Business
2007 Post-close Statement
2007 Post-close Statement.
About this update from Videndum Plc
[{"type":"text","content":"\n The Vitec Group PLC\n11 January 2008\n\n\n\n 11 January 2008\n\n\n The Vitec Group plc\n\n 2007 Post-close Statement\n\n\nThe Board of The Vitec Group plc ('Vitec') announces the following update on\ntrading for the year to 31 December 2007.\n\n\nCurrent trading\n\n\n2007 has been another strong year for Vitec. The Board expects adjusted profit\nbefore tax (before significant items) for the year ended 31 December 2007 to be\naround the upper end of current market forecasts (see Note 4).\n\n\nGroup sales are expected to be around £270 million, some 21% ahead of 2006.\nBefore acquisitions and adverse foreign exchange, group sales were up around\n10%. Revenue in Broadcast Systems was lifted by the trend to High Definition\n(HD) programme-making and from the acquisition in May of RF Systems, which is\nseeing rapid growth from the 'BAS Relocation Project' in the USA. Imaging &\nStaging's revenue has benefited from the continuing growth in sales of digital\nSLR cameras and from increased spending by professionals on lighting equipment.\nThe Group has also seen a full year of sales from Tomcat Global and Autoscript\n(acquired in the last quarter of 2006).\n\n\nBogen Imaging, the Group's distribution business, has announced the opening of\nBogen Imaging UK, bringing the distribution of its Manfrotto products in-house\nfrom February 2008.\n\n\nOutlook for 2008\n\n\nWith the expected benefits of the Beijing Olympics and a full-year contribution\nfrom RF Systems, the Group looks forward to further progress in 2008.\n\n\nVitec continues to pursue acquisitions that complement its existing businesses\nand add further value for shareholders.\n\n\n\n Ends\n\n\n\n\n\nEnquiries:\nThe Vitec Group plc\nGareth Rhys Williams / Alastair Hewgill Telephone: 020 8939 4650\n\nFinancial Dynamics\nRichard Mountain / Susanne Yule / Sophie Kernon Telephone: 020 7269 7121\n\n\n\n\n\n\nNotes\n\n1. The company will host a telephone conference for analysts at 9.00am\n today. Please contact Elaine Ryman on 020 7269 7121 at Financial Dynamics for\n details.\n\n2. The preliminary results will be released on 3 March 2008.\n\n3. This statement is based on information sourced from management estimates.\n\n4. The current range of market forecasts of adjusted PBT for 2007 is £28.6\n to £29.6 million.\n\n5. Whilst Vitec has significant production and sourcing in...