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Vitec Group profit up on successful restructuring, Winter Olympics impact

The provider of products and solutions for the broadcast and photographic markets said it has a strong balance sheet to support organic investment and potential acquisitions
The broadcast industry
Vitec said it is looking to identify businesses to acquire in core and adjacent markets

Vitec Group PLC (LON:VTC) on Friday reported strong growth in first-half profits, boosted by the positive impact of last year’s restructuring programme and a sales uplift driven by the 2018 Winter Olympics.

The provider of products and solutions for the broadcast and photographic markets said its operating profit rose 16.7% to £25.5mln on revenue 16% higher at £183.3bln in the six months to the end of June. As a result, Vitec pushed the interim dividend up to 11.5p from 10.4p a year ago.

Expectations for full year unchanged

Vitec, whose customers include broadcasters, photographers and enterprises, said that its recently acquired businesses - JOBY and Lowepro - were performing to plan and that the new products launched by its production solutions unit continue to be well received. It added that the division successfully moved its head office operations to a new manufacturing site in Bury St Edmunds.

“We remain on track in the second half of the year; we expect to deliver organic revenue growth and year-on-year margin improvements, and to identify businesses to acquire in core and adjacent markets. The Board's expectations for the full year are unchanged, with material EPS growth,” said Vitec’s CEO Stephen Bird in a statement, adding that the group had a strong balance sheet to support organic investment and potential acquisitions.

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