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Vitec Group profit misses consensus by 46.4% in H2

Vitec Group PLC said its second-half normalized net income came to 20 Great British pence per share, compared with the S&P Capital IQ consensus estimate of 37 pence per share.

EPS decreased 12.5% year over year from 22 pence.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £8.8 million, a decrease of 11.9% from £9.9 million in the year-earlier period.

Total revenue increased on an annual basis to £161.9 million from £156.7 million, and total operating expenses increased from the prior-year period to £145.8 million from £139.2 million.

Reported net income rose 67.1% year over year to £4.6 million, or 10 pence per share, from £2.8 million, or 6 pence per share.

For the year, the company's normalized net income totaled 37 pence per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 50 pence.

EPS declined 18.6% from 45 pence in the prior year.

Normalized net income was £16.3 million, a fall of 18.2% from £19.9 million in the prior year.

Full-year total revenue rose on an annual basis to £317.8 million from £309.6 million, and total operating expenses increased year over year to £288.0 million from £274.5 million.

The company said reported net income totaled £13.0 million, or 29 pence per share, in the full year, compared with £13.0 million, or 29 pence per share, the prior year.