The Vitec (GB:VID) has released an update.
Videndum plc, a provider of premium branded hardware products and software solutions to the content creation market, reports a substantial year-on-year decrease in revenue and adjusted operating profit for the year ended 31 December 2023, largely due to U.S. writers and actors strikes, a challenging macroeconomic environment, and destocking. The company raised £125 million in equity to deleverage and strategically position itself for future recovery, with the Board expressing confidence in the Group’s ability to benefit from a projected recovery in the cine and scripted TV market.
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