StockMarketWire.com - Vitec, a provider of products for the broadcast and photographic markets, grew its profit before tax by 10.9% at constant currency to £19.3m in the first half.

Profits from continuing operations were 14.7% higher.

Revenue slipped by 1.2% but sales from continuing operations were 3.1% higher.

The company's net debt fell from £72.8m to £52.6m.

The group declared an interim dividend of 10.4p per share, 5.1% higher than the year before.

Stephen Bird, group chief executive, said the photographic division continued to perform well and the market is showing signs of recovery.

The broadcast division benefited from further growth in the company's higher technology businesses.

A challenging US studio market was partly offset by good underlying performance in Europe and the Middle East.

"Strong cash generation and a robust balance sheet support our clear growth strategy and the disposals of Haigh-Farr and Bexel will improve group margins and ROCE," Bird said. "On the back of a good trading performance and continued underlying growth, the board's expectations for the full year are unchanged, assuming no significant change in exchange rates."


At 8:07am: [LON:VTC] Vitec Group The PLC share price was +0.5p at 982.5p



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