Business
Period End Trading Update
Period End Trading Update.
About this update from Videndum Plc
[{"type":"text","content":"\n RNS Number : 7434V The Vitec Group PLC 16 July 2009 \n \n\n\n16 July 2009\n\nThe Vitec Group plc\n\nPeriod end trading update\n\nThe Board of The Vitec Group plc ('Vitec') announces the following update on trading for the six months ended 30 June 2009. Its interim results will be announced on 26 August 2009.\n\nCurrent trading\n\nThe anticipated first half trading performance for the Group overall is in line with the Board's expectations, reflecting materially weaker markets than last year, mitigated by strong cost reduction actions and favourable foreign exchange effects (see note 2), as indicated in the Interim Management Statement of 19 May 2009.\n\nRevenue in H1 2009 was approximately 1% higher than H1 2008. In constant currency, before acquisitions and the disposal, Group revenue was down around 20%, in line with the Board's expectations. Imaging market resilience continues to be more than offset by Broadcasting and Staging market weakness.\n\nCash generation has been stronger, due to tight cash management, with net debt expected to be at a broadly similar level to December 2008 - this being after payment of the final dividend and acquisition earn out payments.\n\nDivisional performance\n\nIn Broadcast Systems, H1 revenue declined by approximately 10%, or 30% in constant currency, before acquisitions. Camera Dynamics, Anton/Bauer and Clear-Com all suffered from weaker demand, whilst RF Extreme continued to perform well both in the broadcast business - including the tail end of the BAS contract - and in securing non broadcast business in the MAG (Military Aviation and Government) market. The Litepanels LED lighting business acquired in August 2008 continues to grow, up 5% on H1 2008 in constant currency.\n\nIn Imaging & Staging we saw H1 revenue increase approximately 13%, or a decline of 8% in constant currency, before the previously announced IFF disposal. Imaging Accessories' volumes have held up well, helped by continuing growth from the Kata bags business which grew by over 40% over H1 2008 in cons...