Pace Micro Technology plc AGM and Interim Management Statement
April 23 2008
Saltaire, UK, 23 April 2008: Mike McTighe, Chairman of Pace Micro Technology plc, a leading technology developer for the global payTV industry, will give the following update at the Company’s Annual General Meeting later today:
“On behalf of the Board I am pleased to update shareholders that we are confident in our expectations for the Pace business for 2008. This is due to the Group’s ongoing strong execution, excellent customer relationships, growing portfolio of products and technologies and beneficial impact of the company’s operating model.
“Our acquisition of the Set-top box and Connectivity Solutions Business of Royal Philips Electronics completed on 21 April on the revised terms that were announced on 31 March 2008. This transaction has further strengthened the Group’s market position by extending its global customer base and product range. The management team has commenced implementation of its integration plan for the renamed Pace France business.
“Pace’s success in global markets was this week recognised with a Queens Award for International Trade. This is an important achievement and recognises the Group’s success in overseas markets, where exports have increased by 251% over three years.
“Factors driving growth continue to be competition between payTV providers, new delivery systems, analogue switch off and ongoing demand for high definition (HD) content as increasing numbers of consumers purchase new flat panel television displays. Pace sees opportunities across all of its target markets with HD gaining momentum in European and other world markets, following the lead of the US. Pace is developing HD products for the majority of its payTV operator customers, which currently include Multichoice and the Modern Times Group’s Viasat Broadcasting where Pace will be its HD PVR launch partner.
“So far 2008 has been exciting for Pace, through our acquisition of the Philips Set-Top Box and Connectivity Solutions Business and ongoing strong performance in the global market for set-top box technology.”
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Contacts
Tim Williamson/Sarah West
Brunswick
+44 20 7404 5959
Helen Kettleborough
Pace Micro Technology
+44 1274 538005
About Pace Micro Technology
Pace Micro Technology plc (pic.l) is a leading technology developer for the global payTV industry. Pace's main focus is on creating intelligent and innovative products and services that benefit our customers and fuel the development of digital TV. Over the last 25 years, Pace has developed one of the world's most experienced specialist engineering teams and is now the partner of choice for leading payTV operators across the globe.
Pace's international headquarters are in Saltaire, West Yorkshire, UK, with further offices in the USA, France, India and Hong Kong. For more information on Pace, please visit www.pace.com.
