Trading Update - Further Positive Momentum

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24 June 2021

The Vitec Group plc

Unscheduled Trading Update - Further Positive Momentum

The Vitec Group plc ("Vitec" or "the Group"), the international provider of premium branded hardware products and software solutions to the growing content creation market, issues the following unscheduled trading update.

Current trading and FY 2021 outlook

Since our last trading update, our markets have continued to reopen as we expected, however, we have achieved a stronger than anticipated recovery, ending May 2021 with a record order book (c.50% higher than at the start of the year). As a result, the Group's adjusted PBT for H1 2021 is expected to be not less than £19.0m¹.

For FY 2021, despite uncertainty around the impact of electronic component and raw material shortages, the Board now expects adjusted PBT for FY 2021 will be materially above current market expectations².

The Group will provide more details at its Half Year results announcement, scheduled for Thursday, 12 August 2021.

For further information please contact:

Notes:

1.     Adjusted PBT for H1 2019 was £23.5m. As previously disclosed, this H1 2019 figure included £5.8m insurance income.

2.     Current company compiled consensus for FY 2021: Adjusted PBT £35.6m

3.     This announcement is based on information sourced from unaudited management accounts and management estimates

4.     This announcement contains inside information. The person responsible for arranging the release of this announcement on behalf of The Vitec Group plc is Jon Bolton, Group Company Secretary.

Notes to Editors 

Vitec is a leading global provider of premium branded hardware products and software solutions to the growing content creation market.

Vitec's customers include broadcasters, film studios, production and rental companies, photographers, independent content creators, gamers and enterprises. Our product portfolio includes camera supports, video transmission systems and monitors, live streaming solutions, smartphone accessories, robotic camera systems, prompters, LED lighting, mobile power, bags and motion control, audio capture and noise reduction equipment.

We employ around 1,700 people across the world in 11 different countries and are organised in three Divisions: Imaging Solutions, Production Solutions and Creative Solutions.

The Vitec Group plc is listed on the London Stock Exchange. More information can be found at: www.vitecgroup.com

LEI number: 2138007H5DQ4X8YOCF1