By Joanne Hart
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Geared up: Vitec equipment is used to film a wide variety of sports
Investors have done well with Vitec, Midas takes a look at what to do now and whether new investors should get in.
As millions of people settle down this evening to watch England play Italy, they will see the game from angles that would have been unimaginable only a few years ago.
The equipment broadcasting these dramatic images is made by Vitec, a fast-growing firm whose shares at 660p have risen 78 per cent since Midas Extra recommended them in August 2008 and 36 per cent since an update 18 months ago.Â
Vitec’s business is split into three parts. On the broadcast side, it makes products such as teleprompters and the supports that enable cameras to glide around studios.
Following the recent acquisition of Camera Corps, Vitec also produces the Q-Ball camera, which is used extensively at sporting fixtures.
The group also makes ac cessories for professional cameras, such as tripods. And it has an arm providing high-definition transmission equipment used in defence. In 2011, Vitec delivered profits up 16.8 per cent at £33 million and a dividend 7.9 per cent higher at 20.5p. Analysts expect profits of almost £38 million this year and a dividend of 22.5p.
The broadcast arm should benefit from the Olympics and it is gaining ground as emerging markets improve their TV output. Surveillance and defence, mainly a US business, has been hit by spending cuts but it is set to pick up this year.
Midas verdict: Investors have done well with Vitec and should sell half their stock. But keep the rest as boss Stephen Bird is doing a good job. New investors may buy on weakness.
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