By Joe Hoppe
Vitec Group PLC said Thursday that it expects adjusted pretax profit for 2020 to slightly exceed market expectations and it is set to resume dividends in 2021.
The provider of photographic-and-broadcasting equipment said it expects to exceed forecasts of adjusted pretax profit of 4.7 million pounds ($6.3 million). Last year, Vitec reported an adjusted pretax profit of GBP48.0 million.
The company said its performance has seen continual improvement, with revenue in the four months to Oct. 31 only 6% lower year-on-year.
The company added that it expects net debt at the end of 2020 to be slightly below the GBP96.0 million reported at the end of 2019. It also expects to resume dividends next year.
"Longer term, we are confident that our end market drivers remain intact and that our competitive position has been enhanced, leaving us well placed to benefit from the structural changes to the market," Chief Executive Stephen Bird said.
Mr. Bird added that business is set to recover further next year but not to return to the levels of 2019.
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