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IN BRIEF: Vitec boasts strong start with record orders and revenue

17th May 2022 11:23

Vitec Group PLC - London-based provider of hardware products and software to the content creation market - Reports a strong start to 2022 with a record performance for orders, revenue and profit in the four months ended April 30. Achieves this despite inflation headwinds, component shortages and recent Covid-19 lockdowns in China.

Notes increased activity in the professional segment of its Imaging Solutions division as a result of higher demand for digital visual content for e-commerce retail. Production Solution sees high demand and significant interest for robotics and voice-activated prompting solutions. Creative Solutions reports high order intake in the period despite component shortages. Creative Solutions is expected to deliver "significant" year-on-year revenue growth in the first half of 2022, Vitec adds.

Company says it is "increasingly confident about its outlook for the year. Will offset inflationary pressures with higher pricing, it adds.

Current stock price: 1,270.00 pence, up 5.1% in London

12-month change: down 6.6%

By Heather Rydings; [email protected]

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