Vitec Q3-26: Strong margins need stronger growth

Margins are holding up, but subscription growth has slowed. I still like Vitec’s niche businesses, but the return case needs stronger evidence.

In my Q4 review in February, I argued that Vitec’s growth was recovering and the acquisition programme was starting to move again. The Q1 update strengthened that view. Subscriptions were growing faster and Vitec was improving margins without adding much to its organisation.

Since then, profits have continued to improve. Q2 showed that cost control was w…