Vislink sees order book increase on back of Venezuelan contract

UK broadcast business Vislink saw order intake rise to £97.89m (€146.76m) to December 31 2003, up from £70.29m (€105.38m) during the same period in 2002.

The increased order for the company was due to a £32.88m (€49.29m) turnkey project to modernise and upgrade the infrastructure and distribution network of the Venezuelan national broadcaster, VTV.

The Group's - formerly known as the Silvermines Group plc - closing order book was £45.93m (€68.88m) from £16.31m (€24.46m), which the company says will benefit trading in both 2004 and 2005.

Sales for the year were lower at £67.97m (€101.94m) from £72.96m (€109.43m) in 2002, while operating profits operations, goodwill amortisation and exceptional rationalisation costs declined to £2.07m (€3.10m) from £4.18m (€6.26m) over the same period in 2002.

Reduced second half demand in the UK broadcast business led to the announcement in November 2003 that the UK activities were to be consolidated into one operational site to reduce its cost base.

A provision for the associated rationalisation costs of £3.76m (€5.64m) has been made, the company declared.

Chairman ALR Morton said today: "The group’s key strategies are to achieve sales growth through the development of the government, military and security markets and to create an operating profit return on sales, before goodwill and central costs, in excess of 10%.

"Given the significant market opportunities for MRC and Hernis (subsidiaries), the new product development programme and good progress on the VTV contract, the board expects an improved trading performance for 2004."

Vislink plc was previously listed on the Irish Stock Exchange as Silvermines Group plc. In 1999 the group disposed of certain non-core activities and changed its name to Vislink plc.

The company, now registered in England, was re-listed as a UK company on the London Stock Exchange following a scheme of arrangement.

Vislink maintains a secondary listing in Dublin.