Business
2009 Post Close Trading State
2009 Post Close Trading State.
About this update from Videndum Plc
[{"type":"text","content":"\n RNS Number : 5221F The Vitec Group PLC 14 January 2010 \n \n\n 14 January 2010\n\nThe Vitec Group plc\n\n2009 Post Close Trading Statement\n\n \nVitec, the international provider of products and services for the broadcast, photographic, MAG (Military, Aerospace and Government) and entertainment industries, announces the following trading statement for the year ended 31 December 2009.\n\nProfits for the year to 31 December 2009 are anticipated to be marginally ahead of current market expectations, despite continued challenging market conditions. The previously announced cost reduction programme has been implemented and is on track to deliver the expected annualised benefits of £22m at a cost of £11m. \n\nThe Group has strengthened its focus on cash management during the year, with the result that the net debt for the year is anticipated to be better than our expectations at around £42m (net debt at 30 June 2009 was £52.6m). The Group has a committed multi-currency loan facility of £125m, which expires in August 2013, of which around £53m was drawn at 31 December 2009.\n\nAlthough market conditions continue to be uncertain, the Board's expectation of trading performance for 2010 is unchanged. The Group is well placed to implement its recently announced strategy, with a strong balance sheet and the full benefits of a rationalised cost structure.\n\nOur preliminary results announcement will be on 2 March 2010.\n\nENDS\n\nEnquiries: \nThe Vitec Group plc \nStephen Bird, Chief Executive Telephone: 020 8939 4650\nRichard Cotton, Group Finance Director\n \nFinancial Dynamics \nSusanne Yule / Sophie Kernon Telephone: 020 7269 7121\n \n\nNotes\n\n\nThis statement is based on information sourced from management estimates.\n\n\n 2. Statements made in this announcement that look forward in time or that express \n &nb...