The Vitec Group has announced a halving in interim pre-tax profits for this year. The company, which makes camera and lighting equipment, blamed the ongoing squeeze in ad spend, a strong Euro and reduced capital expenditure by clients for the loss. Its broadcasting services division was the worst hit in the company, with sales down 24%. In all, pre-tax profits have halved from£12m to£6.6m in the six months to 30 June. The company hopes that the benefits of a restructure earlier in the year will soon begin to be felt.
The Vitec Group has announced a halving in interim pre-tax profits for this year. The company, which makes camera and lighting equipment, blamed the ongoing squeeze in ad spend, a strong Euro and reduced capital expenditure by clients for the loss. Its broadcasting services division was the worst hit in the company, with sales down 24%. In all, pre-tax profits have halved from£12m to£6.6m in the six months to 30 June. The company hopes that the benefits of a restructure earlier in the year will soon begin to be felt.
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