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24 Jun 2021 | 09:36

Vitec shares surge after profit upgrade

(Sharecast News) - Vitec shares surged after the camera equipment company said annual profit would easily beat market expectations as it recovered strongly from the Covid-19 crisis. In an unscheduled trading update Vitec said its markets had reopened as expected but that its own performance was stronger than forecast.

With a record order book up 50% from the start of 2021, adjusted pretax profit for the six months to the end of June will be no less than £19m, Vitec said. Equivalent profit for the first half of 2019 was £23.5m including £5.8m of insurance income.

Despite uncertainty about shortages of components and raw materials, the board expects annual profit to be "materially above current market expectations", Vitec said. Analysts' average forecast is for adjusted pretax profit of £35.6m.

Vitec shares rose 13.8% to £14 at 09:55 BST. The shares have almost doubled in the past year.

The statement is Vitec's second upgrade in the past two months. On 6 May it said annual profit would be well above expectations, sending the company's shares to a record high.

"The group will provide more details at its half-year results announcement, scheduled for Thursday, 12 August 2021," Vitec said.

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