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| 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 |
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RNS Number:2062P
The Vitec Group PLC
01 September 2003
1 September 2003
The Vitec Group plc
Half Year Results to 30 June 2003
The Vitec Group plc, the international supplier of products, services and
solutions to the Broadcast, Entertainment and Media industries, announces its
results for the half year to 30 June 2003.
H1 2003 H1 2002
Turnover #91.3m #89.2m
Operating profit* #8.8m #13.2m
Pre-tax profit* #8.1m #12.5m
Adjusted basic EPS* 11.8p 18.5p
Dividend 6.1p 6.1p
* pre exceptional items and goodwill amortisation
KEY POINTS
* Turnover increased on same period last year despite difficult markets
* Successful new product launches during the period
* Two acquisitions made in February being integrated
* Manufacturing restructuring programme extended by Radamec Broadcast
Systems relocation
* Continued strong underlying cash flow
* Maintenance of interim dividend
Commenting on the results, Gareth Rhys Williams, Chief Executive said:
"The first half of 2003 has seen weak trading conditions, particularly in the
broadcast market, where advertising has yet to recover and our customers'
capital expenditure budgets remain low. Margins have been affected by reduced
customer spending in the larger studio products and by the ongoing trend
towards lighter cameras and hence lightweight supports, as well as by adverse
currency movements. We are also seeing increasing competition from the Far East
in the Photographic sector.
"Our restructuring programme is progressing well and we expect the anticipated
benefits to come through in 2004. However we continue to be cautious about
short-term prospects for our markets."
Enquiries
The Vitec Group plc Gareth Rhys Williams 020 8939 4650
Financial Dynamics Rob Gurner 020 7269 7221
Chairman's Statement
Overview
Turnover for the first half has risen to #91.3m, #2.1m up on last year,
supported by new product launches and the effects of the two small acquisitions
made in February. This increase was achieved despite the expected weak trading
conditions, particularly in the broadcast market where advertising has yet to
recover and broadcasters' capital spend on our products is still low.
The continued trend towards smaller cameras away from the larger studio systems
contributed to a reduction in gross margin and hence operating margin, resulting
in pre-tax profit, before exceptional items and goodwill amortisation, of #8.1m
compared to #12.5m last year. Adjusted basic earnings per share is 11.8p
compared with 18.5p for the first half last year. Despite the decline in
operating results, with underlying cash generation remaining strong, the Board
has declared an unchanged interim dividend of 6.1p per share.
Turnover
The rise in turnover relates to a number of factors. The increase in
Photographic sales is due to the rapid take-up of several new products and
systems, in particular the new range of tripods for digital cameras. Retail
Display sales are benefiting from new products and continuing volume in Europe
on a custom contract. In the Broadcast Systems businesses, the two acquisitions
are performing in line with expectations and we have seen increased sales in the
battery and intercoms units, mainly due to new product launches, offset by lower
sales, particularly of studio products in the broadcast camera support
businesses. Broadcast Services' rental business is sharply lower without the
Winter Olympics and FIFA World Cup contracts of last year. The impact of
different exchange rates compared to last year had a negative translation effect
on sales of #1.7m.
Profit
Gross profit has declined by 3.7% compared to the first half of last year.
Within the businesses there has been relatively more lower margin retail display
contract work within Photographic, and in Broadcast we have sold more of the
increasingly lightweight news gathering products and relatively fewer of the
more profitable studio products. The changing balance between the businesses has
also affected margin, as the lost Broadcast Services sales were at a higher
gross margin than the Group average. In addition, within Broadcast Systems, the
restructuring has given rise to additional temporary costs. As previously
announced, a charge of #1.0m has been taken to upgrade some retail display
units.
An additional #1.2m has been lost due to the transaction effect of the stronger
Euro/US$ rate, principally on sales from Italy to the US. To protect against
weakening of the dollar against the Euro, below 1.15, a series of option
contracts were taken out for the eleven month period to June 2005. A net
translation benefit of #0.4m arose from exchange rate movements compared to the
first half last year.
Operating costs in sterling have risen by #2.1m from last year. Slightly under
half of that increase is due to the two recent acquisitions, but there has been
increased spending on marketing and R&D. Many of the Group's product lines have
been refreshed, and we have made inroads into the air traffic control intercoms
market, but there will be continued significant spending in the second half in
order to address this new opportunity.
As previously announced, the Group has taken a #1.0m operating exceptional
charge for the restructuring of Radamec Broadcast Systems.
Net cash inflow from operating activities
The inflow of #11.6m was affected by an increased seasonal stock build to
protect against potential issues during the complex series of factory closures
and the major IT implementation in Italy. This will be substantially worked off
during the second half. A large retail contract due for shipment in July has
absorbed some #4.0m, which will also reverse itself later in the year. With
#6.5m paid for the two acquisitions in February, net debt is now #18.9m, leaving
the ratio of net debt to shareholders' funds at 29.0%.
Outlook
Trading in the second half of the year is usually stronger for the Group: whilst
July was as expected, August has proved difficult, demonstrating that the
markets in which we operate remain uncertain. Competition from the Far East is
intensifying in Photographic and our profits are being affected by the ongoing
trend to smaller cameras. The second half will see additional resources being
put into the development of new products, particularly intercom, and the adverse
effect of foreign exchange will be greater than in the first half. During 2003
the Group is being refocused and its manufacturing operation is being
restructured to contend with the changed marketplaces in which we operate, but
these markets are not yet showing signs of a meaningful upturn.
Vitec Group is going through some significant changes, and I would like to thank
our staff throughout the world for their dedication and professionalism over the
last few months.
Alison Carnwath
Chairman
1 September 2003
Chief executive's review
Overview
We expected 2003 to be a challenging year, and so it is proving, with difficult
markets overall and broadcast particularly weak in Germany and Asia. It is also
a period of great change for the Group. A year ago we embarked on an aggressive
programme of new product development at the same time as restructuring our
manufacturing and simplifying our complex operations under the strategy '
Consolidate - Leverage - Grow'. The restructuring actions are progressing well,
but the timescale has been extended to include the integration of Radamec
Broadcast Systems; the benefits will come through as expected in 2004. Revenue
has increased but so far this has been insufficient to outweigh the combined
effects of the unfavourable mix in our camera support businesses and the change
in the Euro/US$ exchange rate.
Consolidate - Leverage...
In the weaker Broadcast markets we are seeing less spending on the larger studio
products than we have in the past and more on the lightweight systems used with
smaller, portable cameras. Also, there is less infrastructure spending on our
higher end intercom systems. This ongoing change in mix has the effect of
reducing Group profit margins and is being countered by the manufacturing
restructuring process we are now implementing. In the first half we closed the
plants in Valley Cottage, US and relocated the Radamec Broadcast Systems
manufacturing site from Chertsey, UK, and substantially exited the facility in
Munich. Much of this volume has been moved to Costa Rica, with the more
specialist products being consolidated in the UK. We recently also announced the
relocation of the plant in Florence, Italy. This process is reducing our number
of locations, allowing us to realise the scale economies of our combined
volumes. Simultaneously with the plant moves, we are installing division-wide IT
systems in both the Photographic and Broadcast Systems divisions. The main
Photographic units went live in June and the Broadcast Systems roll out will
continue into 2004, with Costa Rica and Radamec Broadcast Systems brought online
already this year. These platforms are key to our leveraging the skills and
knowledge within the Group that are dispersed around the globe. There is a huge
effort being put into these projects, which are inevitably disruptive, although
it is encouraging to note that the customer service metrics we now have in place
continue to improve.
...Leverage - Grow
The sales of our photographic accessories remained broadly stable; volumes
increased due to the introduction of new tripods for digital cameras and a new
truss system from Litec, but these volume increases were almost completely
negated by the decline of the US dollar relative to the Euro. With over half of
our sales in the US, and with competition mainly coming from China and Japan, we
increased our US prices slightly, maintaining market share but at reduced
margins. Retail Display introduced new products and gained a significant order
in the US, which will ship in the second half, in addition to the large Nokia
project in Europe originally scheduled to finish in early 2003. In Broadcast we
reacted to the slow market by launching many new products. Clear-Com's '
Eclipse', Drake's 'FreeSpeak' and developments for their Air Traffic Control
intercom systems are particularly exciting, as was the winning of multiple
awards at the major trade shows by a number of our other companies. Sales of
these products will build towards the end of the year and into 2004. We also
started to sell Drake products in the US, a market not previously addressed by
them. The two acquisitions, Radamec Broadcast Systems, a specialist in automated
camera control, and OConnor, the leading designer of camera heads for the film
market, saw good sales in the first half, taking overall Broadcast Systems sales
ahead of last year. Broadcast Services saw the benefit of its much more
proactive sales approach in the pick up of sales to the major networks but, in a
rentals market that remains very weak, this was not sufficient to offset the
shortfall left by last year's successful contracts at the Winter Olympics and
FIFA World Cup.
The team
The management team has been strengthened by the appointment of Joop Janssen,
who joined us in July from Thomson Broadcast in the US. Joop will lead the
Broadcast Systems Division. His background, before moving into general
management at Thomson, and previously Philips, was in product and business
development. I am delighted to welcome him to the Group.
Gareth Rhys Williams
Chief Executive
1 September 2003
Photographic and Retail Display
Products for professional photographers and the retail display market
2003 2002
Turnover #39.4m #36.1m
Operating profit* #7.1m #7.4m
Operating margin 17.9% 20.3%
*before exceptional items and goodwill amortisation
Revenue increased despite continuing adverse market conditions, but the weaker
US dollar impacted margins. In photographic the continued demand for digital
cameras meant that our new digital tripod range was very well accepted. Retail
Display enjoyed substantially stronger volumes in the first half compared to
last year.
Photographic volumes increased significantly due to recently launched products,
the remote pan bar and the 'digi' tripod range. Litec, manufacturing aluminium
truss systems, continued to be a star performer with growth over last year of
over 10% driven by its introduction of a new heavy duty system "Libera".
In the US, Bogen secured three new accessory lines which will further strengthen
its position as the leading photographic distributor at a time when Far Eastern
competitors are aggressively entering the market. The European economic climate
is making conditions difficult for our trading companies in France, where we are
trading at the same level as last year and Italy where the performance of the
video sector in particular had a negative impact on the business. In Asia, Korea
and Japan are holding up well and showing growing demand for our products
compared to last year. China, Singapore and Indonesia, however, have slowed
down, possibly related to SARS.
ALU successfully introduced the new Box, Acrobat and Autocube products at
Globalshop. These new products, and excellent support from our key distributors,
helped win initial projects at Nike, Puma, Tumi, Sony and BMW. However a large
Hong Kong based cosmetics project is on hold because of SARS.
ALU in the US has had a good first half despite a very tough retail and
competitive environment. In 2002 retailing went through the most demanding
period for 30 years and this year even mass merchandisers (last year's only
growing category) are struggling. In the second half we will benefit from a
#4.0m contract for standard products, albeit at low margins. In Europe, ALU's
sales are well ahead of last year as a large custom project continues.
The Division had a very busy first six months in operations with projects
including the new flow manufacturing line for Gitzo in Feltre, with significant
efficiency improvements allied to stock reductions and space reduction. The
implementation of the new ERP system throughout the division continued, with the
main units going live in June. Following the success of the new manufacturing
processes introduced to the Gitzo and Nokia lines, further flow lines will be
introduced in the second half and the manufacturing process further streamlined.
Broadcast Systems
Products and systems primarily for broadcast applications
2003 2002
Turnover #39.0m #36.1m
Operating profit* #1.9m #4.1m
Operating margin 5.0% 11.2%
*before exceptional items and goodwill amortisation
Not withstanding a promising first quarter, the broadcast market remained
difficult. While the US and Japanese markets were broadly flat, France and
Germany were very weak, and SARS caused a slowdown in parts of Asia. Margin has
been affected by unfavourable mix and higher spending in support of new
products.
In February, Vinten completed the acquisition of Radamec Broadcast Systems. This
acquisition expands the range of automated camera control systems and widens
Vinten's access to non-broadcast applications for pan and tilt heads, and adds
capability in Virtual Reality studio technology. Overall demand for automated
camera control systems and VR products was strong in the first half of the year.
A number of new products were introduced in April at NAB, the world's largest
broadcast show. Fibertec -a new concept in tripod design from Vinten-garnered
multiple awards at the show. Vinten also introduced the 'Series 200 Control
System' for AutoCam, capable of controlling over 90 devices from multiple,
remote locations. Radamec Broadcast Systems launched its new robotic camera
network control system, which enables sophisticated control of cameras over
internet networks.
Sachtler's integration of the recently acquired OConnor business is on schedule
and Sachtler's world-wide sales presence has started to bring in additional
business for OConnor's film products, while their own sales were boosted by a
contract for 100 ENG systems for Spanish TV and another large contract for the
All-Africa Games.
In batteries, Anton/Bauer's first half turnover increased 10% over the same
period in 2002. A significant contribution came from the company's Custom Power
Systems (CPS) initiative - in particular a new application for powering medical
monitoring carts. Broadcast volumes improved over last year driven by the
introduction of new chargers and improvements to several of its battery
products.
Turnover by Aspen Electronics, acquired in February 2002, was 80% above the same
period in 2002 with expanded distribution in Europe and solid relationships with
dealers and customers in the US. Aspen introduced its new range of Nexus lithium
ion batteries and Aspekt AllChem chargers at the NAB show in April.
Within the intercom business, while US Government orders slowed for Clear-Com,
Drake has gained broadcast projects in the US and was successful in gaining a
number of Air Traffic Control projects, particularly in the Far East. The
reorganisation to improve the joint R&D capabilities, commenced last year, bore
first fruit when Clear-Com won a 'Pick Hit' award at NAB from Broadcast
Engineering for products revealed for the first time at the show.
Drake was similarly successful, winning two awards for its FreeSpeak digital
wireless intercom. High levels of product development investment are expected to
continue for the rest of the year, with Clear-Com planning further product
releases in 2003 in all product lines and Drake continuing to develop systems
for applications in Air Traffic Control. In April Drake relocated to more
appropriate premises on the Cambridge Research Park.
Broadcast Services
Rental services and technical support mainly for the broadcast market
2003 2002
Turnover #12.9m #17.0m
Operating (loss)/profit* (#0.2)m #1.7m
Operating margin (1.6)% 10.2%
*before exceptional items and goodwill amortisation
The US rental market remains subdued. Cost and capital expenditure have been
reduced accordingly.
Although Broadcast Services is beginning to see an upturn in certain types of
large scale and High Definition productions, the first half continued to be
impacted by weak trading conditions in the US broadcast industry. Demand from
corporate accounts in the US also remained weak with fewer requirements for
events such as sales conferences and trade shows. Without the recurrence of
2002's large Winter Olympic and World Cup contracts, the Division's turnover
fell 24%.
Highly focused sales and marketing campaigns continued to be the primary
operational activity. Increased customer contact resulted in a number of new
leads and opportunities, such as Bexel's introduction of the first custom "HD
Fly Pack," which supports a separate split feed signal for the increasingly
popular 'High Definition' TV broadcasts. This package solution provides
up-conversion, switching, MPEG-2 HD encoding and fiber optic distribution, and
enables the end customers of a major cable provider to view a wider range of
HDTV broadcasts at home.
ASG's Systems Wireless unit is now successfully selling Drake digital matrix
intercom products in the US, having secured several important broadcast stations
including KYW-TV, Philadelphia, America's number four TV market, and KDKA-TV,
Pittsburgh, the oldest Broadcast station in the US. Additionally, Systems
Wireless has consolidated its position as the leading RF audio specialists,
evidenced by a three-year exclusive contract to distribute the newest broadcast
product for HME, a major analogue wireless intercom supplier.
The introduction, last year, of new division-wide IT systems allowed better
allocation of rental assets and, therefore, reduced the requirement for
expensive sub-rentals. The reduced level of demand also allowed reduced capital
expenditure on new rental assets, resulting in the Division being cash
generative.
Consolidated profit and loss account
Six months ended 30 June 2003 (unaudited)
Audited
Six months to June year
2003 2002 2002
#m #m #m
Turnover
Continuing operations 88.8 89.2 182.2
Acquisitions 2.5 - -
______ ______ ______
91.3 89.2 182.2
Operating profit
Continuing operations 8.7 13.2 24.7
Acquisitions 0.1 - -
______ ______ ______
Operating profit before exceptional items and goodwill 8.8 13.2 24.7
amortisation
Exceptional items (1.0) 0.0 (5.8)
Goodwill amortisation (0.5) (0.5) (0.9)
______ ______ ______
Operating profit before exceptional items 7.3 12.7 18.0
Profit on sale of fixed assets 0.0 0.0 0.2
______ ______ ______
Profit on ordinary activities before interest 7.3 12.7 18.2
Net interest payable (0.7) (0.7) (1.6)
______ ______ ______
Profit on ordinary activities before tax 6.6 12.0 16.6
Tax (3.2) (4.9) (9.1)
______ ______ ______
Profit on ordinary activities after tax 3.4 7.1 7.5
Dividends (2.5) (2.5) (9.3)
______ ______ ______
Retained profit 0.9 4.6 (1.8)
______ ______ ______
Basic earnings per share 8.1p 17.3p 18.3p
Diluted earnings per share 8.0p 17.3p 18.3p
Adjusted basic earnings per share 11.8p 18.5p 34.1p
Consolidated balance sheet
As at 30 June 2003 (unaudited)
Audited
30 June 31 December
2003 2002 2002
#m #m #m
Fixed assets
Intangible assets 13.6 11.6 11.0
Tangible assets 42.0 48.5 42.7
Investments 0.5 0.0 0.5
______ ______ ______
56.1 60.1 54.2
______ ______ ______
Current assets
Stocks 41.2 33.9 30.5
Debtors 36.8 35.6 37.0
Cash at bank and in hand 13.9 15.9 16.1
______ ______ ______
91.9 85.4 83.6
Creditors - due within one year (39.0) (60.1) (36.8)
______ ______ ______
Net current assets 52.9 25.3 46.8
______ ______ ______
Total assets less current liabilities 109.0 85.4 101.0
Creditors - due after more than one year (29.1) (4.5) (24.3)
Provisions for liabilities and charges (14.7) (8.9) (13.8)
______ ______ ______
Net assets 65.2 72.0 62.9
______ ______ ______
Capital and reserves
Share capital including share premium 10.8 10.8 10.8
Reserves 54.4 61.2 52.1
______ ______ ______
Shareholders' funds - equity 65.2 72.0 62.9
______ ______ ______
Group statement of total recognised gains and losses
Six months ended 30 June 2003 (unaudited)
Audited
Six months to June year
2003 2002 2002
#m #m #m
Profit for the period 3.4 7.1 7.5
Exchange differences on foreign net investments 1.4 0.2 (2.5)
______ ______ ______
Total recognised gains and losses relating to the period 4.8 7.3 5.0
Prior year adjustment 0.0 (2.3) (2.3)
______ ______ ______
Total recognised gains and losses relating to the period 4.8 5.0 2.7
______ ______ ______
Group reconciliation of movements in shareholders' funds
Six months ended 30 June 2003 (unaudited)
Audited
Six months to June year
2003 2002 2002
#m #m #m
Profit for the period 3.4 7.1 7.5
Dividends (2.5) (2.5) (9.3)
______ ______ ______
Retained profit for the period 0.9 4.6 (1.8)
Exchange differences on foreign net investments 1.4 0.2 (2.5)
New share capital subscribed 0.0 0.1 0.1
______ ______ ______
Increase in shareholders' funds 2.3 4.9 (4.2)
Opening shareholders' funds 62.9 67.1 67.1
______ ______ ______
Closing shareholders' funds 65.2 72.0 62.9
______ ______ ______
Consolidated cash flow statement
Six months ended 30 June 2003 (unaudited)
Audited
Six months to June year
2003 2002 2002
#m #m #m
Operating profit 7.3 12.7 18.0
Research and development - amortisation of deferred 0.2 - -
expenditure
Goodwill amortisation 0.5 0.5 0.9
Depreciation 5.8 6.1 12.2
Working capital and other items (2.2) 0.1 4.3
______ ______ ______
Net cash inflow from operating activities 11.6 19.4 35.4
Returns on investments and servicing of finance (0.8) (0.8) (1.6)
Tax paid (1.9) (0.7) (6.6)
Net capital expenditure (3.7) (6.0) (6.6)
Acquisitions (6.5) (1.6) (1.7)
Equity dividends paid (6.8) (6.8) (9.3)
______ ______ ______
Net cash (outflow)/inflow before financing (8.1) 3.5 9.6
Financing
Issue of shares 0.0 0.1 0.1
Net receipt/(repayment) of loans 4.9 (6.0) (12.0)
______ ______ ______
Net cash inflow/(outflow) from financing 4.9 (5.9) (11.9)
______ ______ ______
Decrease in cash in the period (3.2) (2.4) (2.3)
______ ______ ______
Reconciliation of net cash flow to movement in net debt
Six months ended 30 June 2003 (unaudited)
Audited
Six months to June year
2003 2002 2002
#m #m #m
Reconciliation of net cash flow to movement in net debt
Decrease in cash in the period (3.2) (2.4) (2.3)
Net (receipt)/repayment of loans (4.9) 6.0 12.0
_____ _____ _____
(Decrease)/increase in net debt resulting from cash flows (8.1) 3.6 9.7
Exchange rate movements 1.1 0.7 0.9
_____ _____ _____
Movements in net debt in the period (7.0) 4.3 10.6
Net debt at 1 January (11.9) (22.5) (22.5)
_____ _____ _____
Closing net debt (18.9) (18.2) (11.9)
_____ _____ _____
Analysis of net debt
Cash 13.9 15.9 16.1
Debt due after one year (28.9) (4.1) (24.0)
Debt due within one year (3.9) (30.0) (4.0)
_____ _____ _____
Total (18.9) (18.2) (11.9)
_____ _____ _____
Segmental analysis of turnover and operating profit
Six months ended 30 June 2003 (unaudited)
2003 2002 2003 2002
#m #m #m #m
Class of business Turnover Operating profit
Broadcast camera systems 30.3 28.3 1.8 3.9
Communications and audio 8.7 7.8 0.1 0.2
Broadcast systems 39.0 36.1 1.9 4.1
Photographic and retail display 39.4 36.1 7.1 7.4
Broadcast services 12.9 17.0 (0.2) 1.7
______ ______ ______ ______
91.3 89.2 8.8 13.2
Exceptional items - - (1.0) 0.0
Goodwill amortisation - - (0.5) (0.5)
______ ______ ______ ______
91.3 89.2 7.3 12.8
______ ______ ______ ______
Geographical turnover By destination By origin
United Kingdom 5.2 4.0 11.0 9.5
The rest of Europe 25.4 23.8 30.1 34.5
The Americas 47.7 48.3 50.0 43.9
Asia and Australasia 11.1 11.3 0.2 1.3
Africa and Middle East 1.9 1.8 - -
______ ______ ______ ______
91.3 89.2 91.3 89.2
______ ______ ______ ______
Notes
1 Basis of preparation The financial information set out above does not
constitute statutory accounts for the Group. The interim financial
statements have been prepared in accordance with accounting policies set
out in the Group's audited accounts except as set out below. The figures
for the year ended 31 December 2002 are extracted from the statutory
accounts. Those accounts, on which the auditors issued an unqualified
report, have been filed with the Registrar of Companies.
2 Tax charge The tax charge for the half year is estimated at 40% of profits
before exceptional items and goodwill amortisation, on the basis of the
anticipated tax rates which will apply for the full year and comprises
current tax #2.4m (2002:#4.4m) and deferred tax #0.8m (2002:#0.5m).
3 Exceptional items relates to the restructuring of Radamec Broadcast
Systems in the Broadcast Systems Division: Goodwill amortisation relates to
Broadcast Systems #0.2m; Photographic and Retail Display #0.1m and
Broadcast Services #0.2m.
4 Earnings per share The calculation of basic earnings per share is based on
profit on ordinary activities after tax of #3.4m (2002:#7.1m) and the
weighted average number of shares of 41,031,522 (2002:41,002,230).
Adjusted basic earnings per share is calculated on profit on ordinary
activities after tax but before exceptional items and amortisation of
goodwill, using the same number of shares. Diluted earnings per share is
based upon profit on ordinary activities after tax and the weighted average
number of shares as adjusted for the weighted amount of shares under option
of 41,127,885 (2002:41,025,152).
5 Interim dividend The directors have declared an interim dividend of 6.1p
per share, which will absorb #2.5m (2002:6.1p absorbing #2.5m). The
dividend will be paid on 3 November 2003 to shareholders on the register at
the close of business on 3 October 2003.
6 Acquisitions On 6 February 2003 the Group acquired the business of OConnor
Engineering Laboratories from Autocue Inc for US$2.7million cash
(#1.7million). Goodwill of #0.8m arose on acquisition.
On 18 February 2003 the Group acquired the shares of Radamec Broadcast
Systems Limited in the UK, and acquired the operating assets and some of
the liabilities of Radamec Inc in the US, from Radamec Group PLC for
#4.8million in cash. Goodwill of #2.6m arose on acquisition.
Both the companies are reported within Broadcast camera systems.
7 Copies of this statement will be sent to all shareholders on the share
register as at 3 September 2003. Copies are available on to the Company
secretary.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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