Pace shows improving performance

PACE today showed that it is making progress under its new management team and said that it can make further improvements in its performance.

The Saltaire-based group, which makes set-top boxes and other technology for pay TV and broadband service providers, said adjusted earnings before interest, tax and amortisation (EBITDA) were up 11.8% to $158.1m (£104.5m) in the year to December 31 as revenues rose 4.1% to $2.403bn (£1.587bn).

Pace has raised its dividend by 20% to 4.5 cents a share.

The group said that the new executive management team led by chief executive Mike Pulli, which was brought in a year ago, has established “robust management processes and culture of accountability across the business” and has made significant progress with the strategic plan laid out in November 2011.Mike Pulli

And it said that “further opportunity” remains to develop and improve Pace’s performance as the pay TV market is proving resilient and demand for its products continues to be encouraging.

Pace said it expects revenues for 2013 to be line with those of last year and its operating margin will be around 7.5% with strong cashflow and the group in a positive cash position by the end of this year.

Mr Pulli said: “I am pleased to report that Pace has performed impressively in 2012, by delivering increased operating profits through both top-line growth and operational efficiency, with a particularly strong second half of the year. We have made good headway on executing our strategy and Pace is becoming a more profitable, cash generative company.
 
“We have momentum, a sustainable platform to build from, and we expect to make further progress in 2013 and beyond,” he added.

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