Pace plc Post Period End Update
July 10 2008
Pace plc, the leading independent developer of digital TV technologies for the global payTV industry, is providing an update on its expected performance for the six months ended 30 June 2008.
The Board is pleased to report that Pace has continued to make good progress across all of its global markets, in particular at Pace France (the renamed Philips Set-top Box and Connectivity Solutions business Pace acquired on 21 April 2008), where work initiated by the management team has enabled the realisation of performance improvements earlier than expected. Due to this and a beneficial US Dollar/Euro exchange rate, the Pace France business, which was initially expected to be loss making for 2008, is now profitable and the Board expects that the Group’s outturn for the year will significantly exceed current expectations.
At the same time Pace continues to see growth opportunities in the market for digital TV, which it is in a strong position to take advantage of thanks to the diversified geographical and product spread of its enlarged business. These factors and ongoing improvements within the Pace business, provide the Board with greater confidence in the Group’s 2009 performance, which is now expected to be ahead of the Board's previous estimates.
Neil Gaydon, Pace’s Chief Executive Officer stated: “We are delighted with what has been achieved so far in Pace France and are excited at the prospects for the overall Group through our unmatched global portfolio of customers, the breadth and depth of engineering and technology skills to address set-top box markets around the world and the increased scale of our business.”
Pace will announce its interim financial results for the six months ending 30 June 2008 on Monday 28th July.
-ends-
For further information, please contact:
Helen Kettleborough
Pace plc +44 (0) 1274 532000
Fiona Laffan
Brunswick Group LLP + 44 (0) 207 404 5959
About Pace plc
Pace 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
