Pace FY2013 Results Expected to be Ahead of Guidance
Saltaire, UK, January 9, 2014--Pace plc, a global developer of technologies and products for PayTV and broadband service providers, today announces the unaudited update for the financial year ended 31 December 2013 ahead of preliminary results to be announced on 4 March 2014. Pace is updating its forecast of full year results ahead of the Board’s previous guidance. Full year revenues expected to be up 2.4% to US$ 2,460 m (2012: US$2,403.4 m).
Pace is forecasting adjusted EBITA of at least US$ 190m, 20% ahead of 2012 (2012: $158.1m). and underlying operating margin expected to be not less than 7.7%, at least 1.1ppts ahead of 2012 (2012: 6.6%). Free cash flow is in excess of $200m (2012: $182.7m).
The acquisition of Aurora Networks, which closed on January 6, 2014, is an important step in the evolution of the company and enhances Pace’s strategy to widen out and build a broader platform from which to drive revenue, according to the statement.
Commenting on today's announcement, Mike Pulli, CEO, said: "Pace has performed above expectations in 2013. We continue to lead the market in innovation with great products and services, demand from our customers has remained strong and we continue to win new business. The company has made further good progress in the execution of our strategic plan and Pace continues to become a more profitable and cash generative company. I am excited about the acquisition of Aurora Networks, which will enable Pace to widen out into network infrastructure and build deeper, more embedded relationships with our customers. This will strengthen Pace’s position as a market leading solutions provider for the PayTV and broadband industries. "
Pace will be announcing its preliminary results for the year ended December 31, 2013 on March 4, 2014.
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