17th Nov 2015 10:32
LONDON (Alliance News) - The Vitec Group PLC on Tuesday said it expects a "small reduction" to its expectations for 2015 due to challenging market conditions .
The broadcast and photographic service provider said that trading from July 1 to October 31 was satisfactory, but that despite some signs of stabilisation, it is yet to see recovery in its traditional markets.
The broadcast division has continued to experience variable market conditions, Vitec said, adding that the higher technology product businesses performed well, offsetting lower sales of large camera supports.
Meanwhile, the photographic division continues to face challenging markets, particularly in the US, although Vitec is seeing some signs of stabilisation after several years of decline.
"The group remains in a sound financial position and the board remains confident about the future growth prospects of the group. Although the challenging market conditions look likely to continue into next year, in 2016 we will benefit from the Rio 2016 Olympics, a small net foreign exchange benefit and the impact of previously announced restructuring initiatives," Vitec said in a statement.
Shares in Vitec were untraded on Tuesday at 629.00 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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