The Year in Review
The Vitec Group continued to make good progress during 2005. For the second year running sales moved ahead due to new product launches and acquisitions. This, taken together with the benefits of the restructuring programme initiated in prior years, meant we produced a strong operating profit performance.
With favourable market conditions and exciting product ranges, strong divisional management teams and the potential to make further acquisitions, the Board expects further growth during 2006.
Sales growth of 5%, both in constant currency and as reported, following on from a strong 2004
- Photographic sales up almost 11%
- Profit before tax* of £18.4 million, an increase of 17% in constant currency, 11.5% as reported
- Basic earnings per share* of 26.0p, up 17%
- Cash generated from operations of £29.8 million
- Leading professional camera bag business acquired - Kata
- Total dividend of 15.5p per share, up 3%.
* from continuing operations and before significant items (see Note 5 to the Consolidated Accounts).
** For 2001, 2002 and 2003, before exceptional items, goodwill amortisation and impairment. For 2004 and 2005, before significant items (see Note 5).
*** 2001 restated for FRS 19 Deferred Tax Standard.
Accounts for 2001, 2002 and 2003 were prepared in accordance with UK GAAP accounting policies. Accounts for 2005 and comparable figures for 2004 were prepared in accordance with IFRS as adopted for use in the EU.
Information correct at 03/05/2006