11th Aug 2022 09:44
(Alliance News) - Videndum PLC on Thursday reported improved interim profit and a surge in revenue on the back of strong market demand despite component shortages and lockdowns in China.
Shares in Videndum - formerly known as Vitec - were up 8.7% at 1,459.00 pence on Thursday morning in London.
The content creation-focused hardware and software firm reported a pretax profit of GBP16.4 million in the six months ended June 30, up 8.6% from GBP15.1 million the previous year.
Revenue jumped 23% to a record GBP223.6 million from GBP181.4 million a year prior. The figure was up 11% on an organic and constant currency basis.
Videndum said it has a record order book heading into the second half of 2022. It expects adjusted pretax profit to be at the current end of market expectations for the full-year.
"We are seeing revenue growth from three routes: from our core business; from new areas of content creation, including vloggers/influencers and audio; and from new verticals enabled by video transmission and live streaming, particularly in the medical segment and, going forward, with ART," said Chief Executive Stephen Bird.
The market currently anticipates an adjusted pretax profit between GBP51.0 million and GBP54.6 million, according to a company-complied consensus.
Videndum also announced on Thursday that Senior Independent Director Christopher Humphrey will step down from his role on December 14. Richard Tyson, a non-executive director, will succeed Humphrey in the role on the same date.
By Heather Rydings; [email protected]
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