StockMarketWire.com - The Vitec Group said it performed as expected and in line with the same period last year for the first four months of the year, and that directors' FY expectations remain unchanged.

"As expected, we anticipate that the Group's performance in the second half of the year will benefit from the Rio 2016 Olympics; the previously announced restructuring activities that are progressing to plan; and from a stronger US Dollar and Euro," the company said.

"The Group continues to focus on its core Broadcast and Photographic markets and is investing in and growing sales in new technologies and the APAC region," it said in a statement.

"Our core Broadcast and Photographic markets are expected to grow in the medium-term driven by the increase in the capture and sharing of high quality images, and by the continued evolution of new technologies.

"Our Broadcast division is continuing to develop and grow its higher technology products businesses. During the period we launched a number of innovative products including large High Dynamic Range (HDR) monitors and we demonstrated our virtual reality capabilities at the recent NAB show in Las Vegas.

"In April 2016 we acquired some of the assets of Offhollywood Digital, LLC, for an initial consideration of £1.5 million. Offhollywood provides camera-back modules for RED cameras and other services to a similar customer base to that serviced by our existing higher technology businesses.

"The Photographic division has benefitted from restructuring actions that we have taken this year. Recent underlying market data from the Camera & Imaging Products Association (CIPA) shows that the Photographic market is stabilising.

"We continue to make investments to grow our owned distribution channels, including the previously announced acquisition of our former distribution partner in the Netherlands in January 2016."






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