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Vitec shares hit record on forecast-beating profit

Thu 06 May 2021 12:55 | A A A

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(Sharecast News) - Vitec shares soared to a record after the camera equipment company said it expected annual profit to be well above expectations.

The company said trading performance had improved faster than it expected even though some markets, particularly production sets in the US were not fully open and it was expecting some component shortages and capacity constraints.

"As a result, the board now expects the group's adjusted PBT [profit before tax] for 2021 to be materially above current market expectations," Vitec said in a statement before its annual general meeting.

Vitec shares rose 11.9% to £15.55 at 12:55 BST - an all-time high. The shares have more than doubled in the past year from 670p.

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