Pace puts on solid show as £1.35bn US buy out nears completion

TECHNOLOGY group Pace is having a solid year as network gear maker Arris Groupnears completion of a buyout of the firm.

Pretax profits for the half year to 30 June were up to £54.7m from £46.2m in the same period in 2014 and revenue is expected to be in the range of £1.68bn to £1.75bn, up from £1.68bn in 2014.

The Saltaire-based supplier of TV and broadband set-top box maker signed a deal in April to be acquired in a £1.35bn deal with US firm Arris Group.

The deal is expected to come to conclusion in Q4, as Arris looks to expand operations outside North America.

Mike Pulli, chief executive officer said: “I am pleased to report we have had a solid first half of the year.

“As expected, revenue was lower than the comparable period as challenging economic conditions, the strength of the US Dollar and industry consolidation reduced demand in a number of regions.

“However, through a broader mix of revenue, improving supply chain effectiveness and continuing improvements in operational efficiency, the Group has shown the flexibility to continue to deliver improved profitability and strong cash generation despite weaker trading conditions.”