Vitec strong in first half

Broadcast products group Vitec reported growth in profits and margins in the first half but said it was difficult to predict what the future held.

Revenues in the six months to the end of June were up 2.7% to £176.5m.

Profits came in at £17.5m, up 15.2% on the previous year, and the firm increased its interim dividend 6.3% to 8.5 pence per share.

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Growth in the firm's Broadcast & Video and Photographic businesses offset a poor performance from the Staging business - now sold - and significantly lower sales to the military, aerospace and government markets.

Vitec recorded a net finance expense of £1.4m, £1m higher than last year, reflecting the higher levels of net debt mainly due to acquisitions that were funded using private placement debt facilities.

"Although the macroeconomic environment remains uncertain and our order book visibility is limited, the Board's expectations for the full year remain unchanged," said Chief Executive Stephen Bird.