 2011 Results: Videocom Up 12 Percent, Bexel Down 7.9 Percent Versus 2010

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Vitec Group Says 2012 Trading In Line with Expectations

broadcast technology market research | Posted by Joe Zaller
May 08 2012

UK-based Vitec Plc, which owns a dozen companies in the broadcast industry, said in an interim management statement that its trading in the first four months of 2012 has been in line its expectations.

The company also said that its expectations for the full year remain unchanged, despite concerns about the macroeconomic environment and limited order book visibility. In its most recent earnings release, Vitec said it made a pre-tax profit of £33m on revenue of £351m for the full year 2011.  At that time the company said it expected progress in 2012, but did not offer a more detailed outlook.

Vitec said its has experienced good demand in its Videocomm  business, which includes Anton/Bauer, Autoscript, Litepanels, Microwave Service Company, Nucomm, OConnor, Petrol Bags, RF Central, Sachtler, Vinten, and Vinten Radamec.

Vitec also said its Services Division (Bexel) has made a good start to the year and is well placed to benefit from the London 2012 Olympics.

At 30 April 2012, Group net debt was £59.7 million, after the acquisition of Camera Corps for approximately £8.0 million, compared to net debt of £50.4 million at 31 December 2011.

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Related Content:

Vitec Plc, Interim Management Statement – May 8 2012

More Broadcast Vendor M&A: Vitec Group Acquires Camera Corps for £8 Million

Vitec 2011 Results: Videocom Up 12 Percent, Bexel Down 7.9 Percent Versus 2010

Vitec 2011 Investor Presentation

Vitec 2011 Annual Report

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More Broadcast Vendor M&A: Vitec Group Acquires Camera Corps for £8 Million

Broadcast Vendor M&A | Posted by Joe Zaller
Apr 12 2012

Vitec Group has acquired the entire share capital of Camera Corps Limited for approximately £8m.  Vitec said it financed the deal via existing banking facilities. Camera Corps will operate within Vitec’s Videocom Division and its existing senior management, including the founder, Laurie Frost, will remain with the business.   

UK-based Camera Corps provides specialty remote camera systems, tracking, support systems and full service facilities to broadcasters.

Vitec company Bexel is an existing distributor of Camera Corps Q-Ball camera system.

According to Vitec CEO Stephen Bird “the acquisition is in line with our strategy of helping our customers capture exceptional images. There is a growing appetite among consumers for more unusual and interesting camera angles and Camera Corps is a world leader in helping broadcasters capture these moments.”

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Related Content:

Vitec Press Release: ACQUISITION OF CAMERA CORPS

Vitec 2011 Results: Videocom Up 12 Percent, Bexel Down 7.9 Percent Versus 2010

Vitec 2011 Investor Presentation

Vitec 2011 Annual Report

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