StockMarketWire.com - Vitec (VTC) said year-to-date trading performance has been in line with the board's expectations and based on exchange rates as at 23 June, its full year expectations remain unchanged.

As expected, the group's second half performance is anticipated to benefit from the Rio 2016 Olympics, restructuring activities; and a stronger US dollar and Euro.

We have a strong balance sheet and are focusing on cash generation through prudent management of our working capital and capital investment.

We now anticipate reporting an interim net debt balance lower than our previous expectations despite the adverse impact of recent foreign currency rate movements.

We are also targeting an improvement in our expected year-end net debt and will provide a further update when appropriate.

Vitec has a broad geographical split. In 2015, 47% of our revenues came from North America and the remainder was split between Continental Europe (20%), Asia Pacific (18%), UK (10%) and Rest of World (5%).

As a result, the group's reported results benefit from a weaker pound.

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.

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.


At 8:39am: [LON:VTC] Vitec Group The PLC share price was +11.5p at 528p



Story provided by StockMarketWire.com