Vitec To Buy Audix; Sees Full Year Results In Line

The Vitec Group plc (VTC.L), a provider of premium hardware products and software solutions to the content creation market, on Tuesday announced that it has agreed to acquire Audix LLC for up to $54.3 million or 39.9 million pounds in cash.

Audix designs, engineers and manufactures high performing, innovative microphones for the professional audio industry from its advanced manufacturing facility in Portland, Oregon, US. The Audix acquisition is expected to enhance the Group's adjusted operating margin, is immediately accretive to adjusted earnings per share and its return on investment would exceed Vitec's cost of capital from FY 2023 onwards.

Completion of the acquisition for its Imaging Solutions Division is expected shortly.

In its trading update for the existing group, the Board hopes to report adjusted profit before tax for the year ended 31 December 2021 in line with market consensus. The current company-compiled consensus for FY 2021 is a revenue 390.2 million pounds, adjusted profit before tax of 42.0 million pounds, and net debt of 145.8 million pounds.

Shares of The Vitec Group plc (VTC.L) are currently trading at 1365 pounds.

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