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Vitec Group H1 profit falls YOY

Vitec Group PLC said its normalized net income for the first half amounted to 17 Great British pence per share, a decline of 24.6% from 23 pence per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £7.6 million, a decrease of 24.4% from £10.0 million in the year-earlier period.

Total revenue grew on an annual basis to £155.9 million from £152.9 million, and total operating expenses increased 5.1% year over year to £142.2 million from £135.3 million.

Reported net income declined 18.0% year over year to £8.4 million, or 19 pence per share, from £10.2 million, or 23 pence per share.