Business
AGM Statement
AGM Statement.
About this update from Videndum Plc
[{"type":"text","content":"\n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.\n \n \n \n \n \n 17 May 2022\n \n \n The Vitec Group plc\n \n \n AGM Update\n \n \n The Vitec Group plc (\"Vitec\" or \"the Group\"), the international provider of premium branded hardware products and software solutions to the growing content creation market, issues the following announcement ahead of its Annual General Meeting taking place later today.\n \n \n As announced earlier this year, we will seek approval from shareholders at today's AGM to change the Company name to \"Videndum plc\", with effect from 23 May 2022.\n \n \n \n Current trading\n \n \n \n 2022 has started strongly, with a record performance for orders, revenue and profit for the four months ended 30 April 2022:\n \n \n \n \n \n \n ·\n \n \n \n \n Imaging Solutions has seen increased activity in the professional segment, mainly driven by demand for digital visual content for retail e-commerce, in particular for our lighting and video equipment. The hobbyist segment (c.20% of divisional revenue) is starting to recover as travel returns, but this is the one part of the Group that may be impacted by pressure on consumer spending. The Savage and Audix integrations are on schedule and both acquisitions are performing ahead of plan.\n \n \n \n \n \n \n ·\n \n \n \n \n Production Solutions performed strongly, driven by high demand for our studio, Cine and lighting equipment for original content creation. There was significant interest at the recent NAB Show in our robotics and voice-activated prompting solutions due to the increasing trend for remote production and automation in TV studios.\n \n \n \n \n \n \n ·\n \n \n \n \n Creative Solutions continued to see high order intake, driven by demand for our Teradek and SmallHD 4K/HDR video transmission and monitoring systems. Whilst component shortages have limited the acceleration in revenue, Creative Solutions is expected to deliver significant year-on-year revenue growth in H1 2022. We demonstrated Amimon Reliable Transport (\"ART\") at the NAB Show, which was very well received.\n \n \n \n \n \n \n The performance to 30 April 2022 was achieved despite previously highlighted headwinds, including inflation, comp...