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VTC Videndum Plc

1,290.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Videndum Plc LSE:VTC London Ordinary Share Ordinary Shares
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 1,290.00 1,280.00 1,288.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

The Vitec Group PLC Half-year Results (5875N)

10/08/2017 7:01am

UK Regulatory


TIDMVTC

RNS Number : 5875N

The Vitec Group PLC

10 August 2017

 
                           NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE 
                             OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE 
                             TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE 
                           RELEVANT LAWS OF SUCH JURISDICTION. THIS ANNOUNCEMENT 
                                        CONTAINS INSIDE INFORMATION. 
                                               10 August 2017 
                                            The Vitec Group plc 
                                     Half Year Results to 30 June 2017 
                           Significant strategic progress transforming the Group 
                             The Vitec Group plc ("Vitec" or "the Group"), the 
                              international provider of products and solutions 
                           for the broadcast and photographic markets, announces 
                             its results for the half year ended 30 June 2017. 
             Results                                                                % change at 
                                                                                constant exchange 
                                                                                         rates 
          ---------------------------                                       ---------------------- 
                                         H1 2017      H1 2016     % change   Total    Continuing** 
          ---------------------------  -----------  -----------  ---------  -------  ------------- 
                                              Total operations 
              Adjusted revenue*           GBP187.6m    GBP171.1m     +9.6%     -1.2%       +3.1% 
                                              Adjusted operating 
               profit*                     GBP21.2m     GBP17.4m     +21.8%    +6.3%       +9.6% 
                                            Adjusted profit before 
              tax*                        GBP19.3m     GBP15.5m     +24.5%    +10.9%      +14.7% 
                                           Adjusted basic earnings 
                         per share*                   31.7p        24.6p       +28.9% 
 
                                             Interim dividend per 
                          share                        10.4p         9.9p       +5.1% 
                              Free cash flow(+)            GBP19.4m     GBP22.6m 
                             Net debt                    GBP(52.6)m   GBP(72.8)m 
 
                                              Statutory results 
 
                                            Continuing operations 
                              Revenue                     GBP164.9m    GBP144.0m 
                              Operating profit             GBP18.3m     GBP13.1m 
                              Profit before tax            GBP16.4m     GBP11.2m 
 
                             Profit/(loss) after           GBP0.8m     GBP(0.5)m 
                                            tax from discontinued 
                                                  operations 
 
                                             Basic earnings per 
                                            share from continuing 
                                               and discontinued 
                              operations                    32.0p         17.1p 
 
 
                                                 Highlights 
                             --   Significant progress executing our strategy to 
                                                transform the Group 
                            --   Continued underlying growth for the Group led by 
                                           higher technology businesses 
                             --   Adjusted operating margin* improved from 10.2% 
                                                     to 11.3% 
                            --   ROCE(++) at 19.4% (FY 16: 17.5%) benefited from 
                                  higher adjusted operating profit*, lower assets 
                                              and favourable FX in H1 
                            --   Disposals of US broadcast services ("Bexel") and 
                               Haigh-Farr will further improve ROCE(++) and margins 
                            --   Strong cash generation with 115% operating cash 
                                                    conversion 
 
 
                            * In addition to statutory reporting, Vitec reports 
                             total performance for continuing and discontinued 
                         operations on an adjusted basis before charges associated 
                            with acquisition of businesses, restructuring costs 
                              and gain on disposal of business as described on 
                                                  page 2. 
                             ** Both Bexel and Haigh-Farr have been classified 
                             as discontinued operations in the current period. 
                          The remaining businesses within the Group are classified 
                            as continuing operations. All comparatives have been 
                                       classified on the same basis. 
                             (+) Free cash flow: cash generated from operations 
                              in the period after net capital expenditure, net 
                                           interest and tax paid. 
                            (++) ROCE (Return on Capital Employed) is calculated 
                             as adjusted operating profit* for the last twelve 
                            months divided by average total assets less current 
                       liabilities excluding the current portion of interest-bearing 
                                                borrowings. 
                             Cash generated from operating activities after net 
                            capital expenditure, before restructuring costs paid 
                                   divided by adjusted operating profit* 
 
            Commenting on the results, Stephen Bird, Group Chief 
             Executive, said: 
             "We made significant progress during the first half 
             by streamlining the Group's portfolio of businesses 
             and continue to execute our strategy in all areas, 
             particularly by launching new products. 
             The Photographic Division continues to perform well 
             and the market is showing signs of recovery. The 
             Broadcast Division benefited from further growth 
             in our higher technology businesses. A challenging 
             US studio market has been partly offset by good underlying 
             performance in Europe and the Middle East, while 
             Wooden Camera is performing ahead of expectations. 
             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. 
             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." 
              For further information 
               please contact: 
              The Vitec Group plc         Telephone: 020 8332 
                                           4600 
              Stephen Bird, Group Chief 
               Executive 
              Kath Kearney-Croft, Group 
               Finance Director 
 
              MHP Communications          Telephone: 020 3128 
                                           8100 
              Tim Rowntree/ Ollie Hoare 
 
 
             Vitec will present its results to analysts at 8.30am 
             on Thursday, 10 August 2017. An audio recording of 
             the presentation, along with the presentation slides, 
             will be available on our website after the meeting. 
             Users can pre-register to access the recording and 
             slides using the following link: 
             www.vitecgroup.com/investors/results-reports-and-presentations/ 
 
             Notes to Editors: 
             Vitec is a leading global provider of premium branded 
             products and solutions to the fast changing and growing 
             "image capture and sharing" market. 
             Vitec's customers include broadcasters, independent 
             content creators, photographers and enterprises, 
             and our activities comprise: design, manufacture 
             and distribution of high performance products and 
             solutions including camera supports, wireless systems, 
             robotic camera systems, prompters, LED lights, mobile 
             power, monitors and bags. 
             We employ around 1,600 people across the world in 
             ten different countries and are organised in two 
             Divisions: Broadcast and Photographic. 
             The Vitec Group plc is listed on the London Stock 
             Exchange with 2016 revenue of GBP376.2 million. 
             More information can be found at: www.vitecgroup.com 
             LEI number: 2138007H5DQ4X8YOCF14 
 
             Notes *   - Adjusted performance is before GBP4.5m charges 
                   associated with acquisition of businesses (H1 
                   2016: GBP2.7m), GBPnil restructuring costs 
                   (H1 2016: GBP2.1m) and GBP3.2m gain on disposal 
                   of business (H1 2016: GBPnil). Charges associated 
                   with acquisition of businesses consisted of 
                   GBP4.5m amortisation of acquired intangible 
                   assets (H1 2016: GBP2.7m), GBPnil purchase 
                   price adjustment (H1 2016: GBP0.2m credit), 
                   and GBPnil transaction costs relating to acquisition 
                   of businesses (H1 2016: GBP0.2m). 
                   - Adjusted performance for continuing operations 
                   is before GBP3.3m charges associated with acquisition 
                   of businesses (H1 2016: GBP2.2m) and GBPnil 
                   restructuring costs (H1 2016: GBP1.8m). Charges 
                   associated with acquisition of businesses consisted 
                   of GBP3.3m amortisation of acquired intangible 
                   assets (H1 2016: GBP2.2m), GBPnil purchase 
                   price adjustment (H1 2016: GBP0.2m credit), 
                   and GBPnil transaction costs relating to acquisition 
                   of businesses (H1 2016: GBP0.2m). 
                   - Adjusted earnings per share is earnings before 
                   restructuring costs, charges associated with 
                   acquisition of businesses and gain on disposal 
                   of business divided by the weighted average 
                   number of ordinary shares in issue. 
                   - Where adjusted performance measures are provided, 
                   they are compared to the equivalent measures 
                   in the prior period. 
 
              1   This statement is based on information sourced 
                   from management estimates and includes comparing 
                   performance at constant exchange rates to assist 
                   in understanding the underlying performance 
                   of the Group. 
              2   H1 2017 average exchange rates: GBP1 = $1.27, 
                   GBP1 = EUR1.16, EUR1 = $1.09, GBP1 = Yen142. 
              3   H1 2016 average exchange rates: GBP1 = $1.43, 
                   GBP1 = EUR1.29, EUR1 = $1.11, GBP1 = Yen160. 
        H1 2017 management & financial review 
                                     H1 2017     H1 2016    % Change     % Change 
                                                                        at constant 
                                                                         exchange 
                                                                           rates 
         ------------------------  ----------  ----------  ---------  ------------- 
          Revenue 
          Total                     GBP187.6m   GBP171.1m    +9.6%        -1.2% 
          Continuing operations     GBP164.9m   GBP144.0m    +14.5%       +3.1% 
 
          Adjusted operating 
           profit* 
          Total                     GBP21.2m    GBP17.4m     +21.8%       +6.3% 
          Continuing operations     GBP21.6m    GBP17.1m     +26.3%       +9.6% 
 
          Adjusted profit before 
           tax* 
          Total                     GBP19.3m    GBP15.5m     +24.5%       +10.9% 
          Continuing operations     GBP19.7m    GBP15.2m     +29.6%       +14.7% 
 
          Adjusted EPS* 
          Total                       31.7p       24.6p      +28.9% 
          Continuing operations       34.2p       23.9p      +43.1% 
         ------------------------  ----------  ----------  ---------  ------------- 
 
         Revenue from continuing operations increased by 14.5% 
         to GBP164.9 million (H1 2016: GBP144.0 million) and 
         adjusted operating profit* from continuing operations 
         was 26.3% higher at GBP21.6 million (H1 2016: GBP17.1 
         million). At constant exchange rates, revenue from 
         continuing operations was 3.1% higher and adjusted 
         operating profit* from continuing operations increased 
         by 9.6%. Lower broadcast activity in the more mature 
         US markets was offset by growth in sales of higher 
         technology and photographic products. 
         The Broadcast Division grew revenue from continuing 
         operations by 15.0% to GBP86.5 million and adjusted 
         operating profit* from continuing operations increased 
         by 29.3% to GBP10.6 million. Revenue growth includes 
         GBP4.1 million from the 2016 acquisitions of Offhollywood 
         and Wooden Camera. There was continued growth in higher 
         technology products including wireless transmitters 
         and receivers, camera monitors, and robotics supported 
         by new product launches. At constant exchange rates 
         revenue from continuing operations increased by 3.2% 
         and adjusted operating profit* from continuing operations 
         was 10.3% higher than the prior period. 
         The Photographic Division grew revenue by 14.0% to 
         GBP78.4 million and adjusted operating profit* increased 
         by 23.6% to GBP11.0 million, benefiting from higher 
         sales of video and lighting products, as well as increased 
         revenue through its e-commerce and owned distribution 
         channels. At constant exchange rates revenue increased 
         by 3.0% and adjusted operating profit* was 8.9% higher 
         than the prior period. 
         Group gross margin from continuing operations at 44.7% 
         was higher than the prior period (H1 2016: 42.4%) reflecting 
         growth in higher technology sales, favourable sales 
         mix and prior year acquisitions. 
         Adjusted operating expenses* from continuing operations 
         were GBP8.1 million higher than H1 2016 at GBP52.1 
         million. This mainly reflects an adverse currency impact 
         of GBP3.8 million, and investments in our higher technology 
         and photographic businesses to drive sales and future 
         growth. This has been partly offset by restructuring 
         savings from the prior year actions that were successfully 
         completed. Investment in new product development at 
         GBP8.0 million (H1 2016: GBP6.1 million) was higher 
         than the prior period at 5.0% of Group product sales 
         from continuing operations (H1 2016: 4.4%) mainly due 
         to incremental higher technology R&D investment. 
         As expected, there was a net foreign exchange benefit 
         versus H1 2016 of GBP2.7 million on our adjusted operating 
         profit* from continuing operations of GBP21.6 million 
         mainly due to a stronger US Dollar and Euro. 
         Adjusted profit before tax* from continuing operations 
         of GBP19.7 million was GBP4.5 million higher than the 
         prior period (H1 2016: GBP15.2 million). Statutory 
         profit before tax from continuing operations of GBP16.4 
         million (H1 2016: GBP11.2 million) was after GBP3.3 
         million charges associated with acquisition of businesses 
         (H1 2016: GBP2.2 million) and GBPnil restructuring 
         costs (H1 2016: GBP1.8 million). 
         Adjusted earnings per share* from continuing operations 
         increased by 43.1% to 34.2 pence per share (H1 2016: 
         23.9 pence per share). Basic earnings per share from 
         continuing operations was 30.3 pence per share (H1 
         2016: 18.2 pence per share). 
         Free cash flow(+) of GBP19.4 million (H1 2016: GBP22.6 
         million) includes the benefits from higher operating 
         profit and lower capital expenditure partly offset 
         by a working capital outflow of GBP2.0 million in H1 
         2017 (H1 2016: GBP8.6 million inflow) principally driven 
         by an increase in inventory where inventory levels 
         at the end of 2016 were particularly low. H1 2016 free 
         cash flow(+) also included an exceptionally large inflow 
         on working capital reductions across the Group, a GBP4.0 
         million inflow from the Olympics and proceeds of GBP3.9 
         million from the sale of the Bury St. Edmunds manufacturing 
         site. 
         Net debt at 30 June 2017 was GBP52.6 million (30 June 
         2016: GBP72.8 million). The decrease in net debt resulting 
         from cash flows was GBP19.8 million (H1 2016: GBP9.9 
         million). This was after: a GBP1.6 million earnout 
         payment on Wooden Camera in respect of their strong 
         FY16 performance; GBP7.7 million of dividend payments 
         (H1 2016: GBP6.7 million); a net cash inflow of GBP11.1 
         million on the disposal of Haigh-Farr; and a net favourable 
         foreign exchange impact of GBP2.7 million principally 
         driven by US Dollar denominated debt. Vitec repaid 
         its $50 million private placement facility in full, 
         funded by the Revolving Credit Facility, in the period. 
         The Group's balance sheet remains strong with a year-end 
         net debt to adjusted EBITDA* ratio of 0.9 times (30 
         June 2016: 1.3 times). 
         The Board has declared an interim dividend of 10.4 
         pence per share (H1 2016: 9.9 pence per share). The 
         dividend will be paid on Friday, 20 October 2017 to 
         shareholders on the register at the close of business 
         on Friday, 22 September 2017. 
         (+) Free cash flow: cash generated from operations 
         in the period after net capital expenditure, net interest 
         and tax paid. 
 
 
       Significant progress executing our strategy 
        Vitec operates in the fast growing "image capture and 
        sharing" market. Technology is driving fundamental 
        changes to this market and Vitec's unique heritage 
        and credibility of our premium brands enables us to 
        capitalise on those changes. 
        We have grown our addressable markets and end users 
        from traditional broadcast and photographic customers 
        to newer faster growing market segments, like new media 
        which includes social media. These include independent 
        content creators and enterprises that are increasingly 
        using high quality video for their communication. 
        Vitec continues to lead the market with its range of 
        products and solutions. We have developed a significantly 
        higher technology business by expanding our capabilities 
        and designing products for the growing independent 
        content creator markets and new image capture devices. 
        We continue to successfully transform Vitec by executing 
        our growth strategy focused on five main strategic 
        priorities: 1.   To improve the core by improving and strengthening 
               our business model while continuing to innovate. 
         2.   To maintain investment into new and faster 
               growing markets and technologies to underpin 
               future growth. 
         3.   To continue to get closer to our end customers 
               by owning more distributors and optimising 
               our e-commerce activities. 
         4.   To focus on geographical expansion, especially 
               in APAC, which we believe has good medium-term 
               growth opportunities. 
         5.   To supplement our many organic growth opportunities 
               with carefully targeted acquisitions and corporate 
               development. 
 
        Disposals 
        On 1 August 2017 we sold Bexel to NEP Supershooters 
        L.P., a subsidiary of NEP Group Inc., for a gross cash 
        consideration of $35.0 million (GBP26.5 million) and 
        net cash proceeds of $32.0 million (GBP24.2 million). 
        Estimated net assets at completion were $25.0 million 
        (GBP18.9 million). The disposal represents a further 
        step in the transformation of the Group and is in line 
        with Vitec's stated aim of seeking to improve operating 
        margins across the business. 
        We disposed of the non-core Haigh-Farr business on 
        9 May 2017. There was a gain on the disposal of the 
        business before tax of GBP3.2 million (H1 2016: GBPnil). 
        These disposals enable Vitec to focus on driving growth 
        in its core, premium branded broadcast and photographic 
        markets. 
 
 
       Broadcast Division 
        The Broadcast Division designs, manufactures, distributes 
        and provides premium branded products and solutions 
        for broadcasters, film and video production companies, 
        independent content creators and enterprises. 
                                               Adjusted*                          Statutory 
        ------------------  ----------------------------------------------  -------------------- 
         Broadcast           H1 2017       H1      % Change     % Change     H1 2017       H1 
         Division                         2016                 at constant                2016 
         Continuing                                             exchange 
         operations                                               rates 
        ------------------  ---------  ---------  ---------  -------------  ---------  --------- 
         Revenue             GBP86.5m   GBP75.2m    +15.0%       +3.2%       GBP86.5m   GBP75.2m 
         Operating profit    GBP10.6m   GBP8.2m     +29.3%       +10.3%      GBP7.4m    GBP5.7m 
                                                     +140         +70 
         Operating margin     12.3%      10.9%        bps          bps         8.6%       7.6% 
        ------------------  ---------  ---------  ---------  -------------  ---------  --------- 
 
        * For Broadcast, before charges associated with acquisition 
        of businesses of GBP3.2m (H1 2016: GBP1.9m) and GBPnil 
        restructuring costs (H1 2016: GBP0.6m). 
        Revenue from continuing operations for H1 2017 was 
        GBP86.5 million, an increase of 15.0% on the prior 
        period. At constant exchange rates revenue from continuing 
        operations was 3.2% higher than the prior period. 
        Revenue from higher technology products increased from 
        the prior period. Sales of wireless transmitters and 
        receivers, camera monitors, and robotics continue to 
        perform well. SmallHD delivered good growth in the 
        first half of the year compared to the prior period, 
        benefiting from previous investment in its new monitor 
        technology and from new product launches. Wooden Camera, 
        the high quality branded camera accessories business 
        that we acquired in September 2016, is performing ahead 
        of our expectations. The market for our traditional 
        large studio supports has been more challenging in 
        the US although this was partly offset by better conditions 
        in Europe and the Middle East. 
        We continued to invest in new product development with 
        our focus on new markets and technology. New products 
        launched in the period include a new line of Teradek 
        encoders, new ranges of SmallHD monitors, Wooden Camera 
        Universal Follow Focus, Autoscript Intelligent Prompting, 
        and Litepanels Astra and Sola LED lights. 
        Adjusted operating profit* from continuing operations 
        increased by GBP2.4 million to GBP10.6 million and 
        was 10.3% higher than the prior period at constant 
        exchange rates. This reflects growth in higher technology 
        products, favourable sales mix, and a contribution 
        of GBP1.7 million from acquisitions. 
                                            Adjusted*                            Statutory 
        ---------------  -----------------------------------------------  ---------------------- 
         Broadcast         H1 2017       H1      % Change     % Change      H1 2017       H1 
         Division                       2016                 at constant                  2016 
         Discontinued                                         exchange 
         operations                                             rates 
        ---------------  ----------  ---------  ---------  -------------  ----------  ---------- 
         Revenue          GBP22.7m    GBP27.1m    -16.2%       -25.3%      GBP22.7m    GBP27.1m 
         Operating        GBP(0.4)m   GBP0.3m                              GBP(1.6)m   GBP(0.5)m 
         (loss)/ 
         profit 
         Earnings per 
          share            (2.5)p       0.7p                                 1.7p       (1.1)p 
        ---------------  ----------  ---------  ---------  -------------  ----------  ---------- 
 
        * For Broadcast discontinued operations, before amortisation 
        of acquired intangible assets of GBP1.2m (H1 2016: 
        GBP0.5m) and GBPnil restructuring costs (H1 2016: GBP0.3m). 
        Revenue from discontinued operations was GBP22.7 million 
        (H1 2016: GBP27.1 million) and adjusted operating loss* 
        from discontinued operations was GBP0.4 million (H1 
        2016: GBP0.3 million profit) on lower sales at Haigh-Farr 
        and lower activity in US asset rentals in a non-Olympic 
        year. 
        Revenue from the broadcast services business was lower 
        than the prior period. The lower activity impacting 
        the business' profitability from the end of last year 
        continued into H1 2017 as the traditional US asset 
        rentals market in which this business operates became 
        increasingly competitive. We carefully reviewed the 
        business and its fit with our strategic priorities 
        and subsequently agreed to sell Bexel to NEP Supershooters 
        L.P., a subsidiary of NEP Group Inc., for a gross cash 
        consideration of $35.0 million (GBP26.5 million) and 
        net cash proceeds of $32.0 million (GBP24.2 million). 
        This deal completed on 1 August 2017. 
       Photographic Division 
        The Photographic Division designs, manufactures and 
        distributes premium branded equipment for photographic 
        and video cameras and provides dedicated solutions 
        to professional and non-professional image makers. 
        This consists primarily of camera supports, tripods, 
        camera bags, lighting supports, LED lights, lighting 
        controls and filters. It also supplies an expanding 
        range of premium accessories for smartphones, action 
        cameras and drones. 
                                               Adjusted*                          Statutory 
        ------------------  ----------------------------------------------  -------------------- 
         Photographic        H1 2017       H1      % Change     % Change     H1 2017       H1 
          Division                        2016                 at constant                2016 
                                                                exchange 
                                                                  rates 
        ------------------  ---------  ---------  ---------  -------------  ---------  --------- 
         Revenue             GBP78.4m   GBP68.8m    +14.0%       +3.0%       GBP78.4m   GBP68.8m 
         Operating profit    GBP11.0m   GBP8.9m     +23.6%       +8.9%       GBP10.9m   GBP7.4m 
                                                     +110         +70 
         Operating margin     14.0%      12.9%        bps          bps        13.9%      10.8% 
        ------------------  ---------  ---------  ---------  -------------  ---------  --------- 
        * For Photographic, before charges associated with 
        acquisition of businesses of GBP0.1m (H1 2016: GBP0.3m) 
        and GBPnil restructuring costs (H1 2016: GBP1.2m). 
        The Photographic Division grew revenue by 14.0% to 
        GBP78.4 million and adjusted operating profit* by 23.6% 
        to GBP11.0 million. Excluding the favourable effect 
        of foreign exchange, revenue was 3.0% higher and adjusted 
        operating profit* increased by 8.9%. 
        We have grown sales in our owned distribution and e-commerce 
        channels, both directly and through sales to our major 
        online partners including Amazon. We are pleased with 
        this progress as we are now seeing the return on our 
        previous investment in this infrastructure that enables 
        us to get closer to our customers on a global scale. 
        Our partnership with Leica has progressed in the period 
        with Gitzo distributed through their stores world-wide. 
        We have successfully grown our sales of video supports, 
        along with filters and light shapers designed for professional 
        and non-professional image makers. Manfrotto bags are 
        also performing well. 
        The Photographic Division has a good market share in 
        the APAC region. We have progressively grown sales 
        in APAC during H1 2017 by GBP3.9 million supported 
        by our direct distribution in China, Hong Kong and 
        Japan. APAC sales made up 28% of Photographic revenue 
        in H1 2017 (H1 2016: 26%). 
        Recent Camera and Imaging Products Association (CIPA) 
        data is encouraging with signs of the interchangeable 
        lens cameras (ILC) market stabilising and showing recovery 
        over the last eight months. 
        Adjusted operating profit* grew by GBP2.1 million to 
        GBP11.0 million and was 8.9% higher than the prior 
        period at constant exchange rates. This reflects the 
        increase in revenue and favourable sales and channel 
        mix. 
        Board changes 
         On 24 April 2017, Kath Kearney-Croft was appointed 
         Group Finance Director of the Company and on 28 April 
         2017, Paul Hayes ceased to be a director of the Company. 
         Martin Green was appointed an Executive Director of 
         the Company on 4 January 2017. 
       Principal risks and uncertainties 
        The principal risks and uncertainties that may affect 
        our performance are unchanged from those set out on 
        pages 28 and 29 of the Annual Report & Accounts 2016. 
        The Directors continue to regard these as the principal 
        risks and uncertainties facing the Group. 
        Vitec is exposed to a number of risk factors which 
        may affect its performance. The Group has a well-established 
        framework for reviewing and assessing these risks on 
        a regular basis, and has put in place appropriate processes 
        and procedures to mitigate against them. However, no 
        system of control or mitigation can completely eliminate 
        all risks. In summary, the principal risks facing the 
        Group are around: 
         --   Demand for Vitec's products 
         --   New markets and channels of 
               distribution 
         --   Acquisitions 
         --   Pricing pressure 
         --   Dependence on key suppliers 
         --   Dependence on key customers 
         --   People 
         --   Laws and regulations 
         --   Reputation of the Vitec Group 
         --   Foreign exchange rates 
         --   Business continuity and IT security 
         --   Effectiveness and impact of 
               restructuring projects 
        Forward-looking statements 
        This announcement contains forward-looking statements 
        with respect to the financial condition, performance, 
        position, strategy, results and plans of the Group 
        based on Management's current expectations or beliefs 
        as well as assumptions about future events. These forward-looking 
        statements are not guarantees of future performance. 
        Undue reliance should not be placed on forward-looking 
        statements because, by their very nature, they are 
        subject to known and unknown risks and uncertainties 
        and can be affected by other factors that could cause 
        actual results, and the Group's plans and objectives, 
        to differ materially from those expressed or implied 
        in the forward-looking statements. The Company undertakes 
        no obligation to publically revise or update any forward-looking 
        statements or adjust them for future events or developments. 
        Nothing in this announcement should be construed as 
        a profit forecast. 
        The information in this announcement does not constitute 
        an offer to sell or an invitation to buy shares in 
        the Company in any jurisdiction or an invitation or 
        inducement to engage in any other investment activities. 
        The release or publication of this announcement in 
        certain jurisdictions may be restricted by law. Persons 
        who are not resident in the United Kingdom or who are 
        subject to other jurisdictions should inform themselves 
        of, and observe, any applicable requirements. 
        This announcement contains brands and products that 
        are protected in accordance with applicable trademark 
        and patent laws by virtue of their registration. 
        Responsibility statement of the Directors in respect 
        of the Half Year Results to 30 June 2017 
        We confirm that to the best of our knowledge: 
        -- the condensed set of financial statements has been 
        prepared in accordance with IAS 34 Interim Financial 
        Reporting as adopted by the EU. 
        The Half Year Results announcement report includes 
        a fair review of the information required by: 
        (a) DTR 4.2.7R of the Disclosure and Transparency Rules, 
        being an indication of important events that have occurred 
        during the first six months of the current financial 
        year and their impact on the condensed set of financial 
        statements; and a description of the principal risks 
        and uncertainties for the remaining six months of the 
        year; and 
        (b) DTR 4.2.8R of the Disclosure and Transparency Rules, 
        being related party transactions that have taken place 
        in the first six months of the current financial year 
        and that have materially affected the financial position 
        or performance of the Group during that period; and 
        any changes in the related party transactions described 
        in the last annual report that could do so. 
        Outlook 
        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. 
        For and on behalf of the Board     Stephen Bird                Kath Kearney-Croft 
             Group Chief Executive       Group Finance Director 
 

INDEPENT REVIEW REPORT TO THE VITEC GROUP PLC

Conclusion

We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2017, which comprises Condensed Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Condensed Consolidated Balance Sheet, Consolidated Statement of Changes in Equity, Condensed Consolidated Statement of Cash Flows and the related explanatory notes.

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2017 is not prepared, in all material respects, in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and the Disclosure Guidance and Transparency Rules ("the DTR") of the UK's Financial Conduct Authority ("the UK FCA").

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. We read the other information contained in the half-yearly financial report and consider whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Directors' responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the DTR of the UK FCA.

As disclosed in note 1, the annual financial statements of the group are prepared in accordance with International Financial Reporting Standards as adopted by the EU. The directors are responsible for preparing the condensed set of financial statements included in the half-yearly financial report in accordance with IAS 34 as adopted by the EU.

Our responsibility

Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.

The purpose of our review work and to whom we owe our responsibilities

This report is made solely to the company in accordance with the terms of our engagement to assist the company in meeting the requirements of the DTR of the UK FCA. Our review has been undertaken so that we might state to the company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our review work, for this report, or for the conclusions we have reached.

Adrian Wilcox

For and on behalf of KPMG LLP

Chartered Accountants

15 Canada Square

Canary Wharf

London

E14 5GL

9 August 2017

 
 Condensed Consolidated Income 
  Statement 
 For the half year ended 30 June 
  2017 
                                                                          Half     Half        Year 
                                                                          year     year       to 31 
                                                                         to 30    to 30    December 
                                                                          June     June        2016 
                                                                          2017     2016 
                                                                Notes     GBPm     GBPm        GBPm 
                                                               ------  -------  -------  ---------- 
 Revenue                                                          2      164.9    144.0       318.9 
 Cost of sales                                                          (91.2)   (82.9)     (183.5) 
-------------------------------------------------------------  ------  -------  -------  ---------- 
 Gross profit                                                             73.7     61.1       135.4 
 Operating expenses                                                     (55.4)   (48.0)     (105.0) 
-------------------------------------------------------------  ------  -------  -------  ---------- 
 Operating profit                                                         18.3     13.1        30.4 
-------------------------------------------------------------  ------  -------  -------  ---------- 
 Comprising 
 
   *    Operating profit before charges associated with 
        acquisition of businesses and restructuring costs                 21.6     17.1        41.4 
 - Charges associated with acquisition 
  of businesses                                                   3      (3.3)    (2.2)       (7.6) 
 - Restructuring costs                                            3          -    (1.8)       (3.4) 
                                                                          18.3     13.1        30.4 
-------------------------------------------------------------  ------  -------  -------  ---------- 
 Net finance expense                                              4      (1.9)    (1.9)       (4.0) 
-------------------------------------------------------------  ------  -------  -------  ---------- 
 Profit before tax                                                        16.4     11.2        26.4 
-------------------------------------------------------------  ------  -------  -------  ---------- 
 Comprising 
 
   *    Profit before tax, excluding charges associated with 
        acquisition of businesses and restructuring costs                 19.7     15.2        37.4 
 
   *    Charges associated with acquisition of businesses         3      (3.3)    (2.2)       (7.6) 
 
   *    Restructuring costs                                       3          -    (1.8)       (3.4) 
                                                                          16.4     11.2        26.4 
-------------------------------------------------------------  ------  -------  -------  ---------- 
 Taxation                                                         7      (2.9)    (3.1)       (1.5) 
-------------------------------------------------------------  ------  -------  -------  ---------- 
 Profit from continuing operations                                        13.5      8.1        24.9 
 Profit/(loss) after tax from 
  discontinued operations                                         8        0.8    (0.5)      (15.9) 
-------------------------------------------------------------  ------  -------  -------  ---------- 
 Profit attributable to owners 
  of the parent                                                           14.3      7.6         9.0 
-------------------------------------------------------------  ------  -------  -------  ---------- 
 
 Earnings per share from continuing 
  and discontinued operations                                     5 
 Basic earnings per share                                                32.0p    17.1p       20.2p 
 Diluted earnings per share                                              31.7p    17.0p       20.1p 
 
 Average exchange rates 
      Euro                                                                1.16     1.29        1.22 
      US$                                                                 1.27     1.43        1.35 
 
 
 
 Consolidated Statement of Comprehensive 
  Income 
 For the half year ended 30 June 
  2017 
                                              Half     Half        Year 
                                              year     year       to 31 
                                             to 30    to 30    December 
                                              June     June        2016 
                                              2017     2016 
                                              GBPm     GBPm        GBPm 
-----------------------------------------  -------  -------  ---------- 
 Profit for the period                        14.3      7.6         9.0 
 Other comprehensive income: 
 Items that will not be reclassified 
  to profit or loss: 
 Remeasurements of defined benefit 
  obligation                                   2.1    (3.6)       (6.4) 
 Related tax                                 (0.4)      0.5         1.0 
 Items that are or may be reclassified 
  to profit or loss: 
 Foreign exchange gain recycled to           (8.8)        -           - 
  the Income Statement on disposal 
  of business 
 Currency translation differences 
  on foreign currency subsidiaries           (6.5)     22.8        37.7 
 Net investment hedges - net gain/(loss)       2.5    (9.9)      (16.6) 
 Cash flow hedges - reclassified 
  to the Income Statement                      2.7      0.5         0.8 
 Cash flow hedges - effective portion 
  of changes in fair value                     2.2    (5.2)       (4.6) 
 Related tax                                 (1.2)      0.9         0.9 
 Other comprehensive (expense)/income, 
  net of tax                                 (7.4)      6.0        12.8 
-----------------------------------------  -------  -------  ---------- 
 Total comprehensive income for the 
  period attributable to owners of 
  the parent                                   6.9     13.6        21.8 
-----------------------------------------  -------  -------  ---------- 
 
 
 
 Condensed Consolidated Balance 
  Sheet 
 As at 30 June 2017 
                                             30 June   30 June   31 December 
                                                2017      2016          2016 
                                     Notes      GBPm      GBPm          GBPm 
----------------------------------  ------  --------  --------  ------------ 
 Assets 
 Non-current assets 
 Intangible assets                              81.0      96.9          99.0 
 Property, plant and equipment                  29.0      57.1          54.0 
 Trade and other receivables                     0.9       0.7           0.9 
 Derivative financial instruments                0.4         -           0.2 
 Deferred tax assets                            24.9      17.8          26.6 
                                               136.2     172.5         180.7 
----------------------------------  ------  --------  --------  ------------ 
 Current assets 
 Inventories                                    61.9      61.4          57.9 
 Trade and other receivables                    53.5      59.2          66.2 
 Derivative financial instruments                0.8         -           0.2 
 Current tax assets                              0.9       1.0           0.7 
 Cash and cash equivalents                      18.7      20.9          17.1 
 Assets of the disposal group 
  classified as held for sale          8        22.6         -             - 
                                               158.4     142.5         142.1 
----------------------------------  ------  --------  --------  ------------ 
 Total assets                                  294.6     315.0         322.8 
----------------------------------  ------  --------  --------  ------------ 
 Liabilities 
 Current liabilities 
 Bank overdrafts                                   -         -           0.3 
 Interest-bearing loans and 
  borrowings                                     0.5       0.1          40.9 
 Trade and other payables                       50.8      55.5          55.3 
 Derivative financial instruments                1.6       5.1           4.8 
 Current tax liabilities                        10.7       7.7           8.1 
 Provisions                                      2.3       4.0           4.9 
 Liabilities of the disposal 
  group classified as held 
  for sale                             8         4.3         -             - 
                                                70.2      72.4         114.3 
----------------------------------  ------  --------  --------  ------------ 
 Non-current liabilities 
 Interest-bearing loans and 
  borrowings                                    70.8      93.6          51.0 
 Derivative financial instruments                0.1       1.6           1.2 
 Other payables                                  0.8         -             - 
 Post-employment obligations                    11.1      10.1          13.0 
 Provisions                                      0.7       0.7           1.1 
 Deferred tax liabilities                        2.3       2.4           2.4 
----------------------------------  ------  -------- 
                                                85.8     108.4          68.7 
----------------------------------  ------  --------  --------  ------------ 
 Total liabilities                             156.0     180.8         183.0 
----------------------------------  ------  --------  --------  ------------ 
 Net assets                                    138.6     134.2         139.8 
----------------------------------  ------  --------  --------  ------------ 
 
 Equity 
 Share capital                                   9.0       8.9           9.0 
 Share premium                                  15.5      14.5          15.4 
 Translation reserve                             4.0       8.6          16.8 
 Capital redemption reserve                      1.6       1.6           1.6 
 Cash flow hedging reserve                     (0.2)     (4.8)         (3.9) 
 Retained earnings                             108.7     105.4         100.9 
----------------------------------  ------  --------  --------  ------------ 
 Total equity                                  138.6     134.2         139.8 
----------------------------------  ------  --------  --------  ------------ 
 
 Balance Sheet exchange rates 
      Euro                                      1.14      1.20          1.17 
      US$                                       1.30      1.34          1.24 
 
 
 
  Consolidated Statement of Changes in Equity 
 For the half year ended 30 June 2017 
                                                                                    Cash 
                                                                     Capital        flow 
                             Share       Share    Translation     redemption     hedging     Retained      Total 
                           capital     premium        reserve        reserve     reserve     earnings     equity 
                              GBPm        GBPm           GBPm           GBPm        GBPm         GBPm       GBPm 
---------------------- 
 Balance at 1 January 
  2017                         9.0        15.4           16.8            1.6       (3.9)        100.9      139.8 
 Total comprehensive 
  income for the 
  period 
 Profit for the 
  period                         -           -              -              -           -         14.3       14.3 
 Other comprehensive 
  (expense)/income 
  for the period                 -           -         (12.8)              -         3.7          1.7      (7.4) 
 Contributions by 
  and distributions 
  to owners 
 Dividends paid                  -           -              -              -           -        (7.7)      (7.7) 
 Own shares purchased            -           -              -              -           -        (1.3)      (1.3) 
 New shares issued               -         0.1              -              -           -            -        0.1 
 Share-based payment 
  charge, net of 
  tax                            -           -              -              -           -          0.8        0.8 
----------------------  ----------  ----------  -------------  -------------  ----------  -----------  --------- 
 Balance at 30 June 
  2017                         9.0        15.5            4.0            1.6       (0.2)        108.7      138.6 
----------------------  ----------  ----------  -------------  -------------  ----------  -----------  --------- 
 
                                                                                    Cash 
                                                                     Capital        flow 
                             Share       Share    Translation     redemption     hedging     Retained      Total 
                           capital     premium        reserve        reserve     reserve     earnings     equity 
                              GBPm        GBPm           GBPm           GBPm        GBPm         GBPm       GBPm 
---------------------- 
 Balance at 1 January 
  2016                         8.9        14.3          (4.3)            1.6       (1.0)        106.8      126.3 
 Total comprehensive 
  income for the 
  period 
 Profit for the 
  period                         -           -              -              -           -          7.6        7.6 
 Other comprehensive 
  income/(expense) 
  for the period                 -           -           12.9              -       (3.8)        (3.1)        6.0 
 Contributions by 
  and distributions 
  to owners 
 Dividends paid                  -           -              -              -           -        (6.7)      (6.7) 
 New shares issued               -         0.2              -              -           -            -        0.2 
 Share-based payment 
  charge, net of 
  tax                            -           -              -              -           -          0.8        0.8 
----------------------  ----------  ----------  -------------  -------------  ----------  -----------  --------- 
 Balance at 30 June 
  2016                         8.9        14.5            8.6            1.6       (4.8)        105.4      134.2 
----------------------  ----------  ----------  -------------  -------------  ----------  -----------  --------- 
 
 
 Condensed Consolidated Statement 
  of Cash Flows 
 For the half year ended 30 June 
  2017 
 
                                                                     Half      Half         Year 
                                                                     year      year        to 31 
                                                                    to 30     to 30     December 
                                                                     June      June 
                                                                     2017      2016         2016 
                                                       Notes         GBPm      GBPm         GBPm 
----------------------------------------------------  ------  -----------  --------  ----------- 
 Cash flows from operating activities 
 Profit for the period                                               14.3       7.6          9.0 
 Adjustments for: 
 Taxation                                                             3.7       3.1          1.5 
 Depreciation                                                         6.9       7.2         15.3 
 Amortisation of intangible assets                                    6.1       4.2         11.0 
 Impairment of intangible assets                                        -         -         12.1 
 Net gain on disposal of property, 
  plant and equipment and software                                  (0.5)     (1.0)        (1.5) 
 Fair value (losses)/gains on derivative 
  financial instruments                                             (0.3)       0.4          0.4 
 Share-based payment charge                                           0.8       0.8          1.6 
         Earnout payments and purchase 
          price adjustment                                              -     (0.2)          1.2 
        Profit on disposal of business                              (3.2)         -            - 
 Net finance expense                                                  1.9       1.9          4.0 
----------------------------------------------------  ------  -----------  --------  ----------- 
 Operating profit before changes 
  in working capital and provisions                                  29.7      24.0         54.6 
 (Increase)/decrease in inventories                                 (8.2)       4.1         11.2 
 Decrease/(increase) in receivables                                   4.8     (2.8)        (4.5) 
 Increase in payables                                                 1.4       7.3          5.3 
 Decrease in provisions                                             (1.0)     (1.4)        (1.8) 
 Cash generated from operating 
  activities                                                         26.7      31.2         64.8 
 Interest paid                                                      (1.7)     (2.1)        (5.2) 
 Tax paid                                                           (2.0)     (2.2)        (7.2) 
---------------------------------------------------- 
 Net cash from operating activities                                  23.0      26.9         52.4 
----------------------------------------------------  ------  -----------  --------  ----------- 
 
 Cash flows from investing activities 
 Proceeds from sale of property, 
  plant and equipment and software                                    2.4       5.7          9.0 
 Purchase of property, plant and 
  equipment                                                         (3.7)     (8.7)       (13.4) 
 Capitalisation of software and 
  development costs                                                 (2.3)     (1.3)        (3.4) 
 Acquisition of businesses, net 
  of cash acquired                                                  (1.6)     (5.1)       (20.3) 
 Disposal of business                                    8           11.1         -            - 
 Cash outflow on previous disposal                                  (0.2)     (1.1)        (1.5) 
 Net cash from/(used in) investing 
  activities                                                          5.7    (10.5)       (29.6) 
----------------------------------------------------  ------  -----------  --------  ----------- 
 
 Cash flows from financing activities 
 Proceeds from the issue of shares                                    0.1       0.2          1.2 
 Own shares purchased                                               (1.3)         -        (0.1) 
 Repayment of interest-bearing 
  loans and borrowings                                             (18.1)     (5.0)       (13.6) 
 Dividends paid                                                     (7.7)     (6.7)       (11.1) 
---------------------------------------------------- 
 Net cash used in financing activities                             (27.0)    (11.5)       (23.6) 
----------------------------------------------------  ------  -----------  --------  ----------- 
 
 Increase/(decrease) in cash and 
  cash equivalents                                       9            1.7       4.9        (0.8) 
 Cash and cash equivalents at 1 
  January                                                            16.8      12.5         12.5 
 Effect of exchange rate fluctuations 
  on cash held                                                        0.2       3.5          5.1 
----------------------------------------------------  ------  -----------  --------  ----------- 
 Cash and cash equivalents at the 
  end of period (1)                                      9           18.7      20.9         16.8 
----------------------------------------------------  ------  -----------  --------  ----------- 
 (1) Cash and cash equivalents 
  include bank overdrafts in the 
  balance sheet 
 
 
 
   1 Accounting policies 
 Reporting entity 
 The Vitec Group plc (the "Company") is a company domiciled 
  in the United Kingdom. These condensed consolidated 
  interim financial statements as at and for the half 
  year ended 30 June 2017 comprise the Company and its 
  subsidiaries (together referred to as the "Group"). 
 Basis of preparation and statement of compliance 
 These condensed consolidated interim financial statements 
  have been prepared in accordance with IAS 34 Interim 
  Financial Reporting. The accounting policies applied 
  in the preparation of this interim financial information 
  are consistent with the policies applied by the Group 
  in the consolidated financial statements as at and 
  for the year ended 31 December 2016 which were prepared 
  in accordance with International Financial Reporting 
  Standards (IFRSs) as adopted by the European Union. 
  It does not include all of the information required 
  for full annual financial statements and should be 
  read in conjunction with the consolidated financial 
  statements of the Group as at and for the year ended 
  31 December 2016. 
 The comparative figures for the year ended 31 December 
  2016 do not constitute statutory accounts for the 
  purpose of section 435 of the Companies Act 2006. 
  The auditors have reported on the 2016 accounts, and 
  these have been filed with the Registrar of Companies; 
  their report was unqualified, did not include a reference 
  to any matters to which the auditors drew attention 
  by way of emphasis, and did not contain a statement 
  under section 498(2) or (3) of the Companies Act 2006. 
 The preparation of interim financial statements requires 
  management to make judgements, estimates and assumptions 
  that affect the application of accounting policies 
  and the reported amounts of assets and liabilities, 
  income and expense. Actual results may differ from 
  these estimates. 
 
   In preparing these condensed consolidated interim 
   financial statements, the significant judgements made 
   by management in applying the Group's accounting policies 
   and the key sources of estimation uncertainty were 
   the same as those that applied to the consolidated 
   financial statements as at and for the year ended 
   31 December 2016. 
 These condensed consolidated interim financial statements 
  were approved by the Board of Directors on 9 August 
  2017. 
 Going concern 
 The Directors have made appropriate enquiries and 
  consider that the Group has adequate resources to 
  continue in operational existence for the foreseeable 
  future, which comprises the period of at least 12 
  months from the date of the half year results. There 
  are no material uncertainties that would prevent the 
  Directors from being unable to make this statement. 
  Accordingly, the Directors continue to adopt the going 
  concern basis in preparing the financial statements. 
 New standards and interpretations not yet adopted 
 The following standards, amendments to standards and 
  interpretations will become effective for the Group 
  in future years. 
 IFRS 15 "Revenue from Contracts with Customers" 
 The adoption of this standard requires the separation 
  of performance obligations within contracts with customers, 
  and the contractual value to be allocated to each 
  of the performance obligations. Revenue is then recognised 
  as each performance obligation is satisfied. This 
  standard will replace existing revenue recognition 
  standards. 
 
  The Group is currently performing a detailed assessment 
  of the impact of the application of IFRS 15 and expects 
  to disclose additional quantitative information before 
  it adopts IFRS 15. 
 IFRS 9 "Financial Instruments" 
 This standard covers the classification, measurement, 
  impairment and derecognition of financial assets and 
  financial liabilities together with a new hedge accounting 
  model. 
 IFRS 16 "Leases" 
 The standard is effective for annual periods beginning 
  on or after 1 January 2019. The adoption of this standard 
  removes the distinction between operating and finance 
  leases and will result in all operating leases, above 
  a de minimis level, being capitalised with the associated 
  assets and liabilities being brought on to the Balance 
  Sheet. 
 The Group has not yet quantified the impact on its 
  reported assets and liabilities of the adoption of 
  IFRS 16. The quantitative effect will depend on, inter 
  alia, the transition method chosen, the extent to 
  which the Group uses the practical expedients and 
  recognition exemptions, and any additional leases 
  that the Group enters into. The Group expects to disclose 
  its transition approach and quantitative information 
  before adoption. 
  2. Segment reporting 
 
 Reportable segments 
 For the half year ended 
  30 June 2017 
 
 The US broadcast services business and Haigh-Farr defence 
  antennas business, both part of the Broadcast Division, 
  have been classified as discontinued operations in 
  the current period. Their performance in this period 
  and comparative periods is therefore part of discontinued 
  operations as presented in Note 8 and is excluded from 
  segmental performances below. 
 
                                             For the half year to 30 June 
                                                                                                  ------ 
 From continuing         Broadcast          Photographic             Corporate           Consolidated 
  operations:                                                     and unallocated 
-------------------  -----------------  --------------------  ---------------------  ------------------- 
                         2017     2016          2017    2016         2017      2016         2017    2016 
                         GBPm     GBPm          GBPm    GBPm         GBPm      GBPm         GBPm    GBPm 
-------------------  --------  -------  ------------  ------  -----------  --------  -----------  ------ 
 Revenue from 
 external 
 customers: 
  Sales                  83.1     71.4          78.4    68.8            -         -        161.5   140.2 
  Services                3.4      3.8             -       -            -         -          3.4     3.8 
-------------------  --------  -------  ------------  ------  -----------  --------  -----------  ------ 
 Total revenue 
  from external 
  customers              86.5     75.2          78.4    68.8            -         -        164.9   144.0 
 Inter-segment 
  revenue (1)             0.2      0.2           0.4     0.1        (0.6)     (0.3)            -       - 
                     --------  -------  ------------  ------  -----------  -------- 
 Total revenue           86.7     75.4          78.8    68.9        (0.6)     (0.3)        164.9   144.0 
-------------------  --------  -------  ------------  ------  -----------  --------  -----------  ------ 
 
 Segment result          10.6      8.2          11.0     8.9            -         -         21.6    17.1 
 Amortisation of 
  acquired 
  intangible 
  assets                (3.2)    (1.9)         (0.1)   (0.3)            -         -        (3.3)   (2.2) 
 Restructuring 
  costs                     -    (0.6)             -   (1.2)            -         -            -   (1.8) 
 Fair value 
  adjustment 
  to contingent 
  consideration 
  on previous 
  acquisitions              -      0.2             -       -            -         -            -     0.2 
 Transaction costs 
  relating to 
  acquisition 
  of businesses             -    (0.2)             -       -            -         -            -   (0.2) 
-------------------  --------  -------  ------------  ------  -----------  --------  -----------  ------ 
 Operating profit         7.4      5.7          10.9     7.4            -         -         18.3    13.1 
 Net finance 
  expense                                                                                  (1.9)   (1.9) 
 Taxation                                                                                  (2.9)   (3.1) 
                                                                                     -----------  ------ 
 Profit for the 
  period                                                                                    13.5     8.1 
-------------------  --------  -------  ------------  ------  -----------  --------  -----------  ------ 
 
 Segment assets         128.0    116.1          96.4    94.5          3.1       0.4        227.5   211.0 
 Unallocated assets 
  Cash and cash 
   equivalents                                                       18.7      20.9         18.7    20.9 
  Current tax 
   assets                                                             0.9       1.0          0.9     1.0 
  Deferred tax 
   assets                                                            24.9      17.8         24.9    17.8 
                                                                                     -----------  ------ 
 Total assets                                                                              272.0   250.7 
-------------------  --------  -------  ------------  ------  -----------  --------  -----------  ------ 
 
 Segment 
  liabilities            31.6     29.6          31.6    27.5          4.2       8.3         67.4    65.4 
 Unallocated 
 liabilities 
  Interest-bearing 
   loans and 
   borrowings                                                        71.3      93.7         71.3    93.7 
  Current tax 
   liabilities                                                       10.7       7.7         10.7     7.7 
  Deferred tax 
   liabilities                                                        2.3       2.4          2.3     2.4 
                                                                                     -----------  ------ 
 Total liabilities                                                                         151.7   169.2 
-------------------  --------  -------  ------------  ------  -----------  --------  -----------  ------ 
 (1) Inter-segment pricing is determined on an arm's 
  length basis. 
 
 
 
 
 
 
   Geographical segments 
 For the half year ended 30 
  June 2017 
                                                               Half year    Half year            Year to 
                                                                   to 30        to 30        31 December 
                                                                    June         June 
                                                                    2017         2016               2016 
                                                                    GBPm         GBPm               GBPm 
----------------------------------------  ------------------------------  -----------  ----------------- 
 Continuing operations - analysis 
  of revenue from external customers, 
  by location of customer 
 United Kingdom                                                     19.0         16.1               34.8 
 The rest of Europe                                                 39.9         33.8               75.4 
 North America                                                      64.3         58.3              129.6 
 Asia Pacific                                                       35.8         30.9               69.0 
 The rest of the World                                               5.9          4.9               10.1 
----------------------------------------  ------------------------------  -----------  ----------------- 
 Total revenue from external 
  customers                                                        164.9        144.0              318.9 
----------------------------------------  ------------------------------  -----------  ----------------- 
 The Group's operating segments are located in several 
  geographical locations, and sell products and services 
  on to external customers in all parts of the world. 
 
   3 Charges associated with acquisition of businesses, 
   impairment of goodwill and restructuring costs 
 Charges associated with acquisition of businesses, 
  impairment of goodwill and restructuring costs are 
  excluded from key performance measures in order to 
  more accurately show the underlying current business 
  performance of the Group in a consistent manner. This 
  also reflects how the business is managed and measured 
  on a day-to-day basis. Restructuring costs include 
  employment termination and other site rationalisation 
  costs. Charges associated with acquisition of businesses 
  include non-cash charges such as amortisation of acquired 
  intangible assets and cash charges such as transaction 
  costs and earnout payments. 
                                                               Half year    Half year            Year to 
                                                                   to 30        to 30        31 December 
                                                                    June         June 
                                                                    2017         2016               2016 
                                                                    GBPm         GBPm               GBPm 
----------------------------------------  ------------------------------  -----------  ----------------- 
 Analysis of operating expenses 
 Earnout payments and purchase 
  price adjustment                                                     -          0.2              (1.2) 
 Transaction costs relating 
  to acquisition of businesses                                         -        (0.2)              (0.6) 
 Amortisation of acquired intangible 
  assets                                                           (3.3)        (2.2)              (5.8) 
----------------------------------------  ------------------------------  -----------  ----------------- 
 Charges associated with acquisition 
  of businesses                                                    (3.3)        (2.2)              (7.6) 
 Restructuring costs (1)                                               -        (1.8)              (2.9) 
 Other administrative expenses                                    (20.4)       (17.2)             (38.7) 
----------------------------------------  ------------------------------  -----------  ----------------- 
 Administrative expenses                                          (23.7)       (21.2)             (49.2) 
 Marketing, selling and distribution 
  costs                                                           (24.4)       (20.7)             (42.6) 
 Research, development and 
  engineering costs                                                (7.3)        (6.1)             (13.2) 
 Total from continuing operations                                 (55.4)       (48.0)            (105.0) 
----------------------------------------  ------------------------------  -----------  ----------------- 
 
 Amortisation of acquired intangible 
  assets                                                           (1.2)        (0.5)              (2.1) 
 Impairment of goodwill                                                -            -             (12.1) 
 Restructuring costs                                                   -        (0.3)              (1.8) 
 Other administrative expenses                                     (3.3)        (3.6)              (8.1) 
----------------------------------------  ------------------------------  -----------  ----------------- 
 Administrative expenses                                           (4.5)        (4.4)             (24.1) 
 Marketing, selling and distribution 
  costs                                                            (2.3)        (2.2)              (4.5) 
----------------------------------------  ------------------------------  -----------  ----------------- 
 Total from discontinued operations                                (6.8)        (6.6)             (28.6) 
----------------------------------------  ------------------------------  -----------  ----------------- 
 (1) Of the total GBP3.4 million restructuring costs 
  from continuing operations in the year to 31 December 
  2016, GBP2.9 million is in operating expenses and 
  the remaining GBP0.5 million is included in cost of 
  sales. 
 
 
 
   4 Net finance expense 
 
                                                               Half year    Half year            Year to 
                                                                   to 30        to 30        31 December 
                                                                    June         June 
                                                                    2017         2016               2016 
                                                                    GBPm         GBPm               GBPm 
 
 Finance income 
----------------------------------------------------  ------------------  -----------  ----------------- 
 Net currency translation gains                                        -          0.3                0.4 
----------------------------------------------------  ------------------  -----------  ----------------- 
 
 Finance expense 
 Net currency translation losses                                   (0.2)            -                  - 
 Interest payable on interest-bearing 
  loans and borrowings                                             (1.6)        (2.1)              (4.2) 
 Net interest expense on net defined 
  benefit pension scheme liabilities                               (0.1)        (0.1)              (0.2) 
----------------------------------------------------  ------------------ 
                                                                   (1.9)        (2.2)              (4.4) 
----------------------------------------------------  ------------------  -----------  ----------------- 
 
 Net finance expense                                               (1.9)        (1.9)              (4.0) 
----------------------------------------------------  ------------------  -----------  ----------------- 
 
 
 
   5 Earnings per share 
 Earnings per share ("EPS") is the amount of post-tax 
  profit attributable to each share. 
 Basic EPS is calculated on the profit for the period 
  divided by the weighted average number of ordinary 
  shares in issue during the period. 
 Diluted EPS is calculated on the profit for the period 
  divided by the weighted average number of ordinary 
  shares in issue during the period, but adjusted for 
  the effects of dilutive share options. 
 The Adjusted EPS measure is used by management to 
  assess the underlying performance of the ongoing businesses, 
  and therefore excludes restructuring costs, charges 
  associated with acquisition of businesses, impairment 
  of goodwill, and profit on disposal of business, all 
  net of tax. 
 
 The calculation of basic, diluted and adjusted EPS 
  is set out below: 
                                                                            Half year          Half year 
                                                                                to 30              to 30 
                                                                            June 2017               June 
                                                                                                    2016 
                                                                                 GBPm               GBPm 
------------------------------------------------------------------------  -----------  ----------------- 
 Profit/(loss) for the financial period 
  Continuing operations                                                          13.5                8.1 
 Discontinued operations                                                          0.8              (0.5) 
------------------------------------------------------------------------  -----------  ----------------- 
                                                                                 14.3                7.6 
 
 Add back charges associated with acquisition 
  of businesses, impairment of goodwill, 
  restructuring costs and profit on disposal 
  of business, net of tax 
 Continuing operations                                                            1.8                2.5 
 Discontinued operations                                                        (1.9)                0.8 
------------------------------------------------------------------------  -----------  ----------------- 
                                                                                (0.1)                3.3 
 
 Earnings before charges associated 
  with acquisition of business, impairment 
  of goodwill, restructuring costs and 
  profit on disposal of business 
 Continuing operations                                                           15.3               10.6 
 Discontinued operations                                                        (1.1)                0.3 
------------------------------------------------------------------------  -----------  ----------------- 
 Earnings before charges associated 
  with acquisition of businesses, impairment 
  of goodwill, restructuring costs and 
  profit on disposal of business                                                 14.2               10.9 
------------------------------------------------------------------------  -----------  ----------------- 
 
 
                                           Half year                        Half year          Half year 
                                          to 30 June                       to 30 June         to 30 June 
                                    2017        2016                2017         2016     2017      2016 
                                     No.         No.               pence        pence    pence     pence 
---------------------  -----------------  ----------  ------------------  -----------  -------  -------- 
                              Weighted average               Adjusted earnings            Earnings per 
                                  number of                       per share                   share 
                                 shares '000 
 From continuing 
  and discontinued 
  operations 
 Basic                            44,741      44,511                31.7         24.6     32.0      17.1 
 Dilutive potential 
  ordinary shares                    371          80               (0.3)        (0.1)    (0.3)     (0.1) 
---------------------  -----------------  ----------  ------------------  -----------  -------  -------- 
 Diluted                          45,112      44,591                31.4         24.5     31.7      17.0 
---------------------  -----------------  ----------  ------------------  -----------  -------  -------- 
 From continuing 
  operations 
 Basic                            44,741      44,511                34.2         23.9     30.3      18.2 
 Dilutive potential 
  ordinary shares                    371          80               (0.3)        (0.1)    (0.3)     (0.1) 
---------------------  -----------------  ----------  ------------------  -----------  -------  -------- 
 Diluted                          45,112      44,591                33.9         23.8     30.0      18.1 
---------------------  -----------------  ----------  ------------------  -----------  -------  -------- 
 From discontinued 
  operations 
 Basic                            44,741      44,511               (2.5)          0.7      1.7     (1.1) 
 Dilutive potential 
  ordinary shares                    371          80                   -            -        -         - 
---------------------  -----------------  ----------  ------------------  -----------  -------  -------- 
 Diluted                          45,112      44,591               (2.5)          0.7      1.7     (1.1) 
---------------------  -----------------  ----------  ------------------  -----------  -------  -------- 
 
 
 
 
 
   6 Interim dividend 
 After the balance sheet date, an interim dividend 
  of 10.4 pence per share has been declared by the Directors, 
  totalling GBP4.7 million (2016: 9.9 pence per share 
  totalling GBP4.4 million). The dividend has not been 
  provided for at half year and there are no tax consequences. 
 
   The dividend will be paid on Friday 20 October 2017 
   to shareholders on the register at the close of business 
   on Friday 22 September 2017. The Company has a Dividend 
   Reinvestment Plan that allows shareholders to reinvest 
   dividends to purchase additional shares in the Company. 
   For shareholders to apply the proceeds of this and 
   future dividends to the plan, application forms must 
   be received by the Company's Registrars by no later 
   than Monday 25 September 2017. Existing participants 
   in the Plan will automatically have the interim dividend 
   reinvested. Details on the Plan can be obtained from 
   Capita Asset Services on 0371 664 0381 or at www.signalshares.com. 
   Calls are charged at the standard geographic rate 
   and will vary by provider. If you are outside the 
   United Kingdom, please call +44 371 664 0381. Calls 
   outside the United Kingdom will be charged at the 
   applicable international rate. The lines are open 
   from 9.00am to 5.30pm, Monday to Friday excluding 
   public holidays in England and Wales. 
 
 
 7 Taxation 
 Income tax expense is recognised at an amount determined 
  by multiplying the profit before tax for the interim 
  reporting period by management's best estimate of 
  the weighted-average annual income tax rate for the 
  full financial year, adjusted for the tax effect of 
  certain items recognised in full in the interim period. 
  As such, the effective tax rate in the interim financial 
  statements may differ from management's estimate of 
  the effective tax rate for the annual financial statements. 
                                         Half year   Half year        Year 
                                             to 30       to 30       to 31 
                                              June        June    December 
                                              2017        2016        2016 
                                              GBPm        GBPm        GBPm 
 -------------------------------------------------  ----------  ---------- 
 The total taxation charge in the Income Statement 
  is analysed as follows: 
 Summarised in the Income Statement 
  as follows 
 Continuing operations 
 Current tax                                 (3.8)       (3.3)       (8.4) 
 Deferred tax                                  0.9         0.2         6.9 
------------------------------------------  ------  ----------  ---------- 
                                             (2.9)       (3.1)       (1.5) 
------------------------------------------  ------  ----------  ---------- 
 Discontinued operations 
 Current tax                                 (0.4)           -           - 
 Deferred tax                                (0.4)           -           - 
------------------------------------------  ------  ----------  ---------- 
                                             (0.8)           -           - 
------------------------------------------  ------  ----------  ---------- 
 Continuing and discontinued operations 
 Current tax                                 (4.2)       (3.3)       (8.4) 
 Deferred tax                                  0.5         0.2         6.9 
------------------------------------------  ------  ----------  ---------- 
                                             (3.7)       (3.1)       (1.5) 
------------------------------------------  ------  ----------  ---------- 
 Before charges associated with 
  acquisition of businesses, impairment 
  of goodwill, restructuring costs 
  and profit on disposal of business 
  Continuing operations 
 Current tax                                 (3.8)       (4.4)      (13.3) 
 Deferred tax                                (0.6)       (0.2)         3.1 
------------------------------------------  ------  ----------  ---------- 
                                             (4.4)       (4.6)      (10.2) 
------------------------------------------  ------  ----------  ---------- 
 Discontinued operations 
 Current tax                                     -           -           - 
 Deferred tax                                (0.7)           -           - 
                                                    ----------  ---------- 
                                             (0.7)           -           - 
------------------------------------------  ------  ----------  ---------- 
 Continuing and discontinued operations 
 Current tax                                 (3.8)       (4.4)      (13.3) 
 Deferred tax                                (1.3)       (0.2)         3.1 
------------------------------------------  ------  ----------  ---------- 
                                             (5.1)       (4.6)      (10.2) 
------------------------------------------  ------  ----------  ---------- 
 Charges associated with acquisition 
 of businesses, impairment of goodwill, 
 restructuring costs and profit 
 on disposal of business 
 Continuing operations 
 Current tax                                     -         1.1         4.9 
 Deferred tax                                  1.5         0.4         3.8 
------------------------------------------  ------  ----------  ---------- 
                                               1.5         1.5         8.7 
------------------------------------------  ------  ----------  ---------- 
 Discontinued operations 
 Current tax                                 (0.4)           -           - 
 Deferred tax                                  0.3           -           - 
------------------------------------------  ------  ----------  ---------- 
                                             (0.1)           -           - 
------------------------------------------  ------  ----------  ---------- 
 Continuing and discontinued operations 
 Current tax                                 (0.4)         1.1         4.9 
 Deferred tax                                  1.8         0.4         3.8 
------------------------------------------  ------  ----------  ---------- 
                                               1.4         1.5         8.7 
------------------------------------------  ------  ----------  ---------- 
 
 
 
 8 Disposals, discontinued operations and non-current 
  assets classified as held for sale 
 
  Disposals 
 On 9 May 2017 the Group sold Haigh-Farr, Inc. ("Haigh-Farr"), 
  a defence antennas business based in the US and 
  included in the Broadcast Division, for an initial 
  cash consideration of $15.8 million (GBP12.2 million), 
  of which $0.8 million (GBP0.6 million) is deferred 
  for twelve months from disposal date. A profit of 
  GBP3.2 million arose on disposal after taking into 
  account GBP0.5 million costs of disposal, net assets 
  disposed (GBP17.3 million including GBP2.3 million 
  of plant and equipment) and the previously recorded 
  foreign exchange gain of GBP8.8 million that has 
  been recycled to the Income Statement. The disposal 
  enables management to place greater focus on opportunities 
  in its core activities in the Broadcast and Photographic 
  Divisions. 
 Discontinued operations 
  In accordance with IFRS 5 "Non-current assets held 
  for sale and discontinued operations", the assets 
  and liabilities of the US broadcast services business 
  which is part of the Broadcast Division, have been 
  classified as a disposal group held for sale within 
  the period. The business was disposed of on 1 August 
  2017 (see note 11). 
 Discontinued operations are businesses that have been 
  sold, or which are held for sale. Both the US broadcast 
  services business and Haigh-Farr have been classified 
  as discontinued operations in the current period. 
  The table below shows the results of the discontinued 
  operations which are included in the Group Income 
  Statement, Group Statement of Cash Flows and Group 
  Balance Sheet respectively. 
 a) Income Statement - discontinued                                       Half       Half         Year to 
  operations                                                              year       year     31 December 
                                                                         to 30      to 30            2016 
                                                                          June       June            GBPm 
                                                                          2017       2016 
                                                                          GBPm       GBPm 
 Revenue                                                                  22.7       27.1            57.3 
 Expenses                                                               (24.3)     (27.6)          (73.2) 
----------------------------------------------------------------  ------------  ---------  -------------- 
 Operating loss                                                          (1.6)      (0.5)          (15.9) 
----------------------------------------------------------------  ------------  ---------  -------------- 
 Comprising 
   *    Operating (loss)/profit before amortisation of 
        acquired intangible assets, impairment of goodwill 
        and restructuring costs                                          (0.4)        0.3             0.1 
 - Amortisation of acquired intangible 
  assets                                                                 (1.2)      (0.5)           (2.1) 
 - Impairment of goodwill                                                    -          -          (12.1) 
 - Restructuring costs                                                       -      (0.3)           (1.8) 
----------------------------------------------------------------  ------------  ---------  -------------- 
                                                                         (1.6)      (0.5)          (15.9) 
----------------------------------------------------------------  ------------  ---------  -------------- 
  Taxation                                                               (0.7)          -               - 
----------------------------------------------------------------  ------------  ---------  -------------- 
 Loss after tax from discontinued 
  operations                                                             (2.3)      (0.5)          (15.9) 
----------------------------------------------------------------  ------------  ---------  -------------- 
 
 Gain on disposal of discontinued                                          3.2          -               - 
  operation before tax 
 Taxation                                                                (0.1)          -               - 
----------------------------------------------------------------  ------------  ---------  -------------- 
 Gain on disposal of discontinued                                          3.1          -               - 
  operation after tax 
----------------------------------------------------------------  ------------  ---------  -------------- 
 
 Profit/(loss) after tax from 
  discontinued operations attributable 
  to owners of parent                                                      0.8      (0.5)          (15.9) 
----------------------------------------------------------------  ------------  ---------  -------------- 
 b) Statement of Cash Flows -                                             Half       Half         Year to 
  discontinued operations                                                 year       year     31 December 
                                                                         to 30      to 30            2016 
                                                                          June       June 
                                                                          2017       2016 
                                                                          GBPm       GBPm            GBPm 
----------------------------------------------------------------  ------------  ---------  -------------- 
 Net cash from operating activities                                        2.8       11.3             8.6 
 Net cash from/(used in) investing 
  activities(1)                                                           12.1      (3.9)           (3.5) 
----------------------------------------------------------------  ------------  ---------  -------------- 
 Net cash from discontinued operations                                    14.9        7.4             5.1 
----------------------------------------------------------------  ------------  ---------  -------------- 
 (1) Half year to 30 June 2017 includes net 
  proceeds of GBP11.1 million from the disposal 
  of Haigh-Farr 
 
 c) Effect of disposal on the                                                                     30 June 
  Group Balance Sheet                                                                                2017 
                                                                                                     GBPm 
---------------------------------------------------------------  ---  --------  ------------------------- 
 Assets of the disposal group 
  classified as held for sale 
 Property, plant and equipment                                                                       16.7 
 Inventories                                                                                          0.1 
 Trade and other receivables                                                                          5.8 
----------------------------------------------------------------      --------  ------------------------- 
                                                                                                     22.6 
 -------------------------------------------------------------------  --------  ------------------------- 
 Liabilities of the disposal group 
  classified as held for sale 
 Trade and other payables                                                                             4.3 
----------------------------------------------------------------      --------  ------------------------- 
 
 
 
 9 Analysis of net debt 
 The table below analyses the Group's components of 
  net debt and their movements in the period: 
                                           Half year    Half year        Year 
                                               to 30        to 30       to 31 
                                           June 2017    June 2016    December 
                                                                         2016 
                                                GBPm         GBPm        GBPm 
---------------------------------------  -----------  -----------  ---------- 
 Increase/(decrease) in cash and 
  cash equivalents                               1.7          4.9       (0.8) 
 Repayment of interest-bearing 
  loans and borrowings                          18.1          5.0        13.6 
---------------------------------------  -----------  -----------  ---------- 
 Decrease in net debt resulting 
  from cash flows                               19.8          9.9        12.8 
---------------------------------------  -----------  -----------  ---------- 
 
 Effect of exchange rate fluctuations 
  on cash held                                   0.2          3.5         5.1 
 Effect of exchange rate fluctuations 
  on debt held                                   2.5        (9.9)      (16.7) 
---------------------------------------  -----------  -----------  ---------- 
 Effect of exchange rate fluctuations 
  on net debt                                    2.7        (6.4)      (11.6) 
---------------------------------------  -----------  -----------  ---------- 
 
 Movements in net debt in the 
  period                                        22.5          3.5         1.2 
 Net debt at 1 January                        (75.1)       (76.3)      (76.3) 
---------------------------------------  -----------  -----------  ---------- 
 Net debt at the end of the period            (52.6)       (72.8)      (75.1) 
---------------------------------------  -----------  -----------  ---------- 
 
 Cash and cash equivalents in 
  the Balance Sheet                             18.7         20.9        17.1 
 Bank overdrafts                                   -            -       (0.3) 
---------------------------------------  -----------  -----------  ---------- 
 Cash and cash equivalents in 
  the Statement of Cash Flows                   18.7         20.9        16.8 
 Interest-bearing loans and borrowings        (71.3)       (93.7)      (91.9) 
---------------------------------------  -----------  -----------  ---------- 
 Net debt at the end of the period            (52.6)       (72.8)      (75.1) 
---------------------------------------  -----------  -----------  ---------- 
 
 
   The Group repaid its Private Placement shelf facility 
   of US$50 million when it expired in May 2017 
 
 
 10 Forward exchange contracts 
 The fair value of forward exchange contracts is determined 
  by estimating the market value of that contract at 
  the reporting date. Derivatives with a positive fair 
  value are recorded as assets and negative fair values 
  as liabilities, and presented as current or non-current 
  based on their contracted maturity dates. 
 The following table shows the forward exchange contracts 
  in place at the Balance Sheet date. These contracts 
  mature in the next 24 months, therefore the cash flows 
  and resulting effect on profit and loss are expected 
  to occur within the next 24 months. 
                                                                            Average                    Average 
                                                              As at        exchange      As at        exchange 
                                                            30 June            rate    30 June            rate 
                                                               2017    of contracts       2016    of contracts 
                                           currency        millions                   millions 
---------------------------------------  -----------  -------------  --------------  ---------  -------------- 
 Cash flow hedging contracts 
 USD / GBP forward exchange 
  contracts                                  USD               14.4            1.32       14.3            1.52 
 USD / EUR forward exchange 
  contracts                                  USD               35.9            1.13       43.3            1.15 
 EUR / GBP forward exchange 
  contracts                                  EUR               20.7            1.20       28.2            1.31 
 JPY / GBP forward exchange 
  contracts                                  JPY              586.6           150.2    1,061.5           169.2 
 JPY / EUR forward exchange 
  contracts                                  JPY            1,071.5           122.3    1,266.7           129.4 
---------------------------------------  -----------  -------------  --------------  ---------  -------------- 
 A net loss of GBP2.2 million relating to forward exchange 
  contracts was reclassified to the Income Statement, 
  to match the crystallisation of the hedged forecast 
  cash flows which affect the Income Statement. 
 
 
 
 Fair value hierarchy 
 The table below shows the carrying values and fair 
  values of financial assets and liabilities: 
 
 
                                                       Carrying          Fair      Carrying          Fair 
                                                          value         value         value         value 
                                                        30 June       30 June       30 June       30 June 
                                                           2017          2017          2016          2016 
                                                           GBPm          GBPm          GBPm          GBPm 
-------------------------------------------------  ------------  ------------  ------------  ------------ 
Forward exchange contracts - Assets                         1.2           1.2             -             - 
 Forward exchange contracts 
  - Liabilities                                           (1.7)         (1.7)         (6.7)         (6.7) 
 Cash at bank and in hand                                  18.7          18.7          20.9          20.9 
 Net trade receivables                                     41.8          41.8          44.1          44.1 
 Trade payables                                          (28.4)        (28.4)        (29.4)        (29.4) 
 Fixed rate borrowings                                    (2.3)         (2.3)        (38.7)        (39.4) 
Floating rate borrowings                                 (69.0)        (69.0)        (55.0)        (55.0) 
                                                   ------------  ------------  ------------  ------------ 
                                                         (39.7)        (39.7)        (64.8)        (65.5) 
 
  The fair value of floating rate borrowings approximates to the carrying value because interest 
  rates are at floating rates where payments are reset to market rates at intervals of less 
  than one year. 
The fair value of fixed rate borrowings is estimated by discounting the future contracted 
 cash flow, using appropriate yield curves, to the net present values. 
All financial instruments are deemed Level 2. 
 
 
 11 Post balance sheet events 
On 1 August 2017 the Group sold its US broadcast services business which was included in the 
 Broadcast Division, for a gross cash consideration of $35.0 million (GBP26.5 million). Net 
 cash proceeds were $32.0 million (GBP24.2 million) and estimated net assets at completion 
 were $25.0 million (GBP18.9 million). The previously recorded foreign exchange gain to be 
 recycled to the Income Statement and the resulting profit on disposal have not yet been calculated. 
 The disposal enables management to place greater focus on opportunities in its core activities 
 in the Broadcast and Photographic Divisions. 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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