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UPDATE 1-Belgium's EVS Q1 sales up 28 pct, order book doubles

Thu May 15, 2008 2:37am EDT
 
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BRUSSELS, May 15 (Reuters) - Belgium's EVS Broadcast Equipment (EVSB.BR: Quote, Profile, Research, Stock Buzz) reported a 28 percent rise in first-quarter revenue on Thursday, a doubling of its order book with the help of the Olympics and repeated that it saw growth this year.

EVS, which makes digital equipment and software for cinemas and television broadcasters, said first-quarter revenues increased to 25.4 million euros ($39.28 million) from 19.9 million euros a year ago.

This was below the average forecast in a Reuters poll of four analysts of 29.4 million euros, although EVS said one significant order had been delayed from March to April.

The company said the shift to tapeless technology and high definition television were key drivers of growth and that the Beijing Olympics and other big sporting events this year were providing the triggers for sales. Operating profit rose 32 percent to 17.1 million euros and net profit 36 percent to 11.7 million euros against analysts' expectations of 19.5 million and 12.5 million euros respectively.

EVS said its spring order book totalled 34.4 million euros. Analysts had been eyeing a level of at least 30 million euros.

EVS had said when reporting full-year results in February that 2008 would be a growth year supported by big sports events, even if the weak dollar was not favourable.

It broadly repeated this outlook, saying that Euro 2008 soccer championships would drive the second quarter and the Olympics the third.

EVS says it is benefitting from a worldwide migration from tape-based to tapeless operations and from standard to high-definition television, a demand for new editing tools and an increased focus of broadcasters on large sports broadcasts. (Reporting by Philip Blenkinsop; Editing by Louise Ireland)

 

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