29th May 2007 14:30
The Vitec Group PLC29 May 2007 29 May 2007 The Vitec Group plc AGM Statement Michael Harper, Chairman of The Vitec Group plc ("Vitec"), the internationalsupplier of products, services and solutions to the Broadcast, Entertainment andMedia industries, will make the following statement at today's Annual GeneralMeeting: "Following an excellent 2006, Vitec's performance for the first four months ofthe current financial year has been ahead of our expectations. New productslaunched at the recent NAB trade show won several awards and order intake in theyear to date has been good. We have continued to see sales growth in bothBroadcast Systems and Imaging & Staging. Broadcast Services is performing wellbut without the benefit of the revenues derived from last year's WinterOlympics. The two businesses acquired at the end of 2006, Autoscript and TomcatGlobal, continue to trade in line with plan. "Sterling has strengthened against the US$ and this will impact the group'sresults; however, the effect will be mitigated by the Group's hedging cover inplace for 2007. If present exchange rates remain constant for the rest of 2007,the estimated adverse effect on the Group compared to 2006 would be about £2.8million. "Overall, the Board's view on the outlook for 2007 is now slightly more positivethan that stated at the time of the Full Year Results released in March 2007. "We continue to look for acquisitions that would fit well with our existingactivities and add value for shareholders, focusing principally on companiesthat would extend our distribution reach or that offer related products boughtby our existing customers. "Sir David Bell is standing down from the Board today after 10 years valuableservice; I would like to thank him for his excellent contribution and wisecounsel which has helped Vitec through a period of considerable change." Vitec intends to publish a trading update in mid-July and announce its half yearresults on 3 September 2007. Enquiries: The Vitec Group plc Gareth Rhys Williams/ Alastair Hewgill Telephone: 020 8939 4650 Financial Dynamics Richard Mountain / Susanne Walker Telephone: 020 7269 7121 Notes to Editors: The Vitec Group plc The Vitec Group supplies a wide range of equipment and services to thebroadcasting, entertainment and photographic industries. Its products aredistributed in nearly 100 countries, either through dealerships or direct to theend user or corporate customer. Vitec is based on strong, well known, premiumbrands that professionals rely on. Vitec is organised in three divisions:Imaging & Staging (formerly Photographic), Broadcast Systems and BroadcastServices. More information can be found at: www.vitecgroup.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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