LONDON (ShareCast) - Broadcast and photographic products and services provider Vitec Group said its first-half results will lower than previously expected due to challenging market conditions.
The company said the results will be hurt due to a negative impact from foreign exchange during the first four months of the year and against strong comparatives with last year's Sochi Winter Olympics.

However, Vitec said it performed "satisfactorily" during the first four months and expects the second-half to be stronger helped by new products.

"Core broadcast and photographic markets are showing some signs of stabilising and are expected to grow in the mid-term," the group said.

In February, Vitec's broadcast division acquired Paralinx, a US producer of wireless video ssytems, for £4.1m.

Investec analysts said: "The outlook appears to be brightening, not least due to the programme of product innovation and the steps taken to improve the channels to market.

"We leave our revenue and earnings estimates unchanged and reiterate our 'buy' recommendation."

Shares in Vitec fell 2.26% to 632p on Tuesday at 11:55.

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