Full year in focus at Vitec

Vitec said trading in the first four months of the year has been as predicted and company expectations for the full year remain in place despite uncertain macroeconomic environment.

The group, which provides services such as tripods and lighting for broadcasting, government, military and aerospace clients, said the broadcast and video market has seen good demand.

"Our core broadcast business, which forms the majority of our Videocom Division, has performed well across the product range," it said. Its services division has made a good start to the year and is well placed to benefit from the London 2012 Olympics.

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The Imaging & Staging Division continues to increase market share in the US and European consumer markets while staging remains weak.

Vitec added, "The MAG market is served through IMT and Haigh-Farr, both of which are part of the Videocom Division. Haigh-Farr was acquired in December 2011 and is performing in line with expectations. IMT is continuing to make progress and is awaiting news on US Government funded contracts."

The group, which bought remote camera systems specialist Camera Corps in April, said its integration within the Videocom Division is underway.

Group net debt at 30 April 2012 was £59.7m, after the acquisition of Camera Corps for around £8m, compared to net debt of £50.4m at 31 December 2011.

CJ